Last month, The Wall Street Journal ran a series of articles that offer a cautionary tale about innovation for the aerospace and defense industries of North America and Europe. Entitled “How Japan Lost Its Electronics Crown,” the stories relate how one-time giants of consumer electronics—Sony, Panasonic and Sharp—stumbled crossing the threshold from analog to digital, and now trail badly in the markets for e-readers, smartphones and next-generation televisions. What happened? Did the ...

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