Corporate chiefs have found new respect for business academics. "When everyone becomes rich without trying, they don't need business professors," says Marc Buelens, a professor of management at Belgium's Vlerick Leuven Gent Management School. "Now they think they can learn something from what happened ten or 20 years ago." In this round-up of European thinkers, Jean-Pierre Lehmann of IMD says this crisis is similar to Japan's in the early 1990s. He advises executives to act like Toyota and cut the pay of top executives. It helps junior staffers accept reductions and fosters loyalty, he says.
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