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In deciding long‐term investment, Strategy for foreign countries, many companies are led to wonder what “the” future might be. In practice, projects are based on an extrapolation of existing tendencies, in which the politico‐economic future unfolds as the natural prolongation of the past. Unfortunately, the political life of nations is not constant; it includes abrupt changes, revolutions, spectacular overthrows of power. Many companies have recently learned this bitter lesson in Iran.

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