ECONOMICS by Regina Herzlinger

“Non-profits, which are a hugely important part of our economy—and of developing countries' economy, where they cannot rely on government to provide charitable and cultural and educational functions—are tremendously important, but up until Frances [Hesselbein] came along and got Peter Drucker intrigued in this issue and also many people like me, they [social enterprises] were viewed as, kind of cute, like a freckle; that they were a freckle on the face of the economy and they just existed. And that the management of these organizations, which had terribly important long-term missions for our society, like education as in this great institution that I'm part of, that's not a cute mission. That is something that's vital to the welfare—economic welfare of the world. Or museums, which curate these incredible treasures and maintain them throughout a whole eternity. That managing, that kind of enterprise is not just cute and is not just social and it's not something that people do when they go to board meetings after they've done their real work. . . it deserves deep thought.”