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- Past Week
In the News
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)
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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