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During Peter Drucker’s lecture regarding the change leader he begins by asking his students to describe their final paper topics with the class. In response several students share their thoughts and Drucker comments and gives them his feedback. He then gives a brief history of the Claremont Colleges, specifically Claremont McKenna, and discusses the market for private versus public institutions. He also discusses the transition from single education to co-educational instructions, using Claremont McKenna as an example. Later during a discussion concerning growth and diversification, Drucker uses an example involving Gucci shoes to illustrate a point. He goes on to give a brief history of antiseptics and painkillers, specifically detailing the involvement of cocaine and Novocain. Later during the lecture he shares his thoughts on the problems of growing too fast, giving the example of a cash crunch. He also discusses the relevance of the cash crunch to a business, stating that it is predictable and avoidable. He then mentions Amazon.com and shares his thoughts on the difficulties facing the dot-com companies. From there he moves on to talk about the invention of the sewing machine, which he calls the beginning of women’s liberation. He then compares the Xerox machine to the sewing machine and discusses mistakes Xerox made, such as, being overly concerned with high profit margins and under concerned with the market.