Why do so many global strategies fail--despite companies' powerful brands and other border-crossing advantages? Seduced by market size, the illusion of a borderless, "flat" world, and the allure of similarities, firms launch one-size-fits-all strategies. But cross-border differences are larger...

"The great paradox is that while we know a great deal about how we make routine decisions--from the way shoppers pick a box of cereal to how investors buy or sell--we know little about the most complex and consequential decisions of all--for example, whether to start a company, manage the risks...