Sox First

One of the great myths about management is that there are universal rules. There is a dogma, championed by American business schools, that there is only certain sure-fire ways to manage organisations.

But if that's the case, why is it that certain methods like pay for performance fail to catch on in all countries? Why is that cross-border mergers, like the DaimlerChrysler "marriage of equals" , fall in a screaming heap?

The global economy is challenging these rules and managers need to understand that there are no formulae that work in every culture.

I explain the new order in my column here.

• Japan's impact on the global economy
• Updating accountants
• Criminal profits and the global economy
• Global warming a last priority
• Think China will save the global economy? Think again