The World Is Flat [Updated and Expanded]: A Brief History of the Twenty-first Century

Amazon.com

Updated Edition: Thomas L. Friedman is not so much a futurist, which he is sometimes called, as a presentist. His aim in The World Is Flat, as in his earlier, influential Lexus and the Olive Tree, is not to give you a speculative preview of the wonders that are sure to come in your lifetime, but rather to get you caught up on the wonders that are already here. The world isn't going to be flat, it is flat, which gives Friedman's breathless narrative much of its urgency, and which also saves it from the Epcot-style polyester sheen that futurists--the optimistic ones at least--are inevitably prey to.

What Friedman means by "flat" is "connected": the lowering of trade and political barriers and the exponential technical advances of the digital revolution that have made it possible to do business, or almost anything else, instantaneously with billions of other people across the planet. This in itself should not be news to anyone. But the news that Friedman has to deliver is that just when we stopped paying attention to these developments--when the dot-com bust turned interest away from the business and technology pages and when 9/11 and the Iraq War turned all eyes toward the Middle East--is when they actually began to accelerate. Globalization 3.0, as he calls it, is driven not by major corporations or giant trade organizations like the World Bank, but by individuals: desktop freelancers and innovative startups all over the world (but especially in India and China) who can compete--and win--not just for low-wage manufacturing and information labor but, increasingly, for the highest-end research and design work as well. (He doesn't forget the "mutant supply chains" like Al-Qaeda that let the small act big in more destructive ways.)

Friedman has embraced this flat world in his own work, continuing to report on his story after his book's release and releasing an unprecedented hardcover update of the book a year later with 100 pages of revised and expanded material. What's changed in a year? Some of the sections that opened eyes in the first edition--on China and India, for example, and the global supply chain--are largely unaltered. Instead, Friedman has more to say about what he now calls "uploading," the direct-from-the-bottom creation of culture, knowledge, and innovation through blogging, podcasts, and open-source software. And in response to the pleas of many of his readers about how to survive the new flat world, he makes specific recommendations about the technical and creative training he thinks will be required to compete in the "New Middle" class. As before, Friedman tells his story with the catchy slogans and globe-hopping anecdotes that readers of his earlier books and his New York Times columns know well, and he holds to a stern sort of optimism. He wants to tell you how exciting this new world is, but he also wants you to know you're going to be trampled if you don't keep up with it. A year later, one can sense his rising impatience that our popular culture, and our political leaders, are not helping us keep pace. --Tom Nissley

Where Were You When the World Went Flat?

Thomas L. Friedman's reporter's curiosity and his ability to recognize the patterns behind the most complex global developments have made him one of the most entertaining and authoritative sources for information about the wider world we live in, both as the foreign affairs columnist for the New York Times and as the author of landmark books like From Beirut to Jerusalem and The Lexus and the Olive Tree. They also make him an endlessly fascinating conversation partner, and we've now had the chance to talk to him about The World Is Flat twice. Read our original interview with him following the publication of the first edition of The World Is Flat to learn why there's almost no one from Washington, D.C., listed in the index of a book about the global economy, and what his one-plank platform for president would be. (Hint: his bumper stickers would say, "Can You Hear Me Now?")

And now you can listen to our second interview, in which he talks about the updates he's made in "The World Is Flat 2.0," including his response to parents who said to him, "Great, Mr. Friedman, I'm glad you told us the world is flat. Now what do I tell my kids?"

The Essential Tom Friedman

From Beirut to Jerusalem
The Lexus and the Olive Tree
Longitudes and Attitudes

More on Globalization and Development

China, Inc. by Ted Fishman
Three Billion New Capitalists by Clyde Prestowitz
The End of Poverty by Jeffrey Sachs

Globalization and Its Discontents by Joseph Stiglitz
The Travels of a T-Shirt in the Global Economy by Pietra Rivoli
The Mystery of Capital by Hernando de Soto

Book Description

The World Is Flat is Thomas L. Friedman’s account of the great changes taking place in our time, as lightning-swift advances in technology and communications put people all over the globe in touch as never before—creating an explosion of wealth in India and China, and challenging the rest of us to run even faster just to stay in place. This updated and expanded edition features more than a hundred pages of fresh reporting and commentary, drawn from Friedman’s travels around the world and across the American heartland—from anyplace where the flattening of the world is being felt.

In The World Is Flat, Friedman at once shows “how and why globalization has now shifted into warp drive” (Robert Wright, Slate) and brilliantly demystifies the new flat world for readers, allowing them to make sense of the often bewildering scene unfolding before their eyes. With his inimitable ability to translate complex foreign policy and economic issues, he explains how the flattening of the world happened at the dawn of the twenty-first century; what it means to countries, companies, communities, and individuals; how governments and societies can, and must, adapt; and why terrorists want to stand in the way. More than ever, The World Is Flat is an essential update on globalization, its successes and discontents, powerfully illuminated by one of our most respected journalists.

Download Description

The Pulitzer Prize-winning New York Times columnist gives a bold, timely, and surprising picture of the state of globalization in the twenty-first century

Customer Reviews:

The World is Flat.......2007-10-23

Had to return the book. I wanted the 3.0 version but only the 2.0 was available. Too bad!!!

An important look into the development of the world, for the common person.......2007-10-23

I am a common person. I am not a computer-geek, or a technology junkie, or even an avid reader of Times or other such publications of the world as we know it. I am too busy, and so this was a lovely book to help bring to my awareness the situation of our world's commerce, trade and technological developments as they are today.

Covering a wide range of subjects, from political to environmental, to health-care and education, our author provides a good, clear look into the world of outsourcing, "in-sourcing", technological advances, and the political arena in which everything comes together. He provides a mostly objective report on such subjects, so widly influencing the world.

For anyone interested in the future of our nation and of the world, business, trade, politics, or life in general, this is a great resource. Of course, it certainly is a lot of heavy reading, and the author tends to get wordy from time to time. But overall, this book is well researched and well written.

My main complaint is that he steps into the political side of things a bit more than I believe this book warrants. He gives his opinion on what certain individuals should do to solve the problems, and uses the book as a platform for his area of interest. I support his research and expertise on the subjects at hand, but do not feel that the "call to action" was either appropriately executed or even thorough enough given the subjects covered, for it to be a valid part of the book. Other than that, great job!

...and so is this book.......2007-10-10

Though it has become an immensely popular book, Friedman's work is fairly shallow and simplistic. It is important to remember that this is a world analysis written by a journalist, not by a political economist or any type of economist or political scientist. His views are oversimplified and his support relies heavily on anecdote, making his 600-pager about 400 pages too long. We read it for a poli sci class and proceeded to tear it apart intellectually.

Ranks up there with Common Sense, Uncle Toms Cabin, The Femine Mystique.......2007-10-10

One of the greatest books ever written. Everyone in America should read this book. Every teacher in America should read and teach Frieman's lessons. Every parent should read and help prepare their children for the world that is coming. Every student should read and begin to prepare for the world they are going to face. This is the most important book of our times, bar none.

Embracing Business Globalization's Irreversibility.......2007-10-10

This is easily the most relevant book written on the new realities of business globalization, its irreversibility, and the practical consequences to our future. Friedman does an excellent job describing the numerous factors that led up to our current global economy including the ongoing fall of communism, the advent of the personal computer, and the ubiquity of the Internet. His historical review and assessment is fascinating and it sets up the reader to understand the context for his theories and practical applications. Friedman delves into numerous industries, businesses, personalities, case studies, technologies, psychological factors, and sociological factors. Although he covers numerous business, technological, and economic concepts, his writing style is very engaging and entertaining, using many personal examples and narratives, thereby holding the reader's interest. Rather than bemoaning some of the common perceived negative consequences of a global economy (such as US auto workers losing jobs to overseas cheaper labor) Friedman helps the reader to understand business globalization's irreversibility. In so doing, he describes many personal, practical, and business strategies for thriving in this new environment. Friedman is realistic and compassionate concerning the changes and the challenges. He states, "the great challenge for our time will be to absorb these changes in ways that do not overwhelm people but also do not leave them behind. None of this will be easy. But this is our task. It is inevitable and unavoidable" (pp. 46-47). As Friedman unfolds his strategies, he gives the reader a broader, global perspective that is filled with hope and excitement. Whether as a CEO, a business student, or a brand new professional embarking upon a career, this book is insightful, practical, and essential reading.

Average customer rating:

Understanding the Concept
Great - Toyota Way Audio (CDs)
Great classic
Excellent book on the Toyota Way and Lean Manufacturing!
Good Book on Toyota and Lean

The Toyota Way
Jeffrey Liker
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

Strategy & Competition | Management & Leadership | Business & Investing | Subjects | Books

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Similar Items:

The Toyota Way Fieldbook
Lean Thinking : Banish Waste and Create Wealth in Your Corporation, Revised and Updated
Toyota Production System: Beyond Large-Scale Production
Product Development for the Lean Enterprise: Why Toyota's System Is Four Times More Productive and How You Can Implement It
The Goal

ASIN: 0071392319

Book Description

How to speed up business processes, improve quality, and cut costs in any industry

In factories around the world, Toyota consistently makes the highest-quality cars with the fewest defects of any competing manufacturer, while using fewer man-hours, less on-hand inventory, and half the floor space of its competitors. The Toyota Way is the first book for a general audience that explains the management principles and business philosophy behind Toyota's worldwide reputation for quality and reliability.

Complete with profiles of organizations that have successfully adopted Toyota's principles, this book shows managers in every industry how to improve business processes by:

Eliminating wasted time and resources
Building quality into workplace systems
Finding low-cost but reliable alternatives to expensive new technology
Producing in small quantities
Turning every employee into a qualitycontrol inspector

Customer Reviews:

Understanding the Concept.......2007-10-21

My employer has been implementing the Lean Concepts. I was a bit lost with alot of the terminology. Now that I have read most of the book, it has help me understand the terminology and I link it to the concept. I can't wait to finish reading it.

Great - Toyota Way Audio (CDs).......2007-10-18

We have purchased 22 Audio versions of the Toyota Way because our Employees love listening to these CDs.

Great classic.......2007-10-10

I am on my third reading of this book. It is a classic and greatly enjoyable as well as educational and informative. I think every manufacturing professional should read it. I also recommend the book Lean Six Sigma That Works: A Powerful Action Plan for Dramatically Improving Quality, Increasing Speed, And Reducing Waste

Excellent book on the Toyota Way and Lean Manufacturing!.......2007-09-07

Jeffrey Liker clearly knows what he writes about. The book is the result of more than a decade of study, on site visits and interviews with several Toyota key people. It describes 14 toyota principles, which go through the Toyota Philosophy, the Toyota Production System, the relationship with employeees, customers, suppliers and partners, and a focus on continuous improvement. No wonder Toyota is one of world top most admired companies!
Very interesting is also the Japanese management principles and mindset - slow but determined, patient, self-reflection, learning by actuall observation and doing, consensus seeking, and managing for the long term.
By coincidence, yesterday (6/Sep/2007) the news came up that Jim Press (American Toyota President)was hired by Chrysler - I can imagine why.

Good Book on Toyota and Lean.......2007-06-30

A good book on the Toyota Production System (TPS) and Lean manufacturing. Liker does a good job of explaining both. I especially liked his cautions about mis-using Lean principles and pitfalls to failure.

Like most business books, the important stuff could have been expressed in many fewer pages. Liker almost gushes about Toyota to the extent that it somethimes reads as a vanity or promotional publication by Toyota - this makes me wonder if it really presents a balanced perspective.

Overall, I recommend it to anyone interested in Toyota or Lean.

Blackwater: The Rise of the World's Most Powerful Mercenary Army

Average customer rating:

excellent fast service and a must for everyone to read
American Corporatism Privatizes even the Military
Brilliant. You can't say you weren't warned.
A must read about hired killers above the law
Biased? Perhaps. Thoughtful? Definitely.

Blackwater: The Rise of the World's Most Powerful Mercenary Army
Jeremy Scahill
Manufacturer: Nation Books
ProductGroup: Book
Binding: Hardcover

Company Profiles | Biography & History | Business & Investing | Subjects | Books

Iraq | Middle East | History | Subjects | Books

General | Military | History | Subjects | Books

Licensed to Kill: Hired Guns in the War on Terror
American Fascists: The Christian Right and the War On America
The Shock Doctrine: The Rise of Disaster Capitalism
Killer Elite: The Inside Story of America's Most Secret Special Operations Team
Nemesis: The Last Days of the American Republic (American Empire Project)

ASIN: 1560259795

Book Description

Meet BLACKWATER USA, the world's most secretive and powerful mercenary firm. Based in the wilderness of North Carolina, it is the fastest-growing private army on the planet with forces capable of carrying out regime change throughout the world. Blackwater protects the top US officials in Iraq and yet we know almost nothing about the firm's quasi-military operations in Iraq, Afghanistan and inside the US. Blackwater was founded by an extreme right-wing fundamentalist Christian mega-millionaire ex- Navy Seal named Erik Prince, the scion of a wealthy conservative family that bankrolls far-right-wing causes.
Blackwater is the dark story of the rise of a powerful mercenary army, ranging from the blood-soaked streets of Fallujah to rooftop firefights in Najaf to the hurricane-ravaged US gulf to Washington DC, where Blackwater executives are hailed as new heroes in the war on terror. This is an extraordinary exposé by one of America's most exciting young radical journalists.

Customer Reviews:

excellent fast service and a must for everyone to read.......2007-10-24

Every american should read this book. Insightful and truthful about the corruption and secrecy that this administration has bought with our tax payers money.

American Corporatism Privatizes even the Military.......2007-10-24

In his new book, Jeremy Scahill traces the explosive growth of Blackwater, USA, a private and secretive mercenary company based in the backwaters of North Carolina. Scahill writes that "in less than a decade [Blackwater] has risen out of the swamp in North Carolina to become something of a Praetorian Guard for the Bush administration's so-called war on terror.

By following the mercs' (mercenaries) missions, Scahill takes us on a tour of some of the most outrageous policy blunders in the occupation of Iraq. Based on every aspect of this so-called Operation Iraqi Freedom, from policy, planning, strategy, and daily tactics, this was has everything to do about colonization for economic gains, and very little about liberating the citizens.

Brilliant. You can't say you weren't warned........2007-10-22

An extremely well-researched and unflinching look at what may be the biggest threat to our constitutional government and democracy world-wide. Nothing less than the destruction of the rule of law, without which there is no hope for a government of the people, by the people, for the people.

Helpful to look at the history/other ratings by those who give a 1 star review to this book. Self-explanatory.

A must read about hired killers above the law.......2007-10-22

Rarely, do I come across a book that I feel is well written, compelling and a must read--Blackwater is one of those rare books. For those who are interested in reading about Blackwater, don't be discouraged by the one star ratings it received on this site. In my opinion, the investigative reporting is superb and the findings about Blackwater are disturbing and chilling.

Although, I have heard about the corruption surrounding contractors in Iraq (such as, Halliburton and Blackwater), I was not aware that the Blackwater hired guns were operating "above the law" in Iraq at American tax payers expense and committing crimes against the Iraqi people in the name of the American people.

More disturbing to me is the possibility that these hired guns could be hired to do in the US what they are doing in Iraq--and with no consequences for their actions. It is unfathomable to think that the current administration could condone a company like Blackwater, interestingly, the company donates large sums of money to the Republican party.

I highly recommend this fascinating informative insight into Blackwater. It is a very fast read and a story that will raise the consciousness of anyone who reads it about what is happening in the name of the American people in Iraq and what could happen here at the hands of these hired guns.

Biased? Perhaps. Thoughtful? Definitely........2007-10-21

It's difficult to browse the review section for this particular book and not take note at the disturbing trend that appears in those who have given the book one star. While it may truly be possible to argue that Blackwater is providing a service to the United States, it's also important to remember just how much money Blackwater is making while providing this service.

There's no doubt after getting to the halfway point of this novel that Scahill is biased, however after learning more about Scahill's reporting in Iraq and during Katrina, it becomes very easy to see that Scahill went to great lengths to investigate this mercenary organization and uncover its hidden truths. To suggest that Scahill is biased simply because he has drawn conclusions is as ridiculous as suggesting--as some one-star reviewers do--that Blackwater only shoots "Islamofascists."

The book examines the life and upbringing of the Prince family, from its inception all the way to Eric Prince's creation of Blackwater, as well as its role as a mercenary army--20,000 strong, according to Scahill--in Iraq and across the world. What does this mean? Scahill provides the case that Blackwater and other mercenary organizations are bending the rules of war and creating a very new experience, one which allows us as citizens to more easily continue with our lives during war without having to make the same sacrifices that we would make if we as a country would have to confront the full force of the Iraq occupation without corporate influence.

What does this mean for the future? For that answer, you'll have to continue on the path Scahill draws and draw your own conclusions. The book is well-written, and while Scahill does provide a window into his own opinions on the issue, it's important to remember that this is a man who has spent the last five years as close to the action as possible.

Good to Great: Why Some Companies Make the Leap... and Others Don't

Average customer rating:

Jim Collins is a Level 5 Thought Leader
Great
Thorough analysis with actionable recommendations
From Good to Great to Best
Greatness Revealed

Good to Great: Why Some Companies Make the Leap... and Others Don't
Jim Collins
Manufacturer: Collins
ProductGroup: Book
Binding: Hardcover

Strategy & Competition | Management & Leadership | Business & Investing | Subjects | Books

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Good to Great and the Social Sectors: A Monograph to Accompany Good to Great
Built to Last: Successful Habits of Visionary Companies
The 7 Habits of Highly Effective People
The World Is Flat [Updated and Expanded]: A Brief History of the Twenty-first Century
Execution: The Discipline of Getting Things Done

ASIN: 0066620996
Release Date: 2001-10-16

Amazon.com's Best of 2001

Five years ago, Jim Collins asked the question, "Can a good company become a great company and if so, how?" In Good to Great Collins, the author of Built to Last, concludes that it is possible, but finds there are no silver bullets. Collins and his team of researchers began their quest by sorting through a list of 1,435 companies, looking for those that made substantial improvements in their performance over time. They finally settled on 11--including Fannie Mae, Gillette, Walgreens, and Wells Fargo--and discovered common traits that challenged many of the conventional notions of corporate success. Making the transition from good to great doesn't require a high-profile CEO, the latest technology, innovative change management, or even a fine-tuned business strategy. At the heart of those rare and truly great companies was a corporate culture that rigorously found and promoted disciplined people to think and act in a disciplined manner. Peppered with dozens of stories and examples from the great and not so great, the book offers a well-reasoned road map to excellence that any organization would do well to consider. Like Built to Last, Good to Great is one of those books that managers and CEOs will be reading and rereading for years to come. --Harry C. Edwards

Book Description

The Challenge
Built to Last, the defining management study of the nineties, showed how great companies triumph over time and how long-term sustained performance can be engineered into the DNA of an enterprise from the verybeginning.

But what about the company that is not born with great DNA? How can good companies, mediocre companies, even bad companies achieve enduring greatness?

The Study
For years, this question preyed on the mind of Jim Collins. Are there companies that defy gravity and convert long-term mediocrity or worse into long-term superiority? And if so, what are the universal distinguishing characteristics that cause a company to go from good to great?

The Standards
Using tough benchmarks, Collins and his research team identified a set of elite companies that made the leap to great results and sustained those results for at least fifteen years. How great? After the leap, the good-to-great companies generated cumulative stock returns that beat the general stock market by an average of seven times in fifteen years, better than twice the results delivered by a composite index of the world's greatest companies, including Coca-Cola, Intel, General Electric, and Merck.

The Comparisons
The research team contrasted the good-to-great companies with a carefully selected set of comparison companies that failed to make the leap from good to great. What was different? Why did one set of companies become truly great performers while the other set remained only good?

Over five years, the team analyzed the histories of all twenty-eight companies in the study. After sifting through mountains of data and thousands of pages of interviews, Collins and his crew discovered the key determinants of greatness -- why some companies make the leap and others don't.

The Findings
The findings of the Good to Great study will surprise many readers and shed light on virtually every area of management strategy and practice. The findings include:

Level 5 Leaders: The research team was shocked to discover the type of leadership required to achieve greatness.
The Hedgehog Concept (Simplicity within the Three Circles): To go from good to great requires transcending the curse of competence.
A Culture of Discipline: When you combine a culture of discipline with an ethic of entrepreneurship, you get the magical alchemy of great results. Technology Accelerators: Good-to-great companies think differently about the role of technology.
The Flywheel and the Doom Loop: Those who launch radical change programs and wrenching restructurings will almost certainly fail to make the leap.

“Some of the key concepts discerned in the study,” comments Jim Collins, "fly in the face of our modern business culture and will, quite frankly, upset some people.”

Perhaps, but who can afford to ignore these findings?

Customer Reviews:

Jim Collins is a Level 5 Thought Leader.......2007-10-23

I can confirm many of the ideas in this book from my own research on Superperformance. There is a consistent pattern that underlies high performing companies of every stripe. It is interesting to note that many of the companies lauded in GOOD TO GREAT and BUILT TO LAST are no longer shining so bright. Succession planning should focus on sustaining the 'way of being' not the CEO.

also read Superperformance

Great.......2007-10-20

Two things I love about this book.
1. It is bang on in terms of the things that matter to a tech startup
2. It is short - half the book is methodology

Thorough analysis with actionable recommendations.......2007-10-20

This book was recommended to me by someone I respect so I didn't do much research before ordering. At first the easy reading style gave me the impression that it had little substance. However, after getting into the book I realized that there was a great deal of substantive research backing up the recommendations. Some of the reviews have indicated a concern that the rules may have changed since the research was conducted. I too had reservations that his research might be a bit dated. However after further reflection and observation of current organizations I would have to firmly disagree. Mr. Collins and his research team have uncovered timeless recommendations that I plan to put into action in my organization. Moreover, my company was listed as one of the "Comparison Companies" not considered "Great" during the time periods analyzed. Fortunately, a lot has changed since the analysis period in the book. We merged with a better company which resulted in a much stronger leadership team and more effective corporate culture.

From Good to Great to Best.......2007-10-19

This well researched book provides the principles to enable good companies to become great. The "first who, then what" concept contradicts the old "What first (Vision, mission, guiding principles, tactics, etc)". Having read Optimal Thinking: How to Be Your Best Self, I am convinced that there is an additional step required to experience organizational optimization - execution based on Optimal Thinking by individuals, teams, departments and the entire organization. When we choose, attract and retain the best, we stop settling for second best (which could be great). I recommend both books.

Greatness Revealed.......2007-10-19

As I was reading this book, I thought numerous times of how wonderful it would be if I was working at a company that was trying to transform itself from good to great. The reality, however, is that most people don't work at great companies. Instead, most of us work at mediocre companies fighting to stay alive in today's competitive business world, unsure as to the one thing the business could do better than anyone else.

This book is thoroughly researched and thought provoking. The ideas are timeless and, if followed, I am convinced that the results would speak for themselves. The eleven or so companies used as model companies in the book that changed from good to great are still thriving today, six years after the book was published, and the employees engaged in the work love it, I am sure. And who wouldn't? Working with a company determined to be successful would be exciting, if not challenging. I only wish I could bring up some of the practices described in detail in this book to those leaders of my current company. Until changes are made, its greatness will forever be on hold.

The Last Tycoons: The Secret History of Lazard Frères & Co.

Average customer rating:

What a History
Oh, the memories
A great book for "warped" people (like myself)!
Long but worth it
Destined to be a Classic

The Last Tycoons: The Secret History of Lazard Frères & Co.
William D. Cohan
Manufacturer: Doubleday
ProductGroup: Book
Binding: Hardcover

Business | Professionals & Academics | Biographies & Memoirs | Subjects | Books

Company Profiles | Biography & History | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

Banks & Banking | Industries & Professions | Business & Investing | Subjects | Books

The Accidental Investment Banker: Inside the Decade That Transformed Wall Street
The Black Swan: The Impact of the Highly Improbable
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets
Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley

ASIN: 0385514514
Release Date: 2007-04-03

Book Description

A grand and revelatory portrait of Wall Street’s most storied investment bank

Wall Street investment banks move trillions of dollars a year, make billions in fees, pay their executives in the tens of millions of dollars. But even among the most powerful firms, Lazard Frères & Co. stood apart. Discretion, secrecy, and subtle strategy were its weapons of choice. For more than a century, the mystique and reputation of the "Great Men" who worked there allowed the firm to garner unimaginable profits, social cachet, and outsized influence in the halls of power. But in the mid-1980s, their titanic egos started getting in the way, and the Great Men of Lazard jeopardized all they had built.

William D. Cohan, himself a former high-level Wall Street banker, takes the reader into the mysterious and secretive world of Lazard and presents a compelling portrait of Wall Street through the tumultuous history of this exalted and fascinating company. Cohan deconstructs the explosive feuds between Felix Rohatyn and Steve Rattner, superstar investment bankers and pillars of New York society, and between the man who controlled Lazard, the inscrutable French billionaire Michel David-Weill, and his chosen successor, Bruce Wasserstein.

Cohan follows Felix, the consummate adviser, as he reshapes corporate America in the 1970s and 1980s, saves New York City from bankruptcy, and positions himself in New York society and in Washington. Felix’s dreams are dashed after the arrival of Steve, a formidable and ambitious former newspaper reporter. By the mid-1990s, as Lazard neared its 150th anniversary, Steve and Felix were feuding openly.

The internal strife caused by their arguments could not be solved by the imperious Michel, whose manipulative tendencies served only to exacerbate the trouble within the firm. Increasingly desperate, Michel took the unprecedented step of relinquishing operational control of Lazard to one of the few Great Men still around, Bruce Wasserstein, then fresh from selling his own M&A boutique, for $1.4 billion. Bruce’s take: more than $600 million. But it turned out Great Man Bruce had snookered Great Man Michel when the Frenchman was at his most vulnerable.

The LastTycoons is a tale of vaulting ambitions, whispered advice, worldly mistresses, fabulous art collections, and enormous wealth—a story of high drama in the world of high finance.

Customer Reviews:

What a History.......2007-10-20

Just finished this last week and looked forward to picking up every day I was free. The opportunities created for so many and the egos that go along with that all vying to run the show. At the end of the day all the power was with one shareholder and it took desparation on his part to give that up.

Oh, the memories.......2007-07-27

This book brought back so many memories of the time (late eighties/early nineties) and place. Looking back while reading this book, I realize how much I learned about people and industry while working in investment
banking (albeit a bit remotely) in NYC in those years. The level of detail
that Bill Cohan brings to the topic of Lazard is noteworthy. It's a fun
read for insiders and non-insiders alike. I hope things are better for
women now - my daughter wants to be an investment banker when she grows up!

A great book for "warped" people (like myself)!.......2007-06-11

660+ pages about the 150+ year history of Lazard Feres might put most people to sleep. Not me! As someone who actually likes this stuff, I found this book fascinating. The history of big money and finance is actually one of big personalties, and this book gives an inside look at several of the major players. Although tedious at times to read, I made it through the entire book in a couple of days. The most fascinating part of the entire story is simply that money at the levels discussed in this book doesn't seem real--most people could never fathom how corporate finance is conducted. I recommend this book to anyone interested in the subject of investment banking, especially those considering a career in that arena.

Long but worth it.......2007-05-30

extremely long, but it gives you a great description of how an organization rises and falls with the times and the great men who are at the wheel.

Destined to be a Classic.......2007-05-24

Cohan has brought to life a vivid and spellbinding tale of the legendary giants in the investment banking field (Meyer, Rohatyn, David-Weill, Rattner, and Wasserstein) at Lazard, offering a compelling and revealing portrait of the relentless personalities that invented, dominated and defined the last few decades of M&A banking. At the same time, The Last Tycoons is, at its core, a saga of ambition, egotism, greed, vanity and pride of Shakespearean proportions played out on the grand stage of corporate takeovers and national politics.

What emerges is not a noble picture of what these ostensibly "Great Men" purported themselves to be. Instead, it is apparent that at Lazard, the black arts of power and greed were the currency used to exhort and extort men of high ambition and intellect to achieve stature and enormous fees. The long shadow of Andre Meyer (unquestionably a Sith Lord) looms over the Lazard partnership and his protégés and successors, Felix Rohatyn and Michel David-Weill. Meyer was a brilliant financier with no peer with the exception of Bruce Wasserstein and it's fitting and deserving that the story of Lazard begins and ends with these two men. In between, Michel and Felix weave a complex and fascinating legacy of fear and loathing in the intervening decades.

For bankers and professionals in the field, Cohan's detail and emotional and psychological nuances will be tantalizing and relevant. For those aspiring to enter the field, it's a cautionary tale - it's very hard to play on the big stage on Wall St without darkening your soul. This story is destined to be a Classic amongst Barbarians and Den of Thieves

The Long Tail: Why the Future of Business is Selling Less of More

Average customer rating:

Fabulos... indispensable para entender la nueva realidad de internet
Good article, stretched out to a padded book
One Trick Pony
Good book for the startup entrepreneur in the 21-century
Looking at it from the point of view of the producer and not the consumer or the retailer

The Long Tail: Why the Future of Business is Selling Less of More
Chris Anderson
Manufacturer: Hyperion
ProductGroup: Book
Binding: Hardcover

Economic Conditions | Economics | Business & Investing | Subjects | Books

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ASIN: 1401302378
Release Date: 2006-07-11

Book Description

"The Long Tail" is a powerful new force in our economy: the rise of the niche. As the cost of reaching consumers drops dramatically, our markets are shifting from a one-size-fits-all model of mass appeal to one of unlimited variety for unique tastes. From supermarket shelves to advertising agencies, the ability to offer vast choice is changing everything, and causing us to rethink where our markets lie and how to get to them. Unlimited selection is revealing truths about what consumers want and how they want to get it, from DVDs at Netflix to songs on iTunes to advertising on Google. However, this is not just a virtue of online marketplaces; it is an example of an entirely new economic model for business, one that is just beginning to show its power. After a century of obsessing over the few products at the head of the demand curve, the new economics of distribution allow us to turn our focus to the many more products in the tail, which collectively can create a new market as big as the one we already know. The Long Tail is really about the economics of abundance. New efficiencies in distribution, manufacturing, and marketing are essentially resetting the definition of whats commercially viable across the board. If the 20th century was about hits, the 21st will be equally about niches.

Customer Reviews:

Fabulos... indispensable para entender la nueva realidad de internet.......2007-10-08

Este es un libro estructural. Ayuda a comprender la forma en que trabaja la economia a la luz de los avances de internet.

Pero tambien es un placer leerlo, lenguaje claro, ejemplos relevantes. Un lujo.

Good article, stretched out to a padded book.......2007-09-26

This book started off as an article in Wired Magazine, and it was an excellent one. But Anderson must have decided to cash in, because the book doesn't add anything that wasn't covered in the article itself. It's not a complex concept.

Read the article on the Wired website. Then go spend your money on something from a tiny niche market.

One Trick Pony.......2007-09-09

This is one of those books that has one, keen insight and then takes one hundred + pages to say the same thing over and again. The keen point is indeed interesting. It just does not a complete book make. My $.02 !!

Good book for the startup entrepreneur in the 21-century .......2007-08-20

This is an insightful book into the today's world of retail business. Cool examples of how the Internet has leveled the playing field for many small businesses and artist.

Looking at it from the point of view of the producer and not the consumer or the retailer .......2007-08-16

I am not much of a business mind but I think I get the picture here. Instead of twenty percent of the product bringing in eighty percent of the revenue ninety- eight percent of the product is going to bring in all the revenue. Having so much available, and having ready access to it means sales no longer concentrate on a relatively few items. Freedom of choice abounds, niches multiply, Alvin Toffler is happy, future shock is no longer shocking, customization is here forever, and we all can have anything we want as long as we are able to pay for it.
Good. But I think of this in another way. Does this mean that 'value' also will not be centered as we ordinarily center it in the great works, the masterpeices, the few chosen ones? Does it mean our whole conception of valuing cultural goods will change, and a few big things will be less worshipped while many more appreciated? In other words will deTocqueville be happy here because 'equality' is in the saddle and mankind has many little good things, instead of the aristocracy only having a few?
And what does that mean for creators of culture? As a writer can I now happily post my unpublished writings with the thought that perhaps a few will read them, where before none did. In other words a moneyless long- tail is still a long- tail.
I don't know. But I do sense Anderson has hit on to a new truth here which will have all kinds of implications better business people than me will have to see.

The Art of Innovation: Lessons in Creativity from IDEO, America's Leading Design Firm

Average customer rating:

Kudos to Ideos
Innovation for All
Innovation and creativity "how-to" guide
El arte de innovar estilo IDEO
Skip it and go right to 10 Faces

The Art of Innovation: Lessons in Creativity from IDEO, America's Leading Design Firm
Tom Kelley , Tom Peters , and Tom Peters
Manufacturer: Currency
ProductGroup: Book
Binding: Hardcover

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Designing Interactions

ASIN: 0385499841
Release Date: 2001-01-16

Amazon.com

IDEO, the world's leading design firm, is the brain trust that's behind some of the more brilliant innovations of the past 20 years--from the Apple mouse, the Polaroid i-Zone instant camera, and the Palm V to the "fat" toothbrush for kids and a self-sealing water bottle for dirt bikers. Not surprisingly, companies all over the world have long wondered what they could learn from IDEO, to come up with better ideas for their own products, services, and operations. In this terrific book from IDEO general manager Tom Kelley (brother of founder David Kelley), IDEO finally delivers--but thankfully not in the step-by-step, flow-chart-filled "process speak" of most how-you-can-do-what-we-do business books. Sure, there are some good bulleted lists to be found here--such as the secrets of successful brainstorming, the qualities of "hot teams," and, toward the end, 10 key ingredients for "How to Create Great Products and Services," including "One Click Is Better Than Two" (the simpler, the better) and "Goof Proof" (no bugs).

But The Art of Innovation really teaches indirectly (not to mention enlightens and entertains) by telling great stories--mainly, of how the best ideas for creating or improving products or processes come not from laboriously organized focus groups, but from keen observations of how regular people work and play on a daily basis. On nearly every page, we learn the backstories of some now-well-established consumer goods, from recent inventions like the Palm Pilot and the in-car beverage holder to things we nearly take for granted--like Ivory soap (created when a P&G worker went to lunch without turning off his soap mixer, and returned to discover his batch overwhipped into 99.44 percent buoyancy) and Kleenex, which transcended its original purpose as a cosmetics remover when people started using the soft paper to wipe and blow their noses. Best of all, Kelley opens wide the doors to IDEO's vibrant, sometimes wacky office environment, and takes us on a vivid tour of how staffers tackle a design challenge: they start not with their ideas of what a new product should offer, but with the existing gaps of need, convenience, and pleasure with which people live on a daily basis, and that IDEO should fill. (Hence, a one-piece children's fishing rod that spares fathers the embarrassment of not knowing how to teach their kids to fish, or Crest toothpaste tubes that don't "gunk up" at the mouth.)

Granted, some of their ideas--like the crucial process of "prototyping," or incorporating dummy drafts of the actual product into the planning, to work out bugs as you go--lend themselves more easily to the making of actual things than to the more common organizational challenge of streamlining services or operations. But, if this big book of bright ideas doesn't get you thinking of how to build a better mousetrap for everything from your whole business process to your personal filing system, you probably deserve to be stuck with the mousetrap you already have. --Timothy Murphy

Book Description

IDEO, the widely admired, award-winning design and development firm that brought the world the Apple mouse, Polaroid's I-Zone instant camera, the Palm V, and hundreds of other cutting-edge products and services, reveals its secrets for fostering a culture and process of continuous innovation.

There isn't a business in America that doesn't want to be more creative in its thinking, products, and processes. At many companies, being first with a concept and first to market are critical just to survive. In The Art of Innovation, Tom Kelley, general manager of the Silicon Valley based design firm IDEO, takes readers behind the scenes of this wildly imaginative and energized company to reveal the strategies and secrets it uses to turn out hit after hit.

IDEO doesn't buy into the myth of the lone genius working away in isolation, waiting for great ideas to strike. Kelley believes everyone can be creative, and the goal at his firm is to tap into that wellspring of creativity in order to make innovation a way of life. How does it do that? IDEO fosters an atmosphere conducive to freely expressing ideas, breaking the rules, and freeing people to design their own work environments. IDEO's focus on teamwork generates countless breakthroughs, fueled by the constant give-and-take among people ready to share ideas and reap the benefits of the group process. IDEO has created an intense, quick-turnaround, brainstorm-and-build process dubbed "the Deep Dive."

In entertaining anecdotes, Kelley illustrates some of his firm's own successes (and joyful failures), as well as pioneering efforts at other leading companies. The book reveals how teams research and immerse themselves in every possible aspect of a new product or service, examining it from the perspective of clients, consumers, and other critical audiences.

Kelley takes the reader through the IDEO problem-solving method:

>Carefully observing the behavior or "anthropology" of the people who will be using a product or service

>Brainstorming with high-energy sessions focused on tangible results

>Quickly prototyping ideas and designs at every step of the way

>Cross-pollinating to find solutions from other fields

>Taking risks, and failing your way to success

>Building a "Greenhouse" for innovation

IDEO has won more awards in the last ten years than any other firm of its kind, and a full half-hour Nightline presentation of its creative process received one of the show's highest ratings. The Art of Innovation will provide business leaders with the insights and tools they need to make their companies the leading-edge, top-rated stars of their industries.

Customer Reviews:

Kudos to Ideos.......2007-08-28

Excellent book with good insights. If you are in the business of innovation, this is one book that you shouldn't miss. I also recommend EIGHTSTORM: 8-Step Brainstorming for Innovative Managers.

Innovation for All.......2007-06-29

Through anecdotes, Kelley demonstrates how stumbling blocks to innovation can be overcome. He shows an appreciation for experimentation, momentum, and embraces failure as a true path to knowing. Failed prototypes are wonderful learning tools. Kelley's perspective keeps spirits high. He leaves much of the innovative process open ended - nearly encouraging innovation on innovating.

Interestingly, Kelley notes how medicine is becoming personalized and that the future can not be perfectly predicted. Still, he says we must aim at it. This was an important nugget of wisdom for me, a research coordinator at a think-tank-like public health research group, the Healthcare Innovation and Technology lab at Columbia University. On a daily basis we deal with innovation to improve healthcare and need to effectively innovate. Given that we tread a very specific territory - health and technology - and that Kelley's book could be so useful to us, it is obvious that he really has something to offer to everyone.

Innovation and creativity "how-to" guide.......2007-06-07

The Art of Innovation explains many of IDEO's creative techniques and in so doing paints a picture of the physical context in which all that creativity occurs, namely IDEO's office, your average geek's idea of paradise brimming with high-tech prototypes, foam cubes, "tech box" caddies with giant Post-Its and coloring pens ... and yes, it does look more like a playschool than Dilbertesque gray cubicle-land. Teamwork, friendship and a shared passion for helping clients innovate is clearly what binds people together and stimulates their creativity, while a supportive and forgiving management structure doesn't just tolerate weirdness, it actively encourages it. IDEO seems to have taken Tom Peters' advice "If you want to do weird, hire weird people" to the next level. In IDEO-land, "normal" people would probably stand out a mile.

Two creative techniques - brainstorming and prototyping - are particularly well described, in a way that encourages the reader to try something different. I've learnt some new tricks and even started applying them since reading the book.

El arte de innovar estilo IDEO.......2007-06-01

IDEO ha hecho de la innovación un arte, el cual es un proceso sistematizado, con pasos muy definidos, congruentes y faciles de llevar por las personas que conforman dentro sus empresas los equipos de innovacion y diseño.

Skip it and go right to 10 Faces.......2007-03-19

I recently read both this book and the Ten Faces of Innovation. My recomendation is to skip this book. It is written more like an advertisement for IDEO and was left feeling like Tom has crossed the line into arrogance. If you read it as a stand alone book there is a lot of useful information. However most of the concepts are covered in Ten Faces. If you have time read both books but if time is of the essence then jump right into the Ten Faces, you won't be disappointed.

Average customer rating:

Smart, Interesting and Easy to Read
Don't expect a textbook
Crowds Oh Wisdom
Food for thought
Surowiecki is a gifted teacher

The Wisdom of Crowds
James Surowiecki
Manufacturer: Anchor
ProductGroup: Book
Binding: Paperback

Economic History | Economics | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

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ASIN: 0385721706
Release Date: 2005-08-16

Book Description

In this fascinating book, New Yorker business columnist James Surowiecki explores a deceptively simple idea: Large groups of people are smarter than an elite few, no matter how brilliant–better at solving problems, fostering innovation, coming to wise decisions, even predicting the future.

With boundless erudition and in delightfully clear prose, Surowiecki ranges across fields as diverse as popular culture, psychology, ant biology, behavioral economics, artificial intelligence, military history, and politics to show how this simple idea offers important lessons for how we live our lives, select our leaders, run our companies, and think about our world.

Download Description

The Wisdom of Crowds

I

If, years hence, people remember anything about the TV game show Who Wants to Be a Millionaire?, they will probably remember the contestants' panicked phone calls to friends and relatives. Or they may have a faint memory of that short-lived moment when Regis Philbin became a fashion icon for his willingness to wear a dark blue tie with a dark blue shirt. What people probably won't remember is that every week Who Wants to Be a Millionaire? pitted group intelligence against individual intelligence, and that every week, group intelligence won.

Who Wants to Be a Millionaire? was a simple show in terms of structure: a contestant was asked multiple-choice questions, which got successively more difficult, and if she answered fifteen questions in a row correctly, she walked away with $1 million. The show's gimmick was that if a contestant got stumped by a question, she could pursue three avenues of assistance. First, she could have two of the four multiple-choice answers removed (so she'd have at least a fifty-fifty shot at the right response). Second, she could place a call to a friend or relative, a person whom, before the show, she had singled out as one of the smartest people she knew, and ask him or her for the answer. And third, she could poll the studio audience, which would immediately cast its votes by computer. Everything we think we know about intelligence suggests that the smart individual would offer the most help. And, in fact, the "experts" did okay, offering the right answer--under pressure--almost 65 percent of the time. But they paled in comparison to the audiences. Those random crowds of people with nothing better to do on a weekday afternoon than sit in a TV studio picked the right answer 91 percent of the time.

Now, the results of Who Wants to Be a Millionaire? would never stand up to scientific scrutiny. We don't know how smart the experts were, so we don't know how impressive outperforming them was. And since the experts and the audiences didn't always answer the same questions, it's possible, though not likely, that the audiences were asked easier questions. Even so, it's hard to resist the thought that the success of the Millionaire audience was a modern example of the same phenomenon that Francis Galton caught a glimpse of a century ago.

As it happens, the possibilities of group intelligence, at least when it came to judging questions of fact, were demonstrated by a host of experiments conducted by American sociologists and psychologists between 1920 and the mid-1950s, the heyday of research into group dynamics. Although in general, as we'll see, the bigger the crowd the better, the groups in most of these early

experiments--which for some reason remained relatively unknown outside of academia--were relatively small. Yet they nonetheless performed very well. The Columbia sociologist Hazel Knight kicked things off with a series of studies in the early 1920s, the first of which had the virtue of simplicity. In that study Knight asked the students in her class to estimate the room's temperature, and then took a simple average of the estimates. The group guessed 72.4 degrees, while the actual temperature was 72 degrees. This was not, to be sure, the most auspicious beginning, since classroom temperatures are so stable that it's hard to imagine a class's estimate being too far off base. But in the years that followed, far more convincing evidence emerged, as students and soldiers across America were subjected to a barrage of puzzles, intelligence tests, and word games. The sociologist Kate H. Gordon asked two hundred students to rank items by weight, and found that the group's "estimate" was 94 percent accurate, which was better than all but five of the individual guesses. In another experiment students were asked to look at ten piles of buckshot--each a slightly different size than the

Customer Reviews:

Smart, Interesting and Easy to Read.......2007-09-21

This book was a surprise hit for me. I didn't expect to like it, but ended up loving it so much I just had to have a copy on my shelf. Surowieki is very convincing, in part because he takes such care to bring up alternative arguments and respond to each. He also keeps his focus fairly narrow, so the arguments aren't all over the place. I was especially fascinated by his discussion of experts. We rely on them so heavily these days, but now I know to question their expertise. This book has changed the way that I make decisions and the way I evaluate good decision-making in my elected representatives. I recommend this book to anyone interested in making good decisions. It is a smoothly-written book and you won't have any trouble following the arguments or staying 'into' it.

Don't expect a textbook.......2007-09-19

I really like the Wisdom of Crowds because Surowiecki succeeds in explaining complicated and sophisticated ideas in ways that educated people can not only grasp but also incorporate into their own thinking. This is quite an achievement, one that critics of the book have overlooked. This topic has not been open until now to such a wide audience.

Surowiecki never shies from even difficult and abstract statistical concepts. He draws liberally upon academic journals and scholarly books, writing in a style that is at once journalistic and educated.

Yet, Surowiecki never talks down to his reader. Instead he invites the reader to accompany him through an arcane (and dimly lit) maze of statistical practice as it has been developed and utilized for decades by social scientists and economists. The reader is rewarded again and again because Surowiecki points to a partially hidden jewel, holds it up for examination, hands it to the reader and then leaves it in plain sight (often for reference later in the book).

Thus, this book is a remarkable example, a model, for readers (and writers) who wish to bridge the gaps between educated professionals.

My criticism is along different lines. In this extremely visual era, the editors could have widened the audience for the Wisdom of Crowds much further if suitable images could have been commissioned to throw additional light on Surowiecki's prose. But, paper and ink are so much more expensive than artists these days, one can understand the limitations and constraints Doubleday (Random House) were under. On the other hand, why not put up a web site?

Crowds Oh Wisdom.......2007-09-19

Good book and I thought the pace moved along extremely well. There are some significant things in the book that are a bit dated, but overall this is a very interesting book. I also recommend "Beyond Buzz: The Next Generation of Word-of-Mouth Marketing" by Lois Kelly published 2007 to couple with this book. Beyond Buzz: The Next Generation of Word-of-Mouth Marketing

Food for thought.......2007-08-21

I found this book full of sweeping claims, generalizations and is confusing in its presentation. However it made me think. Overall the writer is saying that people independently working on a problem can in a fair vote be more accurate then the smartest individual. He then quotes examples for such behaviour and examples of when the crowds got it wrong when they acted not independently but in mass. I suspect that much of his arguments are sound.

How much I am not sure for example if I asked the average person independently if they believe there was much truth in astrology, I am sure that over 50% would say yes.

However since the book is making much comments, I hope to see some better studies coming forward.

Having said all this it has changed my views on decision making and how to do it.

Surowiecki is a gifted teacher.......2007-08-08

At first I was afraid that "The wisdom of crowds" was going to be a 250 page restatement of the law of large numbers for dummies. In the beginning it looks that way, because Surowiecki takes a lot of time to explain that the more people trying to guess the solution to a problem, each adding their own bit of information, the more accurate the average guess. Not very revolutionary at all (although possibly counterintuitive at first). But as the book moved on I got more and drawn in and impressed by the presentation, which is rigorous and supremely readable at the same time.
The book describes how crowds can solve problems of cognition, coordination and cooperation. It gives the conditions under which crowds are good and not good at doing so. The author illustrates with a myriad of interesting problems and case studies, some rather obvious choices (why do investment bubbles emerge?, why do political stock markets predict so well?), others more arcane (why did the gangsters in reservoir dogs fail?, why is it often easy to cut a line?). What binds these studies together is the way groups handle information and the good and bad institution designed to make them do so.
Throughout all the diversity, it is the great scholarship of Surowiecki that makes everything naturally fall into place. Being familiar with a lot of the material in academic form, I know how conceptually daring some of it is, but Surowiecki effortlessly reduces it to bite-size portions, without compromising much or exaggerating anywhere. Great reading!

Banker to the Poor: Micro-Lending and the Battle Against World Poverty

Average customer rating:

Turning Inspiration into Action
Enlightening work
Poverty should be extinct!
Great for those interested in poverty relief/development
Lateral Banking

Banker to the Poor: Micro-Lending and the Battle Against World Poverty
Muhammad Yunus
Manufacturer: PublicAffairs
ProductGroup: Book
Binding: Paperback

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ASIN: 1586481983
Release Date: 2003-10-14

Amazon.com

It began with a simple $27 loan. After witnessing the cycle of poverty that kept many poor women enslaved to high-interest loan sharks in Bangladesh, Dr. Muhammad Yunus lent money to 42 women so they could purchase bamboo to make and sell stools. In a short time, the women were able to repay the loans while continuing to support themselves and their families. With that initial eye-opening success, the seeds of the Grameen Bank, and the concept of microcredit, were planted.

After earning a Ph.D. in economics at Vanderbilt University, Dr. Yunus returned to Bangladesh to settle into a life as a professor. But a famine in 1974 ravaged the country, leading Dr. Yunus to alter his thinking and his life profoundly: "What good were all my complex theories when people were dying of starvation on the sidewalks and porches across from my lecture hall?.... Nothing in the economic theories I taught reflected the life around me." Armed with little more than a lofty dream to end the suffering around him, he started an experimental microcredit enterprise in 1977; by 1983 the Grameen Bank was officially formed.

The idea behind the Grameen Bank is ingeniously simple: extend credit to poor people and they will help themselves. This concept strikes at the root of poverty by specifically targeting the poorest of the poor, providing small loans (usually less than $300) to those unable to obtain credit from traditional banks. At Grameen, loans are administered to groups of five people, with only two receiving their money up front. As soon as these two make a few regular payments, loans are gradually extended to the rest of the group. In this way, the program builds a sense of community as well as individual self-reliance. Most of the Grameen Bank's loans are to women, and since its inception, there has been an astonishing loan repayment rate of over 98 percent.

Banker to the Poor is an inspiring memoir of the birth of microcredit, written in a conversational tone that makes it both moving and enjoyable to read. The Grameen Bank is now a $2.5 billion banking enterprise in Bangladesh, while the microcredit model has spread to over 50 countries worldwide, from the U.S. to Papua New Guinea, Norway to Nepal. Ever optimistic, Yunus travels the globe spreading the belief that poverty can be eliminated: "...the poor, once economically empowered, are the most determined fighters in the battle to solve the population problem; end illiteracy; and live healthier, better lives. When policy makers finally realize that the poor are their partners, rather than bystanders or enemies, we will progress much faster that we do today." Dr. Yunus's efforts prove that hope is a global currency. --Shawn Carkonen

Book Description

This autobiography of the world-renowned, visionary economist who came up with a simple but revolutionary solution to end world poverty--micro-credit--has become the classic text for a growing movement.

In 1983 Muhammad Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with miniscule loans. He aimed to help the poor by supporting the spark of personal initiative and enterprise by which they could lift themselves out of poverty forever. It was an idea born on a day in 1976 when he loaned $27 from his own pocket to forty-two people living in a tiny village. They were stool makers who only needed enough credit to purchase the raw materials for their trade. Yunus's loan helped them break the cycle of poverty and changed their lives forever. His solution to world poverty, founded on the belief that credit is a fundamental human right, is brilliantly simple: loan poor people money on terms that are suitable to them, teach them a few sound financial principles, and they will help themselves.

Yunus's theories work. Grameen Bank has provided 3.8 billion dollars to 2.4 million families in rural Bangladesh. Today, more than 250 institutions in nearly 100 countries operate micro-credit programs based on the Grameen methodology, placing Grameen at the forefront of a burgeoning world movement toward eradicating poverty through micro-lending.

Customer Reviews:

Turning Inspiration into Action.......2007-10-05

Not wanting to repeat the accolades mentioned in the reviews posted I would like to instead share how reading this book and meeting Yunus was a catalyst to some actions I took both on a personal and professional level. The intent is not self promotion or to showcase my efforts. Instead, I am providing ideas and addressing those of you who may find, as I did, that after finishing the last page you are left with a desire to do something. The dilemma was what could I do ......I am not a bank or live in a developing country. I did give copies of the book to friends, colleagues and family but I wanted to do something more concrete. Well, with micro finance "on my radar" I took some actions both on a personal and professional level that I hope are making a difference and are in some ways increasing the visibility and awareness of micro financing.

First a little background and comments on the book.....I had the great honor of meeting Muhammad Yunus shortly after he received the Nobel Peace prize in 2006 at an event in Paris sponsored by Planet Finance. Yunus is truly an inspirational person, charismatic in a subtle way, who has touched the lives of many. His enthusiasm is contagious. The book Banker to the Poor is a fascinating read.... humorous, touching and informational as it traces the evolution of the micro finance model from concept (starting with Yunus lending the equivalent of $27 to stool makers) to what it is today with over 7.2 million clients. What resonates with me is the idea of lending versus aid dumps from the World Bank, UN, NGO's and charity organizations. I don't want to discount the millions given as direct charity to the needy but the concept of micro finance creates a sense of pride and responsibility not to mention innovation and creativity. Micro finance can also generate incremental improvement versus charity or outright donations which, in many cases dries up, is short term and results in dependence instead of empowerment.

Some actions I took:

* I became aware of KIVA (www.kiva.org) an organization that facilitates micro loans (as little as $25) from individuals like you and I to a specific entrepreneur in a developing world empowering them to lift themselves out of poverty. These individuals are in fact showcased on the site where you can see a picture and read about the entrepreneur you have chosen. KIVA is founded by an impressive team of "Social Entrepreneurs". Using technology, KIVA brings the lenders and borrowers together and provides an online community for lenders who are also showcased on the site. Involving my daughter (10) in the decision process we are lending to an entrepreneur in Samoa, so she can buy timber to improve her greenhouse for her flower business.
* As President of my alumni association (Thunderbird) I organized an event around Micro Financing with the Managing Director of Planet Rating, a microfinance rating agency, as a guest speaker.
* At a university in Paris I run a project based course involving teams of MBA students. Proposing a project related to micro finance the students were enthusiastic and completed a study on micro finance in Europe.
* Professionally, I work with individuals in career transition and entrepreneurs in helping them to identify their unique strengths and values and message their brand appropriately both online and offline. Fundamentally, I find that people have a social conscious and want to do something concrete. To this end I suggest lending to a KIVA entrepreneur as a way to concretely incorporate a social conscious into their brand.
* As part of my involvement in a Global Telesummit entitled a Brand You World www.personalbrandingsummit.com I am involved in raising $100,000 in loans for KIVA entrepreneurs in the developing world. Incidentally, Kiva was featured on Oprah and is mentioned in Clinton's book "Giving".

Having shared how I was inspired by reading this book I would be more then interested in hearing how it inspired you and what actions you took.

Bernadette

Bernadette Martin
www.visibilitybranding.com

Enlightening work.......2007-08-12

Muhammad Yunus believed that every human being had a basic right to credit. He believed in the human spirit and peoples' hard work and honesty when given a chance to sustain themselves above poverty. His accomplishments have proven his theory over and over in several countries to millions of people. Micro-lending will surely be a part of the future success in Africa, Asia, and South America. A modified form of Mr. Yunus' model has worked in the USA, unfortunately, we as Americans aren't schooled nor molded to be basic entrepreneurs. We must change our school systems from teaching how to become good employees to how to become entrepreneurs as well. Mr. Yunus' model includes 5 person groups to help each other and support each other when one gets behind in loan repayments and/or family crisis. This is a very important requirement to micro-lending and must not be excluded when trying to duplicate the success of the Grameen Bank.
Thank goodness we have people in our world like Muhammad Yunus to teach us how to treat other human beings.

Poverty should be extinct!.......2007-08-09

This book is a testament to the good one can do to millions of people!

Poverty belongs in museums! One day, thanks to humanitarians like Muhammad Yunus, poverty will be something of the past and totally extinct, and the next generation will wonder how poverty was ever allowed to exist within our midst. Indeed that will be a glorious day!

Professor Yunus recounts his early life living in India, Bangladesh, and then in the United States. He was born in 1940 in British-ruled India. He was one of fourteen children born to devout Muslim parents. His mother was often ill, but despite this, his father never left her. Yunus later obtained a scholarship to study in the States, earned a Ph.D. in economics at Vanderbilt University, and later became a professor. He once commented to his students, "What good were all my complex theories when people were dying of starvation on the sidewalks and porches across from my lecture hall? Nothing in the economic theories I taught reflected the life around me."

As a young man he was very involved in the independence of Bangladesh when hundreds of thousands died, and many more after Bangladesh declared itself independent. The country was devastated, and stripped of its natural resources. Professor Yunus quickly left the US and headed to Bangladesh in order to help create a government, and thus get international help and support.

He was very concerned about the poor, and decided to help them. He was surprised why banks did not lend them money. Also the majority of the poor couldn't write or read, so they couldn't even fill out the forms required by banks in order to obtain a loan.

Grameen Bank (The name means the "bank of the village") was thus started in 1976 as an experimental project to combat rural poverty by providing credit to the very poor. Professor Yunus loaned $27 from his own pocket to forty-two stool makers living in a tiny village. These women only needed enough credit to purchase the raw materials for their trade. Yunus's small loan helped them break the cycle of poverty for good. Throughout the book you'll read of many such success stories.

Professor Yunus faced a lot of obstacles in creating his bank. He was accused by the Muslim clergy (Mullahs) of wanting to destroy Islamic traditions, and of promoting Christian values in Bangladesh. Some of his staff were even threatened. This was due to the fact that the bank encourages women to take loans and work, something of a taboo and highly unacceptable to Muslim women living in Bangladesh. In fact, many women were beaten by their husbands for the mere mention of money, let alone taking a loan. Women were also not encouraged to receive an education or work. Professor Yunus says, "All her life she has been told that she is no good, that she brings only misery to her family, and that they cannot afford to pay her dowry. Many times she hears her mother or her father tell her she should have been killed at birth, aborted, or starved. But today, for the first time in her life, an institution has trusted her with a great sum of money. She promises that she will never let down the institution or herself. She will struggle to make sure that every penny is paid back (65)."

In 1983 Grameen Bank (GB) was officially established. It is unique in that it has reversed conventional banking practices by removing the need for collateral and created a banking system based on mutual trust. It promotes credit as a human right. Its mission is to help the poor families to help themselves to overcome poverty by issuing them with microcredits (very small amounts, like $7, something a conventional bank would never do). It is offered for creating self-employment for income-generating activities and housing, as opposed to consumption. It is particularly targeted towards poor women. It provides service at the door-step of the poor based on the principle that the people should not go to the bank; the bank should go to the people. This principal is helpful in a Muslim society where women are not allowed to leave their homes without the approval of their husband, and are not allowed to speak with men.

In order to obtain loans a borrower must join a group of borrowers, with each borrower recommending another. If one member of the group defaults on payment of his loan, then the whole group is denied further loans! However, to encourage destitute members to join, he/she does not have to belong to a group, no saving is necessary, no weekly repayment is necessary, his/her loan terms are decided by him/her, in consultation with his/her mentor.

A member is considered to have moved out of poverty if her family fulfills the following criteria:

1. The family lives in a house worth at least Tk. 25,000 (twenty five thousand) or a house with a tin roof, and each member of the family is able to sleep on bed instead of on the floor.
2. Family members drink pure water.
3. All children in the family over six years of age go to school or have finished primary school.
4. Minimum weekly loan installment of the borrower is Tk. 200 or more.
5. Family uses sanitary latrine.
6. Family has adequate clothing for everyday use and for winter, and mosquito-nets.
7. Family has sources of additional income, such as a vegetable garden, so that they are able to fall back on these sources of income when they need additional money.
8. The borrower maintains an average annual balance of Tk. 5,000 in his/her savings accounts.
9. Family has three square meals a day throughout the year. No member of the family goes hungry any time of the year.
10. If any member of the family falls ill, family can afford to take all necessary steps to seek adequate healthcare.

Professor Yunus distrusted dealing with the World Bank. According to professor Yunus, the world bank, with its headquarters away from Bangladesh, does not see poverty, but relies on theories. He also was wary of how they took full control of a country's financial needs.

There were a number of major natural disasters in Bangladesh. The 1998 flood was the worst of all. Half of the country was under flood-water for ten long weeks. Grameen borrowers lost most of their possessions including their houses because of the flood. Soon borrowers started to feel the burden of accumulated loans. They found the new installment sizes exceeded their capacity to repay. Grameen Bank repayment started to show quick decline. This was a good opportunity to design a new Grameen methodology, incorporating all the lessons learnt. As a result, Grameen Bank II was created.

The bank believes that the poor always pay back their loans, unlike the very rich. On some occasions they may take longer time to pay back than it was originally stipulated. Many things can go wrong for a poor person during the loan period. According to professor Yunus, since the borrower is paying additional interest for the extra time, where is the problem?

Grameen Bank has introduced higher education loans for all students who can enter into the higher educational institutions (medical, engineering, etc). Students are made responsible to repay the loans when they start earning. Half the scholarships are reserved for girl students. The remaining 50 per cent is open for both boys and girls. Each year Grameen Bank gives out 3,704 scholarships.

Grameen believes that poverty is not created by the poor; it is created by the institutions and policies which surround them. In order to eliminate poverty, all we need to do is to make appropriate changes in the institutions and policies, and/or create new ones.

Muhammad Yunus and his Grameen Bank of Bangladesh won the 2006 Nobel Peace Prize.

As of May, 2007, Grameen Bank had 7.21 million borrowers, 97 percent of whom are women. With 2431 branches, it provides services in 78,659 villages, covering more than 94 percent of the total villages in Bangladesh.

About 3 billion people live on less than $1 per day. Professor Yunus' vision is of eliminating poverty by 2050.

This is really a fascinating book and I highly recommend it.

Great for those interested in poverty relief/development.......2007-08-07

After reading, we bought multiple copies to give away to colleagues working in various capacities in poor areas of the world. Yunus' ideas and experience need to be examined and considered. This is no World Bank/UN/WMF big program aid-dump, but a reasonable, realistic, measured path from poverty to empowerment for the world's poor.

Lateral Banking.......2007-07-03

Learn how limiting entrenched Eurocentric thinking can be. Be inspired by the lateral thinking of Muhammad Yunus! A heartwarming read with just a touch too much description of the complexities of beaurocracy, but a must read nevertheless.

Average customer rating:

Excellent Book
Toyota Way Fieldbook
Excellent Lean Mfg Reference Book
Implementing Lean Principles
Practical and useful "how to" companion to the Toytota Way

The Toyota Way Fieldbook
Jeffrey Liker , and David Meier
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Paperback

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Similar Items:

The Toyota Way
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Creating a Lean Culture: Tools to Sustain Lean Conversions
The Lean Manufacturing Pocket Handbook
The Toyota Product Development System: Integrating People, Process And Technology

ASIN: 0071448934

Book Description

The Toyota Way Fieldbook is a companion to the international bestseller The Toyota Way. The Toyota Way Fieldbook builds on the philosophical aspects of Toyota's operating systems by detailing the concepts and providing practical examples for application that leaders need to bring Toyota's success-proven practices to life in any organization. The Toyota Way Fieldbook will help other companies learn from Toyota and develop systems that fit their unique cultures.

The book begins with a review of the principles of the Toyota Way through the 4Ps model-Philosophy, Processes, People and Partners, and Problem Solving. Readers looking to learn from Toyota's lean systems will be provided with the inside knowledge they need to

Define the companies purpose and develop a long-term philosophy
Create value streams with connected flow, standardized work, and level production
Build a culture to stop and fix problems
Develop leaders who promote and support the system
Find and develop exceptional people and partners
Learn the meaning of true root cause problem solving
Lead the change process and transform the total enterprise

The depth of detail provided draws on the authors combined experience of coaching and supporting companies in lean transformation. Toyota experts at the Georgetown, Kentucky plant, formally trained David Meier in TPS. Combined with Jeff Liker's extensive study of Toyota and his insightful knowledge the authors have developed unique models and ideas to explain the true philosophies and principles of the Toyota Production System.

Customer Reviews:

Excellent Book.......2007-10-24

I recommend this book for anyone irrespective of the maturity level they are with lean implementation. A key take away for me in this book is the importance of problem solving mind-set at the shop floor level and not just restricted to Black Belts. Of course Six Sigma should be employed where the problem is complex. I also liked the last chapter on change management. Overall an excellent book.

Toyota Way Fieldbook.......2007-10-09

Great addition to the Toyota Way book. Includes interesting tools to help implement and sustain principles.

Excellent Lean Mfg Reference Book.......2007-09-28

For those interested in learning about a Lean environment, this is probably one of the best references.

Implementing Lean Principles.......2007-07-19

This is an excellent on how to implement lean in a manufacturing facility. The plant leadership at our site has used this book to start a bookclub, reading one chapter a week and reviewing it the next. I wish we would have read this book sooner. It would have help to reduce a lot of frustrations. The book also covers Toyota's leadership structure and suggests how to go about implementing lean on the shopfloor if you are just beginning the journey.

Practical and useful "how to" companion to the Toytota Way.......2007-07-16

Book description: what's the key message?

While Jeffrey Liker's book The Toyota Way was an examination of the 14 Principles of the Toyota Way, it was not an explicit "how to" guide at a tactical level. This follow up book is intended as the more practical guide to Becoming Lean (to borrow the title of an earlier book written by Liker). The Fieldbook is organized in the framework of Toyota's 4 P's:

* Philosophy
* Process
* People and Partners
* Problem Solving

The book starts first with "philosophy," not lean tools. It develops an important relationship between the two. The book, in its entirety, emphasizes that copying Toyota tools, regardless of how thoroughly, is not enough to become lean. Early chapters talk about defining your company's purpose and philosophy, providing many examples of Toyota's purpose and unique view of their place in society and the world. From there, the Fieldbook guides you through a reasonable progression of lean topics and methods to work with in your own company. While there is no simple linear progression through a lean transformation, the authors address the challenge well in structuring the flow of the book. Typical "early" stages of lean learning and implementation are covered first, including learning how to identify waste, establishing process stability, and developing flow. The book spends more time on organizational culture and management methods, as opposed to tools. The book remains practical and actionable, rather than theoretical.

A strong central portion of the book focuses on developing leaders, how to lead in a lean environment, and how to develop "exceptional" employees. One particular highlight are the detailed examples, including a breakdown of the roles of Group Leaders, Team Leaders, and Team Members in a lean setting, not covered in most lean books.

The book recognizes that companies are not Toyota as a starting point. Rather, they are trying to become a Toyota-like lean organization. There is a chapter on respecting suppliers and managing them as Toyota does. The last sections of the book cover Toyota problem solving and implementation strategies, including a discussion of the pros and cons of different common lean transformation or implementation approaches, including kaizen events and the development of a "Company Production System."

How does it contribute to the lean knowledge base?

This book is a unique compilation of Toyota Production System methods, concepts, and philosophies. There are many adaptable examples of Toyota tools and methods, including Standard Work Combination tables, Cross Training matrices, 5 Why's problem solving analysis, and A3 reports. There are many new case study examples in the book that will be helpful, even to an experienced lean practitioner.

The book is also unique in that it is co-authored by a former Toyota team leader, an American, as opposed to reading an older book by Toyota executive Taiichi Ohno or consultant Shigeo Shingo.

What are the highlights? What works?

The book is very readable and easy to understand. Its layout and format borrows many of the good practices of the "For Dummies" series. You might consider this to be a "Toyota Production System For Dummies" book. There are many callouts with icons indicating "Tips" and "Traps" to look out for in your own lean implementation, to help avoid common lean implementation mistakes or failure modes.

This is very helpful, as the authors realize that it can be difficult work implementing lean. They never talk down to you or make you feel bad that you might struggle with the Toyota Way in your own environment, because you are not Toyota.

Furthermore, co-author David Meier was a group leader at Toyota. Many perspectives on Toyota come from the process or industrial engineering perspective, but the perspective of front-line supervisor is of significant value and often overlooked.

What are the weaknesses? What's missing?

While this is clearly a field book in its application focus, it is less clear how it is connected to companion book, The Toyota Way. The 14 principles of that book are mentioned briefly but are not integrated into this book. The Fieldbook has value as a standalone volume, but those looking for a specific companion to The Toyota Way will be disappointed.

You might be surprised to not find much information about Kanban, a process made famous by Toyota. Although the concept of pull is covered, there is no chapter on Kanban or examples of calculations or Kanban cards. Thankfully, there are many references and other books available on this topic.

How should I read this to get the most out of it?

The book can be read straight through. For an experienced lean practitioner, it can easily be used as a reference book. Topics are well organized and tools are easy to find with a well-documented index. For example, if you want an example of an A3 Report, you will find many pages of explanation about the tool and how to use you. You will also find fully completed examples of the tool. This is extremely helpful and adds to the book's value as a practical reference.

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