Strange as it may seem, a nation once celebrated for its irrepressible optimism now appears to be obsessed by decline. America’s list of complaints seems endless: Real wages are falling. Productivity growth is down. Companies aren’t competitive in global markets. White-collar jobs are no longer secure. The nation’s infrastructure is collapsing. The federal deficit is soaring. The health system is deteriorating. The cities are unsafe. The schools are failing. The gap between rich and poor is widening.

A version of this article appeared in the July–August 1992 issue of Harvard Business Review.