Appreciation: PETER DRUCKER

He explained shortly before the 1929 stock-market crash why prices would keep rising, and was so chastened that he vowed to leave the role of futurist to others. But PETER DRUCKER had plenty to say and did so in more than 30 books, and few in the business world have ever been so adept at seeing around corners. Drucker, who died last week at 95, foresaw inflation in the 1970s, the rise of Japan Inc. in the 1980s and the decline of unions in the 1990s. But his most far-reaching theories were on management and labor. He argued that if workers were allowed to participate in decisions, they would not only become happier and more productive but also provide valuable insights. CEOs prized his clarity. But everyone who labors in a cubicle, in the field or on a factory floor should prize Drucker too. He was a free-market champion and staunch defender of profits. But he showed us how those things need not be at odds with a dignified, productive work force.