"Hubris Borne of Success"

Hubris, originally a Greek word, is defined as excessive pride, presumption or arrogance.  In his book, "How the Mighty Fall" Stanford Professor Jim Collins cites this character flaw as one of several reasons why good and often great companies fail.   I recommend this to anyone who is interested in the history of once great companies such as Circuit City, A&P, Ames, etc. and how they fell.

This hubris can also apply to governments.  One can say that America's winning WWII and Cold Wars has fostered extraordinary hubris.  After all, we are supposedly the one remaining superpower yet our financial house is one built of cards, smoke, and mirrors.

The auto and newspaper industries are other examples of this hubris.  The leaders of this industry have failed to recognize and adjust to such major socioeconomic shifts brought on by higher oil prices, the internet, and changing consumer habits. 

Finally, we can often attribute hubris to our personal lives.  Our baby boom generation grew up feeling that lifetime employment and a comfortable retirement was not only guaranteed but a right.  All that changed with the "Great Recession" of 2008.

More on hubris tomorrow.