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During Peter Drucker’s lecture regarding the effective manager he begins by discussing President Franklin D. Roosevelt, his Brain Trust, and the unofficial appointment of Henry Morgenthau, Jr. to the position of Secretary of the Treasury. From there he goes on to talk about the management skills of Jack Welch at General Electric. Drucker then shares his thoughts on how universities need to adapt to the changes in business and society. He also briefly discusses the history of higher education and its increasing costs. Drucker then discusses the origins of the string quartet, which was developed during the 1750s by the composer Joseph Haydn known as the “Father of the String Quartet.” Later during the lecture he mentions the upcoming transition of power over Hong Kong and what this transition will mean for Chinese and Hong Kong Universities. He then discusses the possibilities of distance learning in China. The video begins with the lecture in progress. The lecture continues beyond the length of the tape recording.