I started paying attention to business management in the late 1970s, and my timing could not have been better. I saw all the business fads of the late 20th century paraded before me, from "management by objectives," "Theory Z" and "in search of excellence" through "reengineering the corporation," "good to great" and "Six Sigma." At one point I wondered, are all these management theories actually the same ideas with new titles?
The fads seemed harmless enough -- and may have been useful if they encouraged executives to think about their businesses in new ways. But one struck me, then and now, as dangerous. And that was "pay for performance." Even more frightening, it has made its way into government, with terrible consequences.