Book
The man who broke Capitalism : how Jack Welch gutted the heartland and crushed the soul of corporate America--and how to undo his legacy / David Gelles.
"In 1981, Jack Welch took over General Electric and quickly rose to fame as the first celebrity CEO. He golfed with presidents, mingled with movie stars, and was idolized for growing GE into the most valuable company in the world. But Welch's achievements didn't stem from some greater intelligence or business prowess. Rather, they were the result of a sustained effort to push GE's stock price ever higher, often at the expense of workers, consumers, and innovation. In this captivating, revelatory book, David Gelles argues that Welch single-handedly ushered in a new, cutthroat era of American capitalism that continues to this day."--Amazon.
Record details
- ISBN: 9781982176440
- ISBN: 198217644X
- Physical Description: 264 pages ; 24 cm.
- Edition: First Simon & Schuster hardcover edition.
- Publisher: New York, NY : Simon & Schuster, 2022.
- Copyright: ©2022
Content descriptions
| Bibliography, etc. Note: | Includes bibliographical references and index. |
Search for related items by subject
| Subject: | Welch, Jack, 1935-2020. Capitalism > United States. Business ethics > United States. United States > Economic conditions > 1981-2001. General Electric Company > History. |
Available copies
- 2 of 2 copies available at Kenton County.
Holds
- 0 current holds with 2 total copies.
Other Formats and Editions
Show Only Available Copies
| Location | Call Number / Copy Notes | Barcode | Shelving Location | Status | Due Date |
|---|---|---|---|---|---|
| Erlanger Branch | 330.973 G318m 2022 (Text) | 33126020143826 | Adult Nonfiction | Available | - |
| Independence Branch | 330.973 G318m 2022 (Text) | 33126025138938 | Adult Nonfiction | Available | - |
- Baker & Taylor
The âCorner Officeâ columnist and business reporter for the New York Times shows how celebrity CEO Jack Welch single-handedly ushered in a new, cutthroat era of American capitalism that continues to this day. 75,000 first printing. - Baker & Taylor
The "Corner Office" columnist and business reporter for the New York times shows how celebrity CEO Jack Welch single-handedly ushered in a new, cutthroat era of American capitalism that continues to this day. - Simon and Schuster
New York Times Bestseller
New York Times reporter and âCorner Officeâ columnist David Gelles reveals legendary GE CEO Jack Welch to be the root of all thatâs wrong with capitalism today and offers advice on how we might right those wrongs.
In 1981, Jack Welch took over General Electric and quickly rose to fame as the first celebrity CEO. He golfed with presidents, mingled with movie stars, and was idolized for growing GE into the most valuable company in the world. But Welchâs achievements didnât stem from some greater intelligence or business prowess. Rather, they were the result of a sustained effort to push GEâs stock price ever higher, often at the expense of workers, consumers, and innovation. In this captivating, revelatory book, David Gelles argues that Welch single-handedly ushered in a new, cutthroat era of American capitalism that continues to this day.
Gelles chronicles Welchâs campaign to vaporize hundreds of thousands of jobs in a bid to boost profits, eviscerating the countryâs manufacturing base and destabilizing the middle class. Welchâs obsession with downsizingâhe eliminated 10% of employees every yearâfundamentally altered GE and inspired generations of imitators who have employed his strategies at other companies around the globe. In his day, Welch was corporate Americaâs leading proponent of mergers and acquisitions, using deals to gobble up competitors and giving rise to an economy that is more concentrated and less dynamic. And Welch pioneered the dark arts of âfinancialization,â transforming GE from an admired industrial manufacturer into what was effectively an unregulated bank. The finance business was hugely profitable in the short term and helped Welch keep GEâs stock price ticking up. But ultimately, financialization undermined GE and dozens of other Fortune 500 companies.
Gelles shows how Welchâs celebrated emphasis on increasing shareholder value by any means necessary (layoffs, outsourcing, offshoring, acquisitions, and buybacks, to name but a few tactics) became the norm in American business generally. He demonstrates how that approach has led to the greatest socioeconomic inequality since the Great Depression and harmed many of the very companies that have embraced it. And he shows how a generation of Welch acolytes radically transformed companies like Boeing, Home Depot, Kraft Heinz, and more. Finally, Gelles chronicles the change that is now afoot in corporate America, highlighting companies and leaders who have abandoned Welchism and are proving that it is still possible to excel in the business world without destroying livelihoods, gutting communities, and spurning regulation.