Businesses in the US and the UK are paralyzed by a lack of self-confidence, says Stephen Archer. Processes and systems do not create wealth. Only organic growth through entrepreneurial innovation can do that.
We know that consumer confidence is weak and that business confidence is patchy. I have written about the dynamics of confidence on the economy in the past. However, I want to discuss a much more specific aspect of confidence and how it is holding back the US and UK economies.