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Growing share of income for the rich

1) Inequality in the U.S. has has grown steadily since the 1970s, following a flat period after World War II. In 2008, the wealthiest 10 percent earned almost the same amount of income as the rest of the country combined;

2) The top 0.1 percent of the population (those making about $1.7 million or more) saw the sharpest increase in income share, took home 2.6% of the nation’s earnings in 1975 and 10.4% in 2008;

3) 2005 - the top 0.1 percent of earners in the U.S. made upwards of about $1.7 million, including capital gains. Forty-one percent of these roughly 140,000 families had a breadwinner who was an executive, a supervisor or a manager.2008;

4) Who makes up the top 0.1%?

Executives, managers (non-finance)
Finance, including management
Lawyers
Real estate
Medical
Other entrepreneur
Arts, media, sports
Math, engineering, technical
Other
Business operations (nonfinance)
Other skilled sales
Professors and scientists
Farmers and ranchers

SHARE OF NATION'S INCOME  Including capital gains

  (http://www.washingtonpost.com/wp-srv/special/business/income-inequality/images/share.jpg)
INCOME LEVEL   NUMBER OF PEOPLE AVERAGE INCOME OVERALL CHANGE 1970-2008
Top 0.1%   152,000 $5.6 million +385%
Top 0.1-0.5%   610,000 $878,139 +141%
Top 0.5-1%   762,000 $443,102 +90%
Top 1-5%   6.0 million $211,476 +59%
Top 5-10%   7.6 million $127,184 +38%
Bottom 90%   137.2 million $31,244 -1%
http://www.washingtonpost.com/wp-srv/special/business/income-inequality/

*Based on the salary, bonuses and stock options of the three highest-paid officers in the largest 50 firms. ** Calculated from Bureau of Economic Analysis data. NOTE: All figures have been adjusted for inflation.

SOURCES: The World Top Incomes Database and reports by Jon Bakija, Williams College; Adam Cole, U.S. Department of Treasury; Bradley T. Heim, Indiana University; Carola Frydman, MIT Sloan School of Management and NBER; Raven E. Molloy, Federal Reserve Board of Governors; Thomas Piketty, Ehess, Paris; Emmanuel Saez, UC Berkeley and NBER. GRAPHIC: Alicia Parlapiano - The Washington Post. Published June 18, 2011.

 


INDUSTRIES

Advertising. (Bartle Bogle Hegarty), John Hegarty (2011). Hegarty on Advertising. (New York, NY: Thames & Hudson, 224 p.). Co-Founder of Bartle Bogle Hegarty. Hegarty, John; Bartle Bogle Hegarty -- history; Advertising -- history. What makes great idea? How does one best pitch to prospective client? What effect will new technology have on advertising?; over four decades of wisdom, insight from man behind hugely effective, influential campaigns for brands such as Levi Strauss, Audi, Unilever; personal insights, advice on advertising business: Ideas, Brands, The Agency, Briefs, Pitching, Storytelling, and Technology; his career, experiences (from early days working with Charles Saatchi to founding of Bartle Bogle Hegarty in 1982, its rise to global renown.

Agribusiness. (Tomatoes). Barry Estabrook (2011). Tomatoland: How Modern Industrial Agriculture Destroyed Our Most Alluring Fruit. (Kansas City, MO: Andrews McMeel, 240 p.). Former Contributing Editor at Gourmet magazine, Former Founding Editor of Eating Well magazine. Tomato industry -- history; Agricultural laborers --Florida--Social conditions --20th century; agribusiness -- United States -- history. Indictment of modern agricultural system: alarming use of fertilizers, pesticides; relentless market pressure on workers, growers; laser-like focus on shipping, storage, shelf life (tasteless results); decline from juicy summer treat to bland obligation; supermarket tomato from birthplace in deserts of Peru to impoverished town of Immokalee, FL (tomato capital of United States); laboratories of seedsmen trying to develop varieties that can withstand rigors of agribusiness, still taste like garden tomato; commercial growers who operate on tens of thousands of acres; hillside field in Pennsylvania (obsessed farmer produces delectable tomatoes for nation's top restaurants); huge human, environmental cost of $5 billion fresh tomato industry: fields sprayed with more than 100 different herbicides and pesticides.; picked hard, green, artificially gassed until skins acquire marketable hue; modern plant breeding has tripled yields, produced fruits with dramatically reduced amounts of calcium, vitamin A, vitamin C; 14 times more sodium than tomatoes of past; relentless drive for low costs fostered thriving modern-day slave trade in United States; cast of characters in tomato industry: avuncular octogenarian (conglomerate grows one of every eight tomatoes eaten in United States); ex-Marine (heads group that dictates size, color, shape of every tomato shipped out of Florida); U.S. attorney (doggedly prosecuted human traffickers for past decade); Guatemalan peasant (came north to earn money for his parents' medical bills, found himself enslaved for two years).

Airlines. (Quad-City International Airport), David T. Coopman (2011). Quad-City International Airport. (Chicago, IL: Arcadia Pub., 128 p.) Past President of the Rock Island County Historical Society. People, planes, events, development of former pastureland into modern Quad City International Airport, third largest airport for passenger traffic in state of Illinois; 1922 - three men leased 30 acres of cow pasture south of Moline, IL to serve as landing field; Franing Field soon became known as Moline Airport; served as part of original New York to Dallas airmail route, had passenger service as early as 1927, became one of Illinois's largest Works Progress Administration projects, weathered financial struggles, battle with neighboring Davenport, IA over which community would possess area's commercial airport, enjoyed constant growth, updates for both airline, general aviation traffic. 

Autos. (Ford), Gerhard Geyer (2011). Ford Motor Company: The Greatest Corporate Turnaround In U.S. History. (Seattle, WA: CreateSpace, 518 p.). Former Executive at Ford Motor Company (in business planning, corporate strategy, business development, product planning, divestitures, and he negotiated joint ventures and licensing deals). Ford Motor Company; corporate turnarounds. Mid-2006 - William Clay Ford Jr., Chairman and CEO of Ford, recognized that current business model di not work, appointed Alan Mulally as company's new CEO - completely changed existing business model (declining profits, uncompetitive cost structure, rapidly decreasing sales, unattractive cars, unhappy dealers, low employee morale); systematically transformed Ford's culture, products, technology, manufacturing facilities, union relations; led Ford from weakest of automotive industry's "Big Three" to top of its class.

Banking. (Citigroup), William R. Rhodes (2011). Banker to the World: Leadership Lessons from the Front Lines of Global Finance. (New York, NY: McGraw-Hill, 249 p,). Retired Senior Vice-Chairman of Citigroup. Rhodes, William R.; Bankers --United States --Biography; Banks and banking, International; International finance; Leadership; Decision making. Lifetime of lessons about managing amid crises, how to lead prudently, decisively, effectively to prevent crises from happening; collected wisdom, best-practices, analysis, anecdotes on creation of value through leadership, importance of leading by one's values: 1) lead boldly, decisively: 2) know when to disregard caution for caution's sake (always insist on neutral negotiating atmosphere; 3) anticipate problems by visualizing their impact: 4) get ahead of risk by taking comprehensive view of potential obstacles; 5) confront problems directly, proactively: 6) when faced with critical situation, go directly to its epicenter, turns crisis into opportunity.

(Mellon), James Mellon (2011). The Judge: A Life of Thomas Mellon, Founder of a Fortune. (New Haven, CT: Yale University Press 592 p.). Mellon, Thomas, 1813-1908; Mellon family; Capitalists and financiers --United States --Biography. Lawyer, judge, banker, classics professor, councilman; greatly influenced fortunes of his hometown, Pittsburgh, throughout 19th century; became one of city's most important business leaders, laid foundation for family that would contribute considerably to city's growth, welfare for much of the next hundred years; became one of world's most recognizable names in industry, innovation, philanthropy.

Beverages. (Wine), David Darlington (2011). An Ideal Wine: One Generation's Pursuit of Perfection--and Profit--in California. (New York, NY: Harper, 352 p.). Wine and wine making --California --History. Wine rush of 1970s; sales of wine exceeded beer, number of vineyards and wineries began in California; parallel paths of two men: 1) Leo McCloskey founded Enologix to help wineries produce successful commercial product (vineyards send grapes to Enologix, uses chemical analysis to advise customers on quality of grapes, quality of wines that such grapes might produce; 2) Randall Grahm, winemaker.

(Wine), Mike Veseth (2011). Wine Wars: The Curse of the Blue Nun, The Miracle of Two Buck Chuck, and the Revenge of the Terroirists. (Lanham, MD: Rowman & Littlefield Publishers, 244 p.). Robert G. Albertson Professor of International Political Economy (University of Puget Sound). Wine industry; Globalization --Economic aspects. How globalization, market forces are changing way wine is made, sold, consumed, perceived; globalization pushed back borders of wine world, created complex, inter-connected market: Old World and New World wines, producers compete head to head; power, taste at stake (not just about bottles bought and sold): Who will call shots in wine market of future? Who will set price? Whose palate will prevail? Whose idea of wine will reign supreme?

Broadcasting.  (ESPN), James Andrew Miller, Tom Shales (2011). Those Guys Have All the Fun. (New York, NY Little, Brown, 624 p.). Senior Executive Producer of "Anderson Cooper 360"; Pultizer Prize for Television Criticism (Washington Post). ESPN; sports broadcasting -- history; television -- history. Rise of empire unlike any television had ever seen; 32-year run revolutionized sports coverage, cable TV; original gamble - lineup that included Australian Rules Football, rodeo, rinky-dinky clip show called Sports Center; 2011 - empire stretches to radio, magazines, mobile phones, internet, video games, more; ESPN's personalities have become global superstars to rival sports icons they cover (Chris Berman, Robin Roberts, Keith Olbermann, Hannah Storm, Bill Simmons, Tony Kornheiser, Stuart Scott, Erin Andrews, Mike Ditka, Bob Knight, scores of others); games, shows, scandals, gambling addictions, bitter rivalries, sudden suspensions that make up network's soaring and stormy history.

Computers. (IBM), Kevin Maney, Steve Hamm, Jeffrey M. O’Brien (2011). Making the World Work Better: The Ideas that Shaped a Century and a Company. (Upper Saddle River, NJ IBM Press, 350 p.). Former Reporter, Editor and Columnist (USA Today); Writer and Videographer in IBM's Corporate Communications Department; Former Senior Editor (Fortune, Wired). International Business Machines Corporation --History; International Business Machines Corporation --Management; Computer industry --United States --History. How IBM has distinctly contributed to evolution of technology, modern corporation over past 100 years; Nobel Prize-winning work of company’s research laboratories (punch-card tabulator, mainframe, personal computer, memory chip, disk drive, scanning tunneling microscope (essential to nanotechnology), new fields of mathematics), missteps and successes (bet-the-business gamble on legendary System/360 in 1960s to turnaround from company’s near-death experience in early 1990s); first large American company to pay all employees salaries (vs. hourly wages), early champion of hiring women and minorities, pioneer of new approaches to doing business (model of globally integrated enterprise); lasting impact on course of society (enabled U.S. Social Security System, space program, airline reservations, modern banking, retail); lessons: anticipate change, be willing and able to continually transform. 

Conglomerates. (East India Company), Philip J. Stern (2011). The Company-State: Corporate Sovereignty and the Early Modern Foundation of the British Empire in India. (New York, NY: Oxford University Press, 300 p.). Assistant Professor of History (Duke University). Corporations, British -- India; India -- History -- British occupation, 1765-1947; East India Company -- History. History of corporation concerned with bottom line, science of colonial governance; how Company leadership wrestled with typical early modern problems of political authority (mutual obligations of subjects and rulers; relationships among law, economy, sound civil and colonial society; constitution of civic institutions ranging from tax collection and religious practice to diplomacy and warmaking; nature of jurisdiction and sovereignty over people, territory, sea); ideas emerged from abstract ideological, historical, philosophical principles, from real-world entanglements of East India Company employees, governors with host of allies, rivals, polyglot populations in overseas plantations; Company shaped colonial polity, confronted shifting definitions of state and sovereignty across Eurasia that ultimately laid groundwork for Company's incorporation into British empire, state through 18th century.

Food. Elisabeth Townsend (2011). Lobster: A Global History. (London, UK: Reaktion Books 144 p.). Writes about Food, Travel and Wine. Lobster -- history; seafood -- history. From peasant food to luxurious delicacy that reflects changing ideas about diet, human consumption; from Stone Age, through early European settlers in New England and Australia, to Japanese live lobster sashimi.

Food Service. (Friendly's), S. Prestley Blake, Alan Farnham (2011). A Friendly Life. (St. Johnsbury, VT: Raphel Marketing, 132 p.). Co-Founder; Former Senior Editor (Forbes). Blake, S. Priestly; Friendly Ice Cream Corp. -- history. 1935 - S. Prestley Blake (20), Curtis L. Blake (18) borrowed $450from their parents, started Friendly Ice Cream on Boston Road in Springfield, MA; modest neighborhood ice cream shoppe with double-dip cones for 5 cents; 1940 - added food to ice cream menu (hamburger); 1951 - operated 10 Friendly Restaurants in Western Massachusetts, Connecticut; October 19, 1954 - Friendly Ice Cream Corporation registered "Friendly Ice Cream" trademark first used July 18, 1935 (ice cream); 1974 - chain of 500 restaurants concentrated in Mid-Atlantic, Northeastern U.S.1979 - acquired by Hershey Foods Corporation; September 1988 - acquired by Donald N. Smith (Chairman of the Board and Chief Executive Officer of The Restaurant Company); 1989 - added "s" to name ("Friendly’s"); 2001 - Blake began 7-year, $11 million dollar successful legal fight for control of company with Donald N. Smith (former Friendly’s CEO; didn’t like debt Friendly’s had incurred, Smith’s strategy of closing, selling restaurants to pay down debt; didn’t like relationship between Friendly’s and Perkins, another restaurant company Smith controlled, Smith’s use of corporate jet); August 2007 - Friendly’s acquired by affiliate of Sun Capital partners, Inc. leading private investment firm; 2011 - more than 500 Friendly’s restaurants, sales of $700 million, distribution through more than 6,500 retail locations.

Curtis and Prestley Blake - Friendly's (http://www.boston.com/business/ticker/PrestleyBlake.jpg)

(Whataburger), Greg Wooldridge (2011). The Whataburger Story, How One Man's Dream and One Woman's Heart Inspired a Business to Become a Family. (Austin, TX Texas Monthly Custom Pub., 160 p.). Dobson, Harmon; Whataburger, L.P., fast food -- Texas -- history. 1950 - Harmon Dobson opened up first Whataburger, small roadside hamburger stand, on Ayers Street in Corpus Christi, TX (25 cent, all-American beef burgers served on five-inch buns); 1967 - Grace Dobson (wife) took over; passed on to three children; 2011 - family-owned and operated, more than 700 locations in 10 states, annual sales of more than $1 billion; more than 20,000 employees.

Internet. (LinkedIn), Judith Hurwitz (2011). Smart or Lucky: How Technology Leaders Turn Chance into Success. (San Francisco, CA: Jossey-Bass, 240 p.). Former LinkedIn employee, President and CEO of Hurwitz & Associates. Entrepreneurship; Businesspeople; High technology industries; Technological innovations; Success in business; Sustainable development. How to recognize lucky break, have foresight to take advantage of it; most successful technology entrepreneurs understand value of combination of luck and smarts, make it work for them; those who fail may be lucky but get complacent, believe they’re smartest players in market, fail to make changes needed to sustain leadership; LinkedIn: 1) shifted focus quickly to infrastructure, relationships, planning; 2) drew up, followed roadmap; 3) stuck with its target market.

Publishing. James O’Shea (2011). The Deal from Hell: How Moguls and Wall Street Plundered Great American Newspapers. (New York, NY: PublicAffairs, 416 p.). CEO and Editor-in-Chief of the Chicago News Cooperative, Former Managing Editor of The Chicago Tribune, Former Editor of The Los Angeles Times. O’Shea, James (James E.); Los Angeles times --History --21st century; Journalists --United States --Biography; Newspaper editors --United States --Biography; Newspaper publishing --California --Los Angeles --History --21st century; American newspapers --Ownership; Press monopolies --United States. How news industry executives, editors, convinced they were acting in best interests of their publications, made series of flawed decisions that endangered journalistic credibility, drove newspapers, already confronting perfect storm of political, technological, economic, social turmoil, to brink of extinction; decisions that led to disaster in boardrooms, newsrooms from coast to coast; factors in overall economy, cultures of publicly held companies that contributed to declines of newspapers.  

Railroads. (Union Pacific), Maury Klein (2011). Union Pacific: The Reconfiguration; America's Greatest Railroad from 1969 to the Present. (New York, NY: Oxford University Press, 528 p.). Professor of History Emeritus (University of Rhode Island). Union Pacific Railroad Company --History; Railroads --United States --History. 1969 - same company that century earlier had triumphantly driven golden spike into Promontory Summit (to immortalize nation's first transcontinental railway) seemed dinosaur destined for financial ruin; survived, thrived - railways remain critical to commerce, industry in America (even as passenger train travel has  disappeared); inside great railroad (boardrooms, along its tracks) - how company adapted to rapidly changing world of modern transportation; portraits of men who have run railroad: challenges they faced, strategies they developed. 

Richard White (2011). Railroaded: The Transcontinentals and the Making of Modern America. (New York, NY: Norton, 736 p.). Margaret Byrne Professor of American History (Stanford University). Railroads --United States --History --19th century; Land settlement --United States --History --19th century; National characteristics, American. Corporate power, industrialization, political corruption - railroads often proved to be disaster for most, enriched few; not triumph of American entrepreneurship and ingenuity.

Retail - Discount. (Wal-Mart), Edward Humes (2011). Force of Nature: The Unlikely Story of Wal-Mart's Green Revolution. (New York, NY HarperBusiness, 272 p.). Pulitzer Prize winner, Contributing Writer for Los Angeles magazine. Wal-Mart (Firm); Sustainable development. How ecologically responsible practices benefit Wal-Mart's bottom line, how biggest retailer in world is encouraging change; environmental revolution has taken place at Walmart, ignited by alliance between Jib Ellison, river guide-turned-corporate consultant, former CEO Lee Scott; devised solutions, from packaging to promotions (shrunk packaging, saved millions of gallons of water, millions of pounds of cardboard, diesel fuel), store layouts to supply chains, that, due to Walmart's size, saves billions of dollars, thousands of trees, millions of gallons of fossil fuels; ways in which world's biggest corporation is making enormous strides in sustainability; how whole sectors of economy, from dairy to fashion, have begun to embrace Walmart's example.

Retail - Specialty.  Maureen Stanton (2011). Killer Stuff and Tons of Money: Seeking History and Hidden Gems in Flea-Market America. (New York, NY: Penguin Press, 336 p.). Teaches Creative Nonfiction (University of Missouri). Antiques business --United States; Flea markets --United States. Insider's look at antiques, flea-market culture subculture (arcane traditions, high drama), inspiring account of master dealer Curt Avery, self-made man making his way in cutthroat field, treasure trove of tips for those who seek out old things themselves.

Sports. (Alameda County Fair), Victoria Christian (2011). Alameda County Fair. (Chaleston, SC Arcadia Pub., 128 p.). Editor-in-Chief (Sunolian newspaper). Alameda, CA -- history; County Fair -- Alameda, CA. 1859 - Don Refugio Bernal (son of Spaniard Don Agustin Bernal) organized Floral Fair, built original racetrack on 52,000-acre ranch in Alisal, CA (part of Northern California land grant, Rancho Valle de San Jose; now Pleasanton, CA); Augustin and Antonio Bernal (sons) took over; 1872 - property left to his Frederick Bernal (son of Augustin); 1876 - acquired by Joseph F. Nevis (married Augustin Bernal's widow); improved track to meet regulation specifications, operated it as business; 1882 - acquired by Monroe Salisbury (multi-millionaire Australian horse breeder) for $25,000; operated as Pleasanton Stock Farm; 1911 - acquired by businessman Rodney G. MacKenzie (son of Canadian railroad tycoon); built grandstand, lavish quarters for guests, stables to house 300 horses; June 29, 1912 - Alameda County Fair Association formed; October 23-27, 1912 - first Alameda County Fair in Pleasanton, CA (had approached group of county businessmen and ranchers with proposal to hold county fair on his property - to turn profit on newly acquired racetrack); 1933 - California legalized pari-mutuel betting; 1939 - Alameda County Fair Association established; racing fair boasts livestock and agriculture; 1941 - nine days of races for handle of $432,644 (national record); 2004 - second highest racing handle in Fair history ($35,776,350, up 4% from 2003); July 3, 2004 - highest single day race handle in Northern California Fair history ($4,586,825); oldest one-mile track in America (thoroughbred, quarter horse racing); largest county fair in Northern California, largest public event in Alameda County.

(Del Mar Racetrack), Hank Wesch (2011). Del Mar: Where the Turf Meets the Surf. (Charleston, SC History Press, 112 p.). Former Sports Reporter (San Diego Union-Tribune). Del Mar Racetrack (Del Mar, Calif.) --History. 1937 - founded by by Bing Crosby, Hollywood friends; hosted some of thoroughbred racing's finest (dancing Zenyatta, scrappy Seabiscuit, Hall of Famers Best Pal and Azeri); noted jockeys, infamous matchups.

Textiles. (Brettles), Rod Hawgood, Gary Spendlove (2011). Brettles of Belper: The History of a Derbyshire Hosiery Company. (Swindon, UK: The Horizon Press, 160 p.). Local Historian; Slenderella Managing Director. Brettles Company -- history; Textiles -- United Kingdom -- history. History, origins of textile industry in Derwent Valley; history of Brettles company, its evolution in Belper and London; Slenderella lingerie and nightwear group; product milestones, new inventions, tragedies, happy occasions, promotion of sporting prowess; one of oldest brands in UK (1786 nationally, 1803 in Belper).

Wall Street  - Investing Advisers. (Minyanville Media), Todd A. Harrison (2011). The Other Side of Wall Street: In Business It Pays to Be an Animal, In Life It Pays to Be Yourself. (Upper Saddle River, NJ: FT Press, 192 p.). Founder of Minyanville Media, Former Vice President on Worldwide Equity Derivative Desk at Morgan Stanley, Former Managing Director of Derivatives at The Galleon Group, Former President of $400 million hedge fund Cramer Berkowitz. Harrison, Todd A.; Stockbrokers --United States --Biography; Investment advisors --United States --Biography. From adrenaline rush of trading at Morgan Stanley, to trench warfare with Galleon and Jim Cramer to valuable lessons about money and life.

Larry E. Swedroe (2011). The Quest for Alpha: The Holy Grail of Investing. (Hoboken, NJ: Wiley, 208 p.). Principal and the Director of Research for the Buckingham Family of Financial Services. Investments; Investment analysis; Portfolio management. Grail: returns above appropriate risk-adjusted benchmark; debate over decades: active investing-stock picking, market timing-versus passive investing-markets are highly efficient, almost impossible to outperform; active investing - likely to prove futile (associated expenses-costs, fees, time spent analyzing individual stocks and overall market likely to exceed any benefits gained).


MANAGEMENT

Blunders. Tim Phillips (2011). Fit to Bust: How Great Companies Fail. (Philadelphia, PA: Kogan Page, 210 p.). Business Journalist and Broadcaster. Business failures; Management; Business failures -- Case studies; Management -- Case studies. Disastrous decisions - what happened, why, what could have been differently - overexpansion, failure to do due diligence, blindness toward economic bubble; why smart people make bad decisions; how changing one decision could have helped avoid disaster (Enron, Polaroid, WorldCom, Woolworth).

CEOs. Richard L. Zweigenhaft and G. William Domhoff (2011). The New CEOs: Women, African American, Latino, and Asian American Leaders of Fortune 500 Companies. (Lanham, MD: Rowman & Littlefield 216 p.). Charles A. Dana Professor of Psychology (Guilford College); Research Professor of Sociology and Psychology (University of California, Santa Cruz). Chief executive officers; Women chief executive officers; Minority executives; Women executives. How new CEOs came to power, whether they differ from white male Fortune 500 CEOs in meaningful ways, whether companies that hired them vary from other companies, lessons about power in America from CEOs' emergence.

History. Christian Stadler (2011). Enduring Success: What We Can Learn from the History of Outstanding Corporations. (Stanford, CA: Stanford Business Books, 280 p.). Director of Studies, MSc in Advanced Management Practice, Lecturer in Strategy (University of Bath). Industrial management; Success in business; Corporations --Case studies. First non-US perspective on long-range success: 8 researchers in 6-year study of some of Europe's oldest, most stellar companies; targetied 9 that have survived for more than 100 years, have significantly outperformed market over past 50 years (half of Fortune Global 500 companies that are 100 years old or older, 72 of 100 oldest family businesses in world - in Europe); greatest companies adapted to constantly changing environment by being intelligently conservative; coherent framework, grounded in 5 principles, practical concepts.

Innovation. (MIT Media Lab), Frank Moss (2011). The Sorcerers and Their Apprentices: How the Digital Magicians of the MIT Media Lab Are Creating the Innovative Technologies That Will Transform Our Lives. (New York, NY: Crown Business, 272 p.). Director of the Massachusetts Institute of Technology Media Lab Massachusetts Institute of Technology. Media Laboratory; Digital communications --Research --United States; Scientists --Massachusetts --Cambridge --Intellectual life --21st century. Research center with highly unorthodox approach to creativity, invention; how Media Lab cultivates open, boundary-less environment where researchers from broad array of disciplines (musicians , neuroscientists, visual artists, computer engineers) follow passions, take bold risks toward marketable gimmicks; inventions such as: 1) Nexi, mobile humanoid robot with such sophisticated social skills she can serve as helpful, understanding companion for sick and elderly; 2) CityCar, foldable, stackable, electric vehicle of future that will redefine personal transportation in cities, revolutionize urban life; 3) Sixth Sense, compact wearable device that transforms any surface – wall, tabletop or even your hand - into touch screen computer; 4) PowerFoot, lifelike robotic prosthesis that enables amputees to walk as naturally as if it were real biological limb.

Peter Sims (2011). Little Bets: How Breakthrough Ideas Emerge from Small Discoveries. (New York, NY: Free Press, 224 p.). Formerly with Summit Partners. Success in business; Creative ability. How to break away from narrow strictures of methods of analyzing, problem solving taught in school; unleash untapped creative powers - with methodical low-risk action to discover, develop, test an idea (series of little bets about what might be good direction, learning from lots of little failures, from small but highly significant wins to happen upon unexpected avenues, arrive at extraordinary outcomes); productive, creative thinkers and doers practice key set of simple, ingenious experimental methods that free their minds, opening them up to making unexpected connections, perceiving invaluable insights (tap into genius of play, engage in highly immersed observation); unshackle from: constraints of overly analytical thinking, linear problem solving, fear of failure; illuminating accounts of breakthrough innovators at work (1) how Hewlett-Packard stumbled onto breakaway success of first hand-held calculator; 2) remarkable storyboarding process at Pixar films that has been key to unbroken streak of box office successes; 3) playful discovery process by which Frank Gehry arrived at his critically acclaimed design for Disney Hall; 4) aha revelation that led Amazon to pursue wildly successful affiliates program; 5) U.S. Army’s ingenious approach to counterinsurgency operations that led to dramatic turnaround in Iraq).


BUSINESS HISTORY

Capitalism. Roger Martin (2011). Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn from the NFL. (Boston, MA: Harvard Business School Pub., 272 p.). Dean of the Rotman School of Management (University of Toronto). National Football League --Management; Corporations --United States; Industrial management --United States; Corporate governance --United States; Capitalism --United States; Financial crises --United States. Deep, abiding commitment to idea that purpose of firm is to maximize shareholder value - led to massive growth in stock-based compensation for executives, naive and wrongheaded linking of real market (business of designing, making, selling products and services) with expectations market (business of trading stocks, options, complex derivatives); how this tight coupling has been engineered, ts results: single-minded focus on expectations market that will driving from crisis to crisis; how to end destructive cycle: 1) restructure executive compensation to focus entirely on real market (not expectations market; 2) rethink meaning of board governance, role of board members; 3) rein in power of hedge funds, monopoly pension funds.

Economics. (Keynes), John Eatwell and Murray Milgate (2011). The Fall and Rise of Keynesian Economics. (New York, NY: Oxford University Press, 420 p.). President (Queens' College, Cambridge); Former Fellow and Director of Studies in Economics (Queens' College). Keynesian economics; Economic history -- 1918-1945; Economic history -- 1945-. 1950s-1960s - Keynesian thinking dominated economic policymaking, coincided with postwar economic reconstruction in Europe and Japan, unprecedented prosperity, stable growth; 1970s - monetarism, new classical macroeconomics ushered in era of neoliberal economic policymaking. pushed Keynesian economics aside; 2007-2009 - Keynesian ways of thinking used in current economic predicaments (.pragmatic, workable measures); where, how analytical and methodological foundations of conventional macroeconomic wisdom went wrong; interpretive shortcomings that characterized Keynes scholarship; Keynesian ideas: for crises, constructive economic policy making at all times.

Economic Events. (Depression -1929). Alexander J. Field (2011). A Great Leap Forward: 1930s Depression and U.S. Economic Growth. (New Haven, CT: Yale University Press, 387 p.). Michel and Mary Orradre Professor of Economics (Santa Clara University). Depressions -- 1929 -- United States; United States -- Economic conditions -- 1918-1945; United States -- Economic conditions -- 20th century. Causes, consequences of productivity growth over past century and half, current prospects; novel claim: productive capacity grew dramatically across Depression years (1929-1941), advance provided foundation for economic and military success of United States during Second World War, golden age (1948-1973) that followed; behind backdrop of double-digit unemployment, 1930s experienced very high rates of technological, organizational innovation, fueled by maturing of privately funded research and development system, government-funded build-out of country's surface road infrastructure.

Economic History - Early U.S. Eds. Douglas A. Irwin and Richard Sylla (2011). Founding Choices: American Economic Policy in the 1790s. (Chicago, IL: University of Chicago Press, 353 p.). Robert E. Maxwell ’23 Professor of Arts and Sciences in the Department of Economics (Dartmouth College); Henry Kaufmann Professor of the History of Financial Institutions and Markets and Professor of Economics (New York University). United States -- Economic policy -- 18th century -- Congresses. Economic decisions of founding fathers ensured general welfare, common defense of United States for decades to come: economic choices, their profound influence on American life, westward expansion, influence abroad (finance, trade, monetary and banking policy - factors guiding policies, end result). 

Financial Crises. (Asia), Eds. Koichi Hamada, Anil K Kashyap, and David E. Weinstein (2010). Japan's Bubble, Deflation, and Long-term Stagnation. (Cambridge, MA: MIT Press, 420 p.). Tuntex Professor of Economics (Yale University); Edward Eagle Brown Professor of Economics and Finance and Richard N. Rossett Faculty Fellow (University of Chicago Booth School of Business); Carl S. Shoup Professor of the Japanese Economy (Columbia University). Japan -- Economic conditions -- 1989-; Monetary policy -- Japan; Banks and banking -- Japan; Labor market -- Japan. What happened, why it happened, effectiveness (or ineffectiveness) of Japan's policy choices; two phases: 1) typical recession, 2) breakdown in economy likely due to insufficient restructuring; Japan's experience, unconventional, sometimes unsuccessful, measures adopted by Japan's government and central bank, offer valuable lessons for post-boom world.

(U.S. - 2008), Autopsy on a Bubble: Credit Crisis 2008

(U. S. - 2008), Eds. Robert Z. Aliber and Gylfi Zoega (2011). Preludes to the Icelandic Financial Crisis. (New York, NY Palgrave Macmillan, 357 p.). Professor Emeritus at Booth Graduate School of Business (University of Chicago); Professor of Economics (University of Iceland). Finance -- Iceland; Financial crises -- Iceland; Iceland -- Economic policy; Iceland -- Economic conditions. Papers and reports, written prior to collapse of Iceland's financial system, about economy; what did and didn't they see coming, why?

(U. S. - 2008), Anders Aslund and Valdis Dombrovskis (2011). How Latvia Came Through the Financial Crisis. (Washington, DC Peterson Institute for International Economics, 140 p.). Specialist on Postcommunist Economic Transformation; Prime Minister of Latvia. Financial crises -- Latvia; Global Financial Crisis, 2008-2009; Latvia -- Economic conditions -- 21st century; Latvia -- Economic policy -- 21st century. How national government responded to global financial crisis, made tough choices, led country back to economic growth; 2008-2010 - East European country hardest hit by global financial crisis (lost approximately 25% of GDP); most overheated economy before crisis; second half 2010 - returned to economic growth: how so quickly?; why Latvian economy became so overheated; why IMF, European Union stabilization program was needed; what Latvian government did to resolve financial crisis, why the choices; outcome.

(U. S. - 2008), Roman Frydman and Michael D. Goldberg (2011). Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State. (Princeton, NJ: Princeton University Press, 304 p.). Professor of Economics (New York University); Roland H. O'Neal Professor (University of New Hampshire). Rational expectations (Economic theory); Global Financial Crisis, 2008-2009; Economic forecasting; Risk; Keynesian economics; Securities --Prices. Rational, behavioral theories of market rest on fatal assumption: that markets act mechanically, economic change is fully predictable; how failure to abandon assumption (bubble fueled by herd psychology) hinders understanding of how markets work, why price swings help allocate capital to worthy companies, what role government can and can't play; how imperfect knowledge economics provides better understanding of markets, financial crisis: price swings driven by individuals' imperfect interpretations of significance of economic fundamentals for future prices and risk; swings at heart of dynamic economy, reforms should aim to curb their excesses.

(U. S. - 2008), James P. Hawley, Shyam J. Kamath, and Andrew T. Williams (2011). Corporate Governance Failures: The Role of Institutional Investors in the Global Financial Crisis. (Philadelphia. PA: University of Pennsylvania Press, 344 p.). Professors of Economics and Business (Saint Mary's College of California). Global Financial Crisis, 2008-2009 -- Congresses; Financial risk -- Congresses; Corporate governance -- Congresses; Institutional investments -- Congresses. Misdeeds, lapses of shareholding institutional investors leading up to economic meltdown; how pension funds, mutual funds exposed themselves, their clientele to extremely complex financial instruments (credit default swaps) through investments in hedge and private equity funds; fund executives tolerated "pursuit of alpha" culture (led managers to pursue risky financial strategies to outperform market); how, why institutional investors failed to effectively monitor volatile investments, ignored relatively well-established corporate governance principles, best practices.

(U. S. - 2008), Gretchen Morgenson, Joshua Rosner (2011). Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. (New York, NY: Times Books, 352 p.). Business Reporter and Columnist (New York Times); Managing Director at Graham Fisher and Co. . Federal National Mortgage Association --History --21st century; Subprime mortgage loans --United States --History --21st century; Financial crises --United States --History --21st century; Global Financial Crisis, 2008-2009. How financial meltdown emerged from toxic interplay of Washington, Wall Street, corrupt mortgage lenders; how watchdogs, supposed to protect country from financial harm, were complicit in actions that blew up American economy - Fannie Mae, mortgage-finance giant that grew, with support of Clinton administration, through 1990s, became major opponent of government oversight even as benefited from public subsidies; Countrywide Financial, Goldman Sachs, Federal Reserve, HUD, Congress, FDIC, biggest players on Wall Street; how greed, aggression, fear led countless officials to ignore warning signs of imminent disaster.

Youssef Cassis (2011). Crises and Opportunities. The Shaping of Modern Finance. (New York, NY: Oxford University Press, 288 p.). Professor of Economic History at the European University Institute (Florence, Italy). Financial crises -- history. Have financial crises presented opportunities to rebuild financial system (8 global financial crises since late 19th century)? how financial landscape has been (or failed to be) reshaped after systemic shock (banks, governance, regulation, international cooperation, balance of power); economic and business aspects of financial crises, political and socio-cultural dimensions, idiosyncrasies and common features, impact in broader context of long-term historical development.


FICTION

(Capitalism), Peter Mountford (2011). A Young Man's Guide to Late Capitalism. (Boston, MA: Houghton Mifflin Harcourt, 304 p.). Young men --Fiction; Capitalism --Fiction; Bolivia --Fiction. Set in La Paz Bolivia at the time of the election of President Evo Morales near the peak of the financial bubble in 2005; story of Ivy League graduate Gabriel de Boya's moral journey as he works for Calloway Group, unscrupulous Manhattan hedge fund, while pretending to be a freelance journalist; first mission is a test of his abilities: go to Bolivia to ferret out insider information about the plans of the controversial president-elect. If Gabriel succeeds, he will get a bonus that would make him secure for life (he’ll get canned if he doesn’t get info); trouble begins when Gabriel develops feelings for Lenka (single mother and the beautiful Bolivian spokeswoman for candidate Morales) even as he’s trying to use her.

(Finance), H. T. Narea (2011). The Fund. (New York, NY: Forge, 464 p.). International Investment Banker. Women intelligence officers --Fiction; International finance --Fiction; Terrorism --Prevention --Fiction. U.S. defense intelligence operative Kate Molares is investigating a suspicious international money trail. Plot involves a terrifying new kind of terrorism—financial terrorism— perpetrated by a suave, handsome Middle Eastern hedge fund mogul. His goal is to wreck the West by bringing the global economy to its knees. Kate's mission takes her from the defense intelligence command center on the outskirts of Washington, D.C. to the oil-fueled economy of Caracas, Venezuela; from the Beaux-Arts buildings of Old Havana in Cuba to a hedge fund king’s magnificent back-country estate in Greenwich, Connecticut; from the United Nations to the site of a deadly Islamic conspiracy in the Iberian Peninsula. Kate is in a race against time to fit together the pieces of this global puzzle…or risk the catastrophic destruction of the world’s financial markets. (Parallels U.S. Department of Defense-commissioned report, titled "Economic Warfare: Risks & Responses," which investigated exogenous threats that may have contributed to the 2008 economic crisis [lays out a scenario leading to the complete failure of our financial markets, pointing to the need for greater regulatory oversight]).

(Wall Street), Barton M. Biggs (2010). A Hedge Fund Tale of Reach and Grasp: Or What's a Heaven For. (Hoboken, NJ : Wiley, 319 p.). Cofounder and Managing Partner of Traxis Partners. Hedge funds; Securities industry -- United States. Fictional account of hedge world, broader workings of Wall Street; rags to riches story of drive, financial talent told through eyes fictional insider; detailed look at hedge fund business in late 1990s through first decade of 21st century; life of Joe Hill, poor boy from wrong side of tracks in rural Virginia, had to work for everything he wanted; amassed more wealth than he ever thought possible (studied Wall Street charts while sitting on sidelines of football practice to, realized how much money could be made in short period of time).

(Wall Street), Martha McPhee (2011). Dear Money. (Boston, MA: Houghton Mifflin Harcourt, 352 p.). Floor traders (Finance) --Fiction; Authors --Fiction; Wall Street (New York, N.Y.) --Fiction. Classic American story of people reinventing themselves, unaware of the price they must pay for their transformation - India Palmer, living the cash-strapped existence of the writer, is visiting wealthy friends in Maine when a yellow biplane swoops down from the clear blue sky to bring a stranger into her life, one who will change everything.The stranger is Win Johns, a swaggering and intellectually bored trader of mortgage-backed securities. Charmed by India's intelligence, humor, and inquisitive nature and aware of her near-desperate financial situation Win poses a proposition: Give me eighteen months and I'll make you a world-class bond trader. Shedding her artist's life with surprising ease, India embarks on a raucous ride to the top of the income chain, leveraging herself with crumbling real estate, never once looking back...Or does she? 

(Work), Ed. Richard Ford (2011). Blue Collar, White Collar, No Collar: Stories of Work. (New York, NY: Harper Perennial, 624 p.). Work; work - fiction. How Americans are employed; how we find work and leave it; how it excites, ennobles, occasionally debilitates, often defines us; fictional exploration of work, its relationship to human spirit.

FILMS

(Venture Capital), Directed by Dan Geller and Dayna Goldfine (2011). Something Ventured: Risk, Reward and the Original Venture Capitalists. (New York, NY: Zeitgeist Films Ltd., 85 min.). Venture capital -- history. Creation of an industry which became single greatest engine of innovation, economic growth in 20th century.

 

 

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