Will "Show me the money" kill IT?

Upper Mismanagement,  Noam Schieber’s article in The New Republic,  fixes some of the blame for the decline in American manufacturing on executives with backgrounds in finance. The article is chock-full of stuff that will resonate with enterprise architects and others in IT. For instance:

[T]hese executives were frequently numb to the sorts of innovations that enable high-quality production at low cost.

And there’s this:

The new managerial class tended to neglect process innovation because it was hard to justify in a quarterly earnings report, where metrics like “return on investment” reigned supreme.

Can too intense a focus on money lead to a similar decline in IT? Is it already happening?