David Gelles

An important read that illustrates the demise of 1950s-70s era of loyalty and lifetime employment and the effect those choices have had on income inequality, commerce, and politics. While Milton Friedman and Ronald Reagan are often cited as the main figures who promoted free market ideology and deregulation, this book makes the compelling case for the outsized role that Jack Welch had in popularizing and normalizing stakeholder capitalism and its various problematic practices (layoffs, buybacks, financial engineering). Gelles creates a vivid picture of the state of the business world at the time, and follows Welch protégés as they apply these principles to destroy value at Home Depot, Boeing, and others. Welchian beliefs still persist in business school teachings and corporate decision-making, and Gelles book makes great strides to shine a light on his Welch's legacy.… (more)