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Peter Drucker delivers a lecture on globalization, which he refers to as a “psychological phenomenon.” As an example of this, he explains how owning an automobile in China is now considered a necessity instead of a luxury, and that this is what globalization means—a fundamental change in expectation and values. He provides two implications of globalization: change in how competition is viewed and the inability to hide failure. Competition, he suggests, will involve worldwide information, not worldwide trade in goods and services. He suggests that the inability to hide failure lies in Islamic countries, stating that none other than Turkey have become developed, and that this is largely because the values in Islamic countries are incompatible with modern society. In a question and answer session he discusses Japanese industry, particularly manufacturing and foreign exports, and states that “it’s a mistake to underrate Japan.” This video begins with Drucker in conversation with John W. Bachmann. Drucker is introduced to the participants by Cornelis de Kluyver. A question and answer section follows the lecture and de Kluyver provides closing comments and thanks. Drucker is shown thereafter briefly autographing copies of his article.