Management practices also differ across countries, and these differences may also matter for productivity. A recent study found that business establishments in the United Kingdom that are owned by U.S. multinationals get higher productivity from information technology than do other establishments, and it tied this differential to the management and organization of U.S. firms.
This will be equally important in the future, to support the transitions which I have discussed above, not least because the transition to an efficiency driven economy depends on attracting higher rates of private investment in modern industries. A stable macroeconomy is a prerequisite for private investment on a large scale.