Book Description
Learn how these superstars invest, where they invest, what works--and what doesn't
Since people have been making money in the markets, investors and would-be investors have been fascinated with the money managers and traders who have extracted superior returns. In The New Investment Superstars, Lois Peltz examines fifteen of today's most successful investors by their area of expertise, including stock-picking, global macro trading, sector investing, and more. Readers will learn how these great investors approach the markets at a time when volatility is high and certainty low. From the thirty-five-year-old Lee Ainslie (Maverick Capital), dubbed the "Win-Win Investor" by Worth magazine, and Ken Griffin, the thirty-one-year-old who started his first hedge fund as a freshman at Harvard, to Lee Cooperman, long a star stockpicker at Goldman, we meet today's superior managers and learn how they do it.
Peltz reveals that these new stars are flexible traders who inherently understand that long-term wins come from recognizing that markets are ever-changing and that they must adapt. By reading about how they've succeeded and where they lost, investors will learn about market change, and how success is achieved.
Lois Peltz (New York, NY) was editor-in-chief of MAR/Hedge Funds, an investment performance reporting service, for eight years. She is now President and CEO of Investment Information Providers, an information services company that provides investment information services to the professional investment community.
Customer Reviews:
Useful background detracted by gross errors.......2002-11-11
Contains useful background information and insights on managers, and the industry though it is of limited use regarding the strategies those managers use. Two really glaring errors (page 48 & 49 on incentive fees, and Page 65 on correlations - perhaps a misquote or a quote out of context) cast doubt on the reliability of other statements in the book for me. Consequently I recommend reading it, but with more than the usual level of skepticism.
If you are looking for trading ideas, look elsewhere.......2001-10-12
This book contains an almost painful amount of detail concerning the organizational structure as well as the investor base of the hedge funds whose managers it profiles. Unfortunately, as far as actual trading strategies are concerned, it is a complete failure. It will tell you in which areas a fund is active, but give you excactly zero detail about the strategies and tactics used by its managers. Even some rather bad books I have read at least contained one or two ideas that were worth investigating, but I couldn't gain anything at all from this book. Also, some of the track records really aren't that impressive. Not really bad, but definitely not what you'd expect from "Superstars".
Waste of Time.......2001-09-04
Very poorly written. Comments were too general. Offered little insight regarding reasons for the success of the managers. Best part of the book was the compilation of track records for each of the managers.
A long awaited.......2001-07-11
complement to the John Train/Jack Schwager series of books on managers. This book measures up well with its well-regarded peers. Lois Peltz has collected interesting information on hedge fund manager, most of whom are unknown even to investment cognoscenti. They are in her book because of their stellar records, despite the low profile many share (due to strict marketing regs for these investment pools). For readers who want a peek behind the hedge fund curtain, this book is ideal. It captures the personalities and backgrounds of the managers, and it benefits from Peltz's analysis of commonalties and future thoughts on the industry. If you are investment professional looking to add a couple of nuggets to your repertoire, you might feel slightly let down (hence 4, not 5, stars). The eye opening aspect for me was the annual returns revealed for each of the managers. This information is not widely available, and the magnitude and consistency of the annual returns was amazing for several of the managers. The extent of and rationale behind leverage is explored as well. Overall, the book was excellent, and I was happy to add it to my extensive collection of investment related tomes.
An Immensely Valuable Book.......2001-06-06
It is rare to be able to read one book on a complex topic and have it contain information of use to both the novice and the veteran. Lois Peltz has done it in regard to hedge funds...the most erudite of investment arenas. Whether it be basic information (definitions, tables showing manager spin-offs, industry disasters) or advanced (the irony of having the objective of superior performance over the long-term being measured in 90 day intervals), this easily readable and fascinating treatise delivers. From her overview of superstar managers (including the counter-intuitive observation that they're not in it for the money but rather because they love the challenge) to the side-bars concluding each that allow the reader to compare highlights, the profiles are enlightening. Specific insights on managers (Bruce Kovner's analogy of managing money to painting, Paul Singer's analysis of model and herding risk, to Raj Rajaratnam's requirement that analysts performing due diligence fax in a daily "What I've learned" or risk not being reimbursed for their expenses) provide enormous understanding of each manager. Finally, her own perspective, including highlighting the issue of manager capacity, offers unusual help in selecting/understanding managers. A must-read!
Average customer rating:
- A Must Read for Investors
- A Classic "Must Read" Investment Book
- Just read the "Evaluation" part
- Worthless
- Not all its cracked up to be...
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Lessons from the Legends of Wall Street : How Warren Buffett, Benjamin Graham, Phil Fisher, T. Rowe Price, and John Templeton Can Help You Grow Rich
Nikki Ross
Manufacturer: Kaplan Business
ProductGroup: Book
Binding: Hardcover
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ASIN: 0793137152
Release Date: 2000-06-19 |
Book Description
Written for both the novice and experienced investor, this fascinating blend of biography and keen investment analysis has garnered acclaim in the world of high finance.
Nikki Ross has struck the mother lode about how to invest wisely in an increasingly uncertain world. The easy to follow investment insights she's gathered impart the various strategies of these ""superinvestors"" and explain how to integrate and implement them in today's markets. Five lifetimes of legendary Wall Street wisdom are distilled into three brilliantly simple steps. Readers will learn how best to gather the information and find investment leads; evaluate the data; and when to buy, hold and sell.
Customer Reviews:
A Must Read for Investors.......2004-05-14
This book has a refreshingly commonsense approach to investing. It contains a great deal of worthwhile advice and wisdom from some of the world's best investors. I am not an experienced investor, however I found it to be understandable and learned useful information from it. I would highly recommend it.
A Classic "Must Read" Investment Book.......2004-04-15
Nikki Ross has documented principal strategies and investing advice from the great Wall Street legends of our time. I have found the underlying principals of Buffet and his mentors as well as Price and Templeton to be very helpful. It is an easy to read enjoyable book. It may not be for day traders in general, but they could benefit from the list of questions asked by the masters before investing. I believe that had many investors read and applied this book prior to and during the recent crash, they might have saved a lot of money.
Blake Conant
Just read the "Evaluation" part.......2004-03-07
This book discusses on the techniques Warren Buffet (value/growth), Benjamin Graham (value), Phil Fisher (growth), T. Rowe Price (growth), and John Templeton (growth use or have used to make their fortunes.
The book is divided into 6 parts on one each of these legends and another on how to combine the knowledge of these experts. The sections are organized in an interesting way first off you learn what some of the stocks the well known investor has bought and why they met their purchasing criteria. There is also a nice 3 steps to how you can use their methods in your investments, this in turn is organized by:
1. Gathering information (this part it almost worthless in my opinion since it is very similar for each of the investors)
2. Evaluate (this is the best part of each of the areas in the book, you learn the questions these masters would ask a company and themselves. It's very good.)
3. Making decisions discusses how the masters decide when to buy and sell the stock.
This book and "The Money Masters" by John Train are interesting reads if you enjoy learning about the careers and wisdom these masters are willing to share.
I believe this book wouldn't be very useful for strict CAN SLIM investors or day traders but good for the buy and hold or long term growth and value investors it definitely shows you some of the possibilities.
Reed Floren
Worthless.......2004-02-26
This book is worthless. The true 'lessons' make up only a few pages of the book and these lessons are not detailed enough to make financially sound decisions. For example, a lesson such as "What is the PE Ratio?" is similar to what you would find in the book. OK, the PE ratio is 3. Is that good? Is that bad? How about 40? What is high? What is low? Do current interest rates effect PE ratio levels? What is an acceptable PE ratio for a growth stock? What is an acceptable PE ratio for a cyclical stock? You'll get no answers from this book.
The best "lessons" section (though still unacceptable) came from John Templeton. But these were a direct quote from an interview Templeton gave the Christian Science Monitor. The author must have spent a few weeks writing this book.
Most of the book is babble, reproduction of articles/reports, duplication of previous sections, and educational definitions for the newbie.
My lesson to you is to take the money you were going spend on this book and go buy a U.S. Savings bond. You will be richer and wiser in the end.
Not all its cracked up to be..........2004-02-23
...- I bought the book BUT Nikki Ross gives a basic three-step approach to investing, that is repeated throughout the book. 1. Collect info, 2. Analyse info, 3. Make a decision. And that's about as complex as the book gets.
Don't waste your money, unless you're after a very simplistic overview of investing. ALL OF THE FIVE STAR REVIEWS OVERRATE THIS BOOK - 1 Star (at best).
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If you're after real value on practical management implementation tools that link strategy & financial numbers then YOU HAVE TO INVEST IN "Performance Measurement & Control Systems for Implementing Strategy" by Robert Simons.
Amazon.com
Guy Kawasaki, former chief evangelist at Apple Computer and an iconoclastic corporate tactician who now works with high-tech startups in Silicon Valley, is back in print with his seventh book: Rules for Revolutionaries: The Capitalist Manifesto for Creating and Marketing New Products and Services. Entertainingly written in collaboration with previous coauthor Michele Moreno, it lays out Kawasaki's decidedly audacious (but personally experienced) strategies for besting the competition and triumphing in today's hypercharged business environment. The book is divided into three sections, whose titles alone epitomize its thrust and tone. The first, "Create Like a God," discusses the way that radical new products and services must really be developed. The second, "Command Like a King," explains why take-charge leaders are truly necessary in order for such developments to succeed. And the third, "Work Like a Slave," focuses on the commitment that is actually required to beat the odds and change the world. A concluding section is filled with entertaining and inspirational quotes on topics like technology, transportation, politics, entertainment, and medicine that show how even some of our era's most successful ideas and people--the telephone, Louis Pasteur, and Yahoo! among them--have prevailed despite the scoffing of naysayers. --Howard Rothman
Book Description
Guy Kawasaki, CEO of garage.com and former chief evangelist of Apple Computer, Inc., presents his manifesto for world-changing innovation, using his battle-tested lessons to help revolutionaries become visionaries.
* Create Like a God *
Turn conventional wisdom on its head-create revolutionary products and services by analyzing how to approach the problems at hand.
* Command Like a King *
Take charge and make tough, insightful, and strategic decisions-break down the barriers that prevent product adoption and avoid "death magnets" (the stupid mistakes just about everyone makes).
* Work Like a Slave *
Get ready for hard work, and lots of it. To go from revolutionary to visionary, you'll need to eat like a bird-relentlessly absorbing knowledge about your industry, customers, and competition--and poop like an elephant--spreading the large amount of information and knowledge that you've gained.
Filled with insights from top innovators such as Amazon.com, Dell, Hallmark, and Gillette and rich with hands-on experience from the front lines of business, Rules for Revolutionaries will empower you--whether you're an entrepreneur, engineer, inventor, manager, or small business owner--to turn your dreams into reality, your reality into products, and your products into customer magnets.
Customer Reviews:
Entertaining.......2007-10-20
This is one of my favorite books on the right mindset for startups. Go against the grain, overcome all obstacles, spend as little as possible, be excellent. Highly recommend.
Nice read for unexperienced entrepeneurs.......2007-07-04
I like this book a lot, it's clear, simple and fun to read. It has a step by step approach. And if you like to know certain clues about how nice products like the iPod and the Macs have created their way into the consumer's world, you will like this book even better.
There are books that tell you how do it, others inspire.......2006-10-29
I will start by saying that I have not finish reading it. It took me over a year to complete Art of the Start, and the reason is that there was so much inspiration, that I felt it was going to be eclipsed by the excitment of the next chapter.
Its not a how-to book, is how to face yourself and ispire you to get throgh the obstacles, inner or outer, that will surge along the way.
Better than His Other Books.......2006-08-12
Kawasaki presents foundational theories for starting new companies or providing new services in this book. The reader benefits greatly from Kawasaki's experiences and knowledge. Further, the book is written in an open, readable manner.
Inspirational but somewhat outdated.......2006-08-07
Being an Apple fan I read GK's books. This is basically a book of quotes and biz examples from organizations and people that have done innovative things. GK sprinkles some of his own toughts from years of experience at Apple and other startups that he has been involved with.
The only problem I had was some the advice is not really easy to follow in the real world. For example: ignoring market research and with your gut. Fine that may work for small biz but larger corporations simply do not approve a project unless there is positive market research behind it.
Also some of the biz that are mentioned here are companies that were either acquired or no longer in biz. Also the recommended reading is mostly works that are outdated.
If you like GK you may enjoy this one otherwise you might want to pass on it.
Amazon.com
According to Robert J. Robinson and Mark van Osnabrugge, so-called business angels--those generally unheralded private investors who usually specialize in high-growth fields and often involve themselves directly in the endeavors they fund--now provide 30 to 40 times more financing each year than their more famous counterparts, venture capitalists. In Angel Investing, Robinson and Van Osnabrugge use personal interviews, anecdotal evidence, and more than 300 research studies to show exactly who these financiers are, how they operate, and where they can be found. Robinson, an international management consultant, and Van Osnabrugge, an associate professor at Harvard Business School, also compare various financing options, explain precisely how angels and venture capitalists function differently, describe proven ways to attract them, and provide relevant resources. "The vast size and power of the business angel market in the United States is not well understood but is of incredible importance to our entrepreneurial sector and, indirectly, to maintaining our economic growth and standard of living," the authors write. They pack their book accordingly with valuable information for serious fund-seekers who have exhausted the traditional three F's (founder, family, and friends), as well as those who are considering entrepreneurial investments of their own. --Howard Rothman
Book Description
They deliver more capital to entrepreneurs than any other source. And they often receive an incredible return on their investments. They're angel investors, some of the most important--and least understood--players in business today. The United States has close to three million angels, whose investments in startups exceed $60 billion per year. Some of our most successful companies were funded by angels--companies like Ford, AOL, and Amazon.com. But until now, little has been written about these angels, due in part to their preference for anonymity. Angel Investors provides an inside look at who these angels are and how they operate. It also shows would-be angels and entrepreneurs how best to find each other.
To learn more about this book, visit its website.
Customer Reviews:
more than a Guide.......2003-11-11
I am the Founder & CEO of a business that within the next 8 to 12 months was seeking to raise between $2M and $5M to fund our expansion. I always thought of going straight to Venture Capital firms or Private Equity divisons of Invmt Banks that I have already been in touch with. This book, Angel Investing, was a truly priceless read to me. The education delivered by authors has helped me re-strategize my approach to inviting external investors and also the amount that I should try to raise and the schedule of funds. What I thought was most helpful was the detailed comparisons between Angel Investors and Venture Capitalist, as well as understanding the psychology behind their thinking and how an entrepreneur seeking outside funds should try to prepare every aspect of their presentation (themselves, their product and overall business plan). The book has given me tools to have most questions covered and more importantly has prepared me to become an angel myself in the years ahead.
Great book.......2002-10-29
This book starts off slowly but when it gets rolling it is very helpful ,giving good infromation where and when you need it.
Good guide for entrepreneurs who need funding.......2002-08-28
If you are planning to go after Angel funding, this book is a must-read. The book contains interviews with a broad spectrum of Angels, who discuss their investment experience, the thinking they go through, and key things they look for, when evaluating an opportunity. This book would serve as an excellent reference for anyone preparing to be in front of Angels.
Good Overview of Angel Investing.......2002-07-22
"Angel Investing" by Mark Van Osnabrugge and Robert J. Robinson gives useful information about angel investors and venture capitalists.
Van Osnabrugge and Robinson estimate that angel investors--wealthy individuals who invest their own money into start-up companies--invest three to five times more money than venture capitalists and back thirty to forty times more ventures, making angel investors the primary source of external capital for entrepreneurs.
But, how do you meet and present your business idea to an angel investor? What factors do angel investors give the most weight to when debating whether or not to fund a venture? How do angel investors differ from venture capitalists when valuing a start-up company?
"Angel Investing" answers these questions and many more. It is stuffed with studies, interviews, and solid advice. "Angel Investing" can be divided into three main categories:
* General background about angel investors and venture capitalists and their relationship and importance to business and the economy.
* Practical advice for entrepreneurs seeking start-up funds from angel investors or venture capitalists.
* Practical advice for individuals considering becoming angel investors and making investments in small companies.
Each topic in "Angel Investing" is well documented. It's a rather formal book, actually. Robinson is a professor at the Harvard Business School and Van Osnabrugge is a former fellow of the Harvard Business School.
I found the section about successful angel investment deals a bit too rich for my taste. For example, we learn that one angel investor who backed amazon.com got a 260 times return on his initial investment of $100,000 making him $26 million. Another angel who invested in the Body Shop received 10,500 times his initial investment. As a new angel investor, don't get overly excited about the prospects! Remember, many angel investments fail dismally. As the authors point out, you must only invest money you can afford to lose!
If you are already a financially successful entrepreneur who considers becoming an angel investor, you might want to read "Angel Investing" to help improve the chances of making successful angel investments. However, the book is not a complete analysis of the due diligence process.
And, of course, from an entrepreneur's standpoint, reading a book won't automatically put you in contact with serious angel investors, and much of the real work in financing a new venture involves finding personal contacts to introduce you to appropriate angel investors. Van Osnabrugge and Robinson note that most funded ventures involve personal introductions.
Maybe, if you're ready to invest $50,000 per company or more (and ready to lose $50,000 or more per investment!), you're tired of investing in public companies (with mystic accounting and lack of reportability to the investor), and you want to add value to your investment by contributing information and contacts to your investment, this might be a good book to help get you started. On the downside, you'll probably have no diversification and poor liquidity with angel investments.
The most important tip from "Angel Investing": Do adequate research before investing in a company. And, it's best if you know the industry and know business.
Peter Hupalo, Author of "Thinking Like An Entrepreneur."
Place this in your shopping cart now!.......2002-05-31
This book is one of THE BEST books on this subject matter that I have read in recent years. Having been in the venture capital industry for many years I was very interested to read what van Osnabrugge and Robinson had to say. I'll be the first to admit that I was a bit skeptical because the book was written by academics. However, after a careful read it became clear that these authors have done their homework and know what they are talking about. This book is an enjoyable read that has some of the most useful information I have found to date. I urge anyone interested in entrepreneurship and investing to read this book. You won't be sorry.
Book Description
Widely praised as an exciting, insightful exposition and development of Marx's critique of political economy, Harvey updates his classic text with a discussion of the turmoil in world markets today.
Customer Reviews:
classic book.......2007-06-08
In my opinion, Limits to Capital is the best path to Marx's political economy, and in a sense it's an update of Capital. Harvey explains Marx, and introduces some new concepts such as 'spatial fix', 'socially necessary turnover time of capital' etc. Together with Mandel's Late Capitalism, Limits to Capital is the most significant contribution to Marx by a contemporary writer. (The radical geography journal Antipode had a special issue for the 20th year of Limits to Capital.)
However, Harvey revisioned some of his thought later, with 'The New Imperialism'. He introduced the notion of 'accumulation by dispossession', I don't know why, limiting the 'reproduction on an enlarged scale', and thereby limiting the validity of class conflict. This imperialism issue blurs all the contemporary accounts of capital accumulation. He is now an Arendtian. Good luck with that, but we miss the Harvey of Limits to Capital.
The most thorough exposition of Marxist political economy in print.......2006-07-23
David Harvey is actually a geographer, but from reading this book, one would think him one of the great political economists. Based on this work alone, he should be in the popular range of Stiglitz, Schumpeter, Milton Friedman etc., but it is not likely that such 'honor' will ever befall a Marxist theorist. Nevertheless everyone interested in Marxist economics, for whatever reasons, simply must read this book.
Harvey's discussion of capitalism from a Marxist perspective is extraordinary clear, sharp and thorough. So much in fact that it is probably the most consistently in-depth exposition of capitalism from every aspect since "Capital" itself. This also makes it hard to review it, since one hardly knows where to begin.
Fortunately for political economy newbies (and this book is definitely the best kind of "introductory overview" you could give to an intellectual person), Harvey starts at the same point "Capital" starts, then works his way through. First he gives a clear exposition of the general framework of Marxist theory: the law of value, the differences between value, use value and exchange value, the mode of production etc. All this is done quite well, though there are of course many many such general descriptions available in print. Harvey does seem to skip over the "transformation problem" somewhat, which may annoy those who consider it a major hurdle. Harvey, in my view with good reason, does not.
The next two chapters discuss production, distribution, surplus value and its realization and the relation to supply and demand. Particularly useful here are his explanations of the importance of the concept of value composition of capital, and the reduction of skilled to simple labour, where he addresses one of Von Böhm-Bawerk's better critiques of Marxism.
The next part of the book is perhaps the core of the book. Here, Harvey delves into the organization of capital, the various forms which it can take and how these interrelate, and the tendency of the rate of profit to fall. He shows how the various manifestations of capital can interfere with each other's functioning and how this creates the tendency towards crises. He then posits the problem of overaccumulation (rather than underdevelopment) as the first 'layer' or 'cut' of crisis theory.
After the reader has grasped all this, the second crucial part of the book follows in a rapid manner, introducing first the problematic of fixed capital and its relation to the law of value, and then the role of credit in capitalism. The first is not very satisfactorily resolved and is in my view probably the weakest part of his theory. Alan Freeman has since given a quite different solution to the same issue, but that does not seem to really solve the problem either. Perhaps this is one of the things Marxist political economy has yet to fully solve.
Harvey's demonstration of the role of credit is however masterful and extremely enlightening for the many who are confused by the vast array of forms in which credit appears in modern society. His emphasis on the importance of understanding the so-called "fictitious capital", that is advanced capital not yet backed by actual value through production, allows him to show the second major appearance of crises in capitalism as well as explaining the theory of rent in Marxism, which forms the subject of the chapter thereafter. He corrects Marx' somewhat excessively anti-distributive theory of rent and explains the role of agricultural technology. Harvey is in many parts of this chapter rather confusing in his terminology, but a careful reader can certainly grasp the issue.
At the end of the book Harvey can finally follow up on his own area of expertise. By explaining the role of spatial and temporal relations in the flow of capital and the necessity of 'exporting' the internal contradictions of capitalist social relations, he is able to form a theory of imperialism that is largely in accordance with that of Lenin, but without the theory of underdevelopment. It also puts a good perspective on Marx & Engels' many journalistic articles about India and colonialism. Finally he combines this with the earlier two aspects to form the third 'cut' of capitalist crisis theory, which takes every aspect of capitalism in its modern appearance into account.
On the whole, Harvey has done an unparallelled and magisterial work in creating an exposition of capitalism that is at once as in-depth as "Capital" and much clearer (and shorter!) than that, although of course without Marx no such thing could ever have been made.
There are a few things nevertheless not covered (fully) in the book. Harvey pays surprisingly little attention to urban geography and (sub)urbanization as a factor in capitalism. Furthermore his theory of the state is a hodgepodge of different roles, which he never unites into one whole. Finally, people experienced in handling Marxist theory might have problems with Harvey's generally structuralist approach, which leaves relatively very little room for the autonomous significance of class struggle. Harvey mostly relegates that to the fields of production processes and labour mobility. Because of this, Lebowitz' "Beyond Capital" should probably be read alongside it as a complementary contribution, analyzing the same from the side of wage-labour.
A great book to get started on understanding Marx's Captial.......2000-08-24
I was attracted to this work becaues i'm interested in Marx and have read another of Harvey's books "The Condition of Postmodernity." Harvey is an erudite scholar who's formal education is in georgraphy, but his research has produced accessable and powerful studies beyond his origins. "Limits to Captial" is a complete and balanced account of Marx's economic work centering upon his major text "Das Kaptial." Harvey has does a intense study of Marx and Marxist scholarship (Lenin, Rose Luxingberg, and others) to produce a systematic and dialetical account of Marx's critique of Captialism. Even though harevy pays attention to the importance of Hegelian dialetics this book is accessable to to readers who do not have strong philosophic of economic backgrounds. If your are interested in Marx and/or captialism this is an excelent inroad to begin your studies. A detaled biblography of cited sources is a gem for continuted research. His book on postmodernity is also excelent.
Book Description
Hailed as "the most dramatic and comprehensive account" of the early years of Russian capitalism (New York Times Book Review)
David Hoffman, former Moscow bureau chief for the Washington Post, sheds light onto the hidden lives of Russia's most feared power brokers: the oligarchs. Focusing on six of these cunning and ruthless men--Alexander Smolensky, Yuri Luzhkov, Anatoly Chubais, Mikhail Khodorkovsky, Boris Berezovsky, and Vladimir Gusinsky--Hoffman reveals how a few players rose to the pinnacle of Russia's new capitalism.
The oligarchs started small. Before perestroika, they lived the lives of Soviet citizens, stuck in a dead-end system, cramped apartments, and long bread lines. But as Communism loosened, they found gaps in the economy and reaped their first fortunes by getting their hands on fast money. As the government weakened and their businesses flourished, they grew greedier. The state auctioned off its own assets, and they grabbed the biggest oil companies, mines, and factories. They went on wild borrowing sprees, taking billions of dollars from gullible western lenders. When the ruble collapsed, the tycoons saved themselves by hiding their assets and running for cover. This is a saga of brilliant triumphs and magnificent failures, the untold story of how a rapacious, unruly capitalism was born out of the ashes of Soviet communism.
Customer Reviews:
The Oligarchs.......2006-08-04
I'm about a quarter into the book. I am very impressed. It is riveting. I went on a tour of Russia in June and wanted to know more about what is going on. I have talked my husband and sister into reading it. I think Americans get some insight into a country we know little about.
A good thumbnail sketch of the oligarchic interregnum.......2006-06-17
Daniel Hoffman of the Washington Post has written a good introduction to the interregnum between the reign of the Commununist Party of the USSR and the Presidency of Vladimir Vladimirovich Putin. When Communism and the Russian legal system collapsed, the boldest and brashest quickly amassed fortunes in rather unusual circumstances.
Hoffmann's account is a good introduction to these times and to the "oligarchs" who shaped these times. His book is by no means a work of investigative reporting, being liberally littered with phrases along the lines of "we'll never know the whole story", "there must have been more going on, but there are no authorative sources," "we can only surmise that much of the episode is opaque." Nor do I understand why Hoffman considers mayor Luzhkov of Moscow, Moscow's answer to Richard Joseph Daley of Chicago, an "oligarch."
All the same, this is a well-written and entertaining book about an extraordinary time.
Provides Great Insight into Russia.......2006-02-12
This book provides a great background to understand Russia and the current situation today. If you want to know about business and the history of Russia from the 80's forward, written in a way that reads like a novel, read this book.
Loving portrait of grand larceny.......2004-11-22
David Hoffman, the author of this fascinating book, intends to give us a portrait of dynamic, progressive entrepreneurs. But he actually gives us a picture of greedy criminals.
Russia's privatisation programme was huge, rapid and unprecedented. By 1996, 18,000 industrial enterprises, 80% of the total, employing 80% of Russia's industrial workers, producing 90% of Russia's industrial output, had been privatised.
Russia's 1992 Privatisation Programme, which the Russian Union of Industrialists and Entrepreneurs fought for, allowed directors and workers to buy 51% of the voting shares in their organisation, at a nominal price, using the enterprise's own funds. All were given vouchers, which could buy shares.
All too often, workers agreed not to interfere with the management, in exchange for promises of job security. Often, managers bought workers' shares before they had any market value, or outbid the workers, in collaboration with banks. In some cases, President Boris Yeltsin issued special decrees, excluding outsiders.
Factory managers used cooperatives, joint ventures and later, shell companies and offshore havens to leach cash and raw materials out of public enterprises. They created banks and trading companies that seized the factory's output and put the profits into their offshore accounts. Law and order were shredded.
These management buyouts led to short termism, parasitic profits (not productive investment, not rebuilding), asset stripping and capital flight (totalling possibly $150 billion between 1991 and 1999). Russia's wealth, produced by its workers, went into thousands of offshore bank accounts, real estate holdings and offshore companies.
For example, in 1993 Boris Berezovsky, Yeltsin's friend, bought 35,000 Ladas at low export prices from the producer Avtovaz, Russia's largest car factory, paying 10% down, the rest to be paid 30 months later in a time of huge inflation, nearly bankrupting the producer. He then sold them to Russians at high market prices, making $3000 a car, in a $105 million deal. Later, Berezovsky bought a third of the company for just $3 million, in a one-bidder auction. Berezovsky loaned the government $100 million for 51% of Sibneft, Russia's sixth biggest oil company, in 1995, and sold it to himself 18 months later for $110 million.
Anatoly Chubais, head of the State Privatization Committee, said of Russia's capitalists, "They steal and steal and steal. They are stealing absolutely everything and it is impossible to stop them." By 2002, five capitalists controlled 95% of Russia's aluminium, 18% of her oil, 40% of her copper, 20% of her steel and 20% of car production. The Mafia ran nearly half the private sector and owned half of Russia's largest banks. Criminal gangs controlled 80% of Avtovaz's output, which did not deter General Motors from starting up a joint venture with the giant car company.
"In sum, neither the workers nor their unions have much power over privatisation", said a US privatisation adviser. By 1999, 38% of Russia's people existed below the poverty line. 90% of the people endured worsening conditions, while the handful of arrogant capitalists made colossal profits by crime and corruption.
Great book to learn the new Russia!.......2004-09-09
Hoffman did a good job. Six main characters, Smolensky the Banker, Luzhkov the Mayor, Chubais the Economist-reformer, Khordorkovsky the oligarch, Berezovsky the Master Mind, and Gusinsky the TV Media King, controlled the Russia Yeltsin-regime economy. Many of them are Jewish, started from humble beginnings and got rich at the right place at the right time. Unfortunately, with 1998 stock crash, ruble devalutaion, Putin as the new president, their wealthy empires quickly fizzled. It is a must read for any one doing business in Russia.
Book Description
This wise and optimistic book examines the rampant scandals that plague American corporations today and shows how companies can reverse the resulting climate of mistrust. By seizing the opportunity to address some of the nation’s—and the world’s—most serious problems, business can strengthen its reputation for integrity and service and advance to a new stage of ethical legitimacy. Daniel Yankelovich, a social scientist and an experienced member of the corporate boardroom, describes the toxic convergence of cultural and business trends that has led inexorably to corporate scandals. Yet he offers reassurance that opportunity exists for positive change. Creative business leaders can advance market capitalism to its next stage of evolution, building upon business norms that simultaneously emphasize the legitimacy of profit making and the importance of the care that companies give to employees, customers, and the larger society.
The book asserts that American culture has abandoned its old tradition of enlightened self-interest, of “doing well by doing good.” A narrow legalism has taken over (“I didn’t break the law; therefore I didn’t do anything wrong”). Yankelovich argues that attempts to deal with such flawed ethical norms by means of more laws and regulations cannot succeed. He offers a series of case histories to show how and why stewardship ethics can strengthen individuals, corporations, the nation, and the world economy.
Customer Reviews:
Lots of Stimulating Thought in a Small Book.......2007-08-09
Daniel Yankelovich is a social scientist who has also served on several corporate boards. That gives him a unique perspective on the ethical challenges that face board members.
Yankelovich, to use his term, is a "privileged witness," who sees business from the outside, but has seen its inner workings up close. Even more important in some ways is the fact that he and his company have been among the firms tracking changes in society over several decades.
Here is why he wrote this book: "The purpose of this short book is to suggest that the business community can turn the scandals of recent years to good use, both for business itself and for the larger society."
Yankelovich sees three causes for these scandals. They are: 1) deregulation; 2) linking the biggest part of CEO compensation to stock price; and, 3) the importing of wider social norms into business, resulting in what he calls "unenlightened self-interest."
In the first half of the book he outlines changes in social norms in both business in society over several decades. Business, according to Yankelovich is more likely establish the norms he desires than society as a whole. And, he thinks, if business does so it will "help dispel moral confusion in the culture at large."
He says: "My main argument in the book is that the time has come for market capitalism in the United States to advance to a new stage of enlightened self-interest."
To do that he advocates something he calls "Stewardship Ethics," which he defines as "commitment to care for one's institution and those it serves in a manner that responds to a higher level of expectations." He devotes the second half of the book to describing what a set of norms based on "stewardship ethics" might look like and how they might come about.
In one of the most helpful sections of the book, Yankelovich spends time outlining the difference between his Stewardship Ethics and the bundle of beliefs and positions that come under the heading of "Corporate Social Responsibility."
If you're like me, you'll find Yankelovich's position a refreshing change from the "profit is evil" approach of most CSR types. If you are someone who sees the pursuit of profit by companies as, at best, a necessary evil, you will be very uncomfortable with this book and its ideas.
This book has two key strengths. First, Yankelovich himself is both knowledgeable and logical. Second, the book is short, only around 170 pages of text. Those are also the book's weaknesses.
Because Yankelovich himself is knowledgeable, he often leaves terms undefined. I could not find a definition, for example, of one of his key terms, "market capitalism." It may be that everyone indeed defines that term the same way, but I doubt it.
The shortness of the book means that some arguments are made without adequate support. For example, on page 96, Yankelovich says, "How well a company conceives and executes stewardship ethics as a community has a direct bearing on its long term profitability." He then offers the example of Wegman's as proof. Alas, a single example without supporting evidence is not proof.
This brings us to the key question: "Should you buy and read this book?"
If you are a senior executive, a member of a corporate board, or a faculty member at a business school, this should be on your "must-read" list. Yankelovich has crammed a lot of good stuff and cogent analysis in here about the business climate and corporate responses.
This book is also a good read if you're interested in the ethical challenges of contemporary business, but you don't make it your primary focus. If you're a professional ethicist or philosopher, you'll find the book a little light on both reasoning and support, but that's exactly why it's a good read for the rest of us. The book is filled with provocative ideas and well written.
But if you're looking for a "how to" book, this would be a poor choice. It's a great book for stimulating thought and discussion, but the "how to" will be up to you.
Must Reading For Any Current Or Future CEO And Business Leader.......2007-07-09
This is a book I wish I had written. I have talked at length over the past few years about what is wrong with today's capitalist economy and particularly so since the Enron, Tyco, WorldCom, and other corporate scandals. However, I am and always have been a committed supporter of a free-market economy with minimal government interference. In the late 1950s (while very young!) I embraced Ayn Rand's "laissez-faire" theory of business, only to be later disturbed by some of the unwarranted and seriously problematic assumptions one had to make in order to completely buy into her "doctrine" of extreme individualism and "caveat emptor" economics. While I recognized that neither Communism (ala Marx) nor state socialism could bring about a dynamic market economy combined with political liberty, there was, I thought, definitely something missing in the theory and practice of a free-market economy as Rand and her coterie envisioned and promoted it. Moreover, the so-called "mixed economy" (which is what the U.S. pretty much has now -- a mixture of free-market and "socialist" elements) has not prevented the scandals recently experienced.
Enter Daniel Yankelovich with his new book "Profit With Honor: The New Stage of Market Capitalism." In my opinion, on the Aristotelian scale of ethical virtue, his book represents the "mean" between the extremes of a dog-eat-dog capitalism with profit as the "only" consideration and the position that profit is evil, private enterprise is antisocial and, therefore, a centrally-planned government-run economy is the only acceptable solution. Economic activity is, of course, not fundamentally different from any other human activity, whether it be individual, social, political, or whatever. There has to be some moral foundation, some ethical framework, which justifies and provides a rational structure for the activity. Neither of the aforementioned extremes can provide the necessary theoretical support nor the practical guidelines for an economic system which must take into consideration human nature and the human condition.
In his book, Yankelovich states that his "main argument . . . is that the time has come for market capitalism . . . to advance to a new stage of enlightened self-interest. American business needs to develop a new ethic -- a coherent set of social norms -- both to counteract the forces leading to the scandals and to meet the challenges of the global economy that call upon business to take on many new responsibilities." He calls his program (if that is the appropriate term) a "stewardship ethics," a set of cultural norms for business which involves social responsibility without rejecting the concepts of profit and self-interest. This is, for the most part, my position on the issue. The philosophical enemies of market capitalism have had plenty of ammunition provided to them in recent years by some of those -- dare I say "crooks"? -- who are involved in market capitalism itself. Without a solid and rational moral foundation, market capitalism becomes its own worst enemy. Yankelovich appears to be confronting this challenge and, I think, points the way to a good resolution of the problem.
There is no question now, in my view, that capitalism as it has been practiced in the past is just that -- a thing of the past. Capitalism must now advance to the "next stage of evolution," as Yankelovich envisions it. While it is vital that profit-making remain a central concern and goal of any economic enterprise, companies must also give due consideration to customers, employees, and society at large. There is really no essential conflict between making a profit (which any business must do to survive) and social responsibility. This notion of conflicting objectives was, I suspect, a matter of philosophical immaturity during the developmental growth of the capitalist system. It should be recalled that many of the so-called "robber barons" of the past did participate in philanthropic activities and contribute generously to the "social good." (Think Carnegie libraries, Ford and Rockefeller foundations.)
But, of course, the problem remains regarding the future of market capitalism, especially amid all the recent scandals. This is where I think Yankelovich makes his most noteworthy contribution. Abstract principles of ethics -- which is what many of us were primarily concerned with when I taught classes in ethical theory in years past -- is one thing. Important as that is, however, the application of ethical principles to practical situations, institutions, and social realities is, after all, of immediate concern. What Yankelovich provides is an extension of rational ethical principles into the marketplace, that is, where the action is and where they are most useful. There is no justification now for schools of business and departments of economics to ignore the moral and social ramifications of market activities; courses in business ethics, and I suggest maybe the "stewardship ethics" recommended in this book, ought to be a core part of the curriculum -- not just an elective, but a requirement.
"Profit With Honor" is, of course, not a full-blown treatise on business ethics. It is a short book, a mere 169 pages of actual text. It is, however, concise and to the point. Yankelovich's suggestion that market capitalism should adopt the idea of "doing well by doing good" comes across throughout the book and this idea needs to be internalized by anyone considering a future in business leadership. He concludes: "In our culture . . . the transformation to stewardship ethics may take place without even being widely noticed. But its effects will register in enhanced trust in the business sector, in improved long-term profitability, and in significant advances in global well-being." One can only hope what he says proves prophetic. This book is an excellent introduction to the problem at hand and, for many of us I suspect, a framework within which the practical solution to the problem can be realized. Must reading for any contemporary or future CEO. Highly recommended.
Should Be In Every Boardroom.......2007-07-07
This book is about ethics and integrity in corporate America. The author discusses the various scandals of the past decade or so, looks at root causes, and proposes a solution.
This book could easily have been a statist prescription for yet more regulation by that whacko entity we call the federal government (which doesn't actually govern), but fortunately it was not. Just as easily, it could have been yet another book used by the author to push the leftist agenda in the rosiest of terms, despite the fact that agenda has always failed and always will. Fortunately, we were spared that reality-challenged view as well. Nor is it another effort to push the "conservative" agenda (basically, a way of diverting money to special interests). In fact, Yankelovich stresses the need to move beyond political "solutions" to problems.
People change careers, and I am one of those people. In my former life as an engineer (in a galaxy far, far away or something to that effect), one of the skills I learned was root cause analysis. This kind of analysis is demonstrably absent in public policy, as is evident from the demonstrable failure of federal policies, federal agencies, federal programs, and just about anything else spewing forth from Washington, DC. I notice that most "experts" have pretty logical-sounding solutions to what ails us, but almost none of them first determines what problem needs solving. They have a hammer (their area of expertise), and the whole world is their nail.
Yankelovich takes a humbler and more rational approach. This book talks about what CEOs and other leaders should do to restore integrity in our corporations, yet in the preface he says he's neither a celebrated CEO nor an expert on the subject. Upon reading the book, I found this worked to his advantage. He's not an armchair general type, either, though. He was on many boards over many years and has seen the workings of the inner sanctum firsthand. His background as a social scientist and researcher is also a critical qualification, because he has an excellent lens through which to observe and analyze.
At 169 pages in paperback format, this book is short. It's not a highly detailed academic treatise on case histories. Yankelovich is certainly capable of producing such an opus. But it would be read by academics rather than CEOs. This book is the perfect size for its primary target audience--the high level corporate executive. It can fit into a briefcase for reading during a return flight or two.
Profit with Honor has ten chapters. The first two give us a clear picture of the problem. In those chapters, Yankelovich also discusses why legal remedies don't work. For example, if you have a law barring a certain behavior, people who believe it's OK to game the system will find and exploit a loophole. To see how this pans out, look no further than our insane, and counterproductive, federal income tax code. He also talks about what happens when a company promises to play nice and then doesn't.
The next two chapters explain why "What's good for GM is good for America" isn't so (not to pick on GM--that was the actual statement, but the sentiment was quickly adopted by other companies). Yankelovich also provides comparisons between the ethics of today (or lack thereof) to the ethics of previous times. This isn't a "sure was great in the good old days" fantasy. Yankelovich bases his analysis on actual research, including a study of the Harvard Business School Class of 1949.
What he has to say about "civil society" in Chapter Five is right on target, and should be required reading for everyone over the age of six. Unfortunately, we have too few adults with the proper training in civility, and we gag on that aftertaste of that every day.
Chapter Six and Chapter Seven provide a good discussion of stewardship ethics, which Yankelovich proposes as the means of getting our corporations back on track.
In Chapter Eight, Yankelovich exposes the fallacy of the "Shareholder Value" philosophy, leaving no doubt for the reader that it has proven to be costly and destructive. Chapter Nine explores the concept of gatekeeper integrity. Our gatekeepers include institutional investors, auditors, business lawyers, investment bankers, business journalists, and educators--and they have profoundly failed us.
The final chapter, Titled "Hummer vs. Hybrid" nicely ties the book's concepts together. What better way to make things clear than to use a common example and figuratively turn it over in your hand so that each edge, nook, and cranny is exposed to sunlight? This example concerns the attitudes of two companies. The first one is GM, which I loathe. The second is Toyota, of which I am a customer and a huge fan.
GM chased short-term profits by producing gas-guzzling Hummers. Thanks to GM lobbyists, the CONgress (which sells legislation to the highest bidder) introduced more distortions into that abomination called "the federal income tax code" to make it advantageous for people to own Hummers rather than a vehicle that makes sense. Hummers tear up our roads (causing us to pay higher road taxes) and consume four times the fuel that a sensible vehicle does (causing gas prices to be higher). So, we all pay for some insecure person to drive around in a Hummer dominating the road while GM managers soak up their bonuses for short-term profits and Middle East terrorists enjoy the funding provided by the additional oil revenue. All perfectly legal.
Toyota, on the other hand, behaved responsibly by producing the fuel-efficient Prius hybrid. It's important to note that this isn't their only fuel-efficient vehicle. My Camry gets nearly 40 MPG on the highway (5-speed manual transmission, good driving habits, synthetic oil, and other things boost its fuel economy past the EPA rating). Some other models of conventially-powered Toyotas, such as the Corolla, do even better.
If we replaced every GM vehicle with a Toyota Camry, America would no longer have an energy problem.
Toyota's venture into the hybrid market came at the cost of short-term losses. This car isn't a cash cow for them, and it isn't causing their executives to go home with multi-million dollar bonuses. It's part of the their long-term strategy to build cars that serve people and society. It's the result of their "continual improvement" ethic.
Yankelovich follows this same ethic in his writing. He isn't proposing a quick fix. He's proposing a change in underlying attitudes and beliefs, and it takes time for those things to produce effects. It's like eating right vs. taking medications. Eating right won't instantly make you healthy, if you are presently not eating right. But it's the only way to be healthy and correcting the effects of wrong behavior takes time.
It's also a monumental task to get all the players on board with such a change. If this book makes its way into boardrooms and executive suites across the country, and if individuals in those boardrooms and executive suites decide to make personal integrity a top priority ala the Class of 1949, that change can and will happen.
If you like the idea of a nation in which corporations are run in an ethical fashion (providing a model the federal "government" might learn from), read this book and then recommend it to others.
Amazon.com
Not everyone embraces the "American Way." But as historian Walter LaFeber demonstrates in this highly original look at the effects of global capitalism, not everyone has a choice. Using powerful communications satellites in the 1980s and, later, unbridled capital, transnational corporations such as McDonald's and Nike and their media-mogul counterparts have infiltrated cultures from Paris to Beijing, understanding perfectly that what the world sees the world buys (in this case, Big Macs and anything plastered with a Nike swoosh). Of course, it helps when hoops legend Michael Jordan--the world's most idolized athlete--is pitching your products. His influence is pervasive: "McDonald's, blaring Michael Jordan's endorsement, operated in 103 nations and fed one percent of the world's population each day. 'Within the East Asian urban environment,' one historian of the firm notes, 'McDonald's fills a niche once occupied by the teahouse, the neighborhood shop, the street-side stall, and the park bench.'"
LaFeber transitions smoothly from Michael Jordan biography to socioeconomic commentary, first exploring Jordan as the great American hero, then turning a critical eye on Nike and its shoddy overseas labor practices. Jordan can certainly sell shoes, but at what cost? In the final chapter heading, LaFeber asks whether Michael Jordan is the "Greatest Endorser of the Twentieth Century" or "An Insidious Form of Imperialism." He presents evidence of both, but ultimately The New Global Capitalism becomes less about Jordan's marketing prowess than America's influence over the world's consumer habits, and, subsequently, the havoc that power can wreak. LaFeber's short (164 pages), lucid study gives readers a fresh perspective on the battle between capital and culture. Recommended. --Rob McDonald
Book Description
Walter LaFeber's timely analysis looks at the ways that triumphant capitalism, coupled with high-tech telecommunications, is conquering the nations of the world, one mind—one pair of feet—at a time.
With Michael Jordan and the New Global Capitalism, Walter LaFeber has written a biography, a social history, and a far-ranging economic critique. From basketball prodigy to international phenomenon to seductive commercial ideal, Michael Jordan is the supreme example of how American corporations have used technology in a brave, massively wired new world to sell their products in every corner of the globe. LaFeber's examination of Nike and its particular dominion over the global marketplace is often scathing, while his fascinating mini-biography of Michael Jordan and the commercial history of basketball reveal much about American society.
For this new paperback edition, LaFeber has added a chapter on globalization in a changed world, after mass protests and since September 11.
Customer Reviews:
Capital vs Culture.......2007-09-23
LaFeber was well-known and loved by his students at Cornell as a spell binding lecturer and is widely respected as an expert on the history U.S foreign relations. So at first I wondered what about Michael Jordan could possibly interest a distinguished and conscientious scholar of American history, someone not normally associated with forays into pop culture. But it's a really fascinating, thoughtful, and surprising essay. LaFeber argues that Jordan is even bigger than we think--not as a sports icon but as both a symptom and cause of revolutionary change in the global order of things. Yes, the world changed with the fall of the Berlin Wall and with the end of the cold war, he says, but the rise of Jordan is an even bigger watershed moment in world history. The real kicker comes late in the book and is somewhat understated--that there is a war between culture and capital and capital is winning. The implications of this idea are enormous and mostly frightening. This is the maelstrom Marshall McLuhan was trying to warn us about. For anyone interested in media studies, cultural criticism, or a scholarly historian's perspective on global capitalism, this book will be eye-opening and mind-expanding. And the bits about Jordan himself are pretty fascinating.
A must read for all world citizens.......2005-06-30
Just a short note to say that this is one of the most important books I have read in the past 10 years. It tackles capitalism, race, & the role of the individual in the global context in an engaging yet very well informed manner. As a History professor, I have tought this book at several major universities and it has always met with much approval from my students.
Simply Wonderful book. Definitely recommend it........2005-05-05
This book was absolutely riveting. Provides in-depth information about anything to do with Michael Jordan and basketball in terms of its relations to the world. You will not have any questions when done reading. Gives a whole new perspective on the marketing of the NBA and how things work and evolve. The author shows how one person can affect millions, even billions of people. It allows us a glimpse of how something small can be so big at the same time.
There Is More To Michael Jordan Then Playing Basketball..........2004-05-14
In Michael Jordan And The New Global Capitalism, Walter LaFaber uses his ability to research and write about something to express to the readers how important advertising is to any corporation or business. For the Nike Corporation, they partnered up with Michael Jordan and worked out a plan to advertise him and their products through worldwide telecommunications. When Michael Jordan won (which was something he did a lot), the Nike Corporation won too, because everyone wanted to be "like Mike," and the only way to be "like Mike" was to buy his footwear and apparel or other Nike footwear and apparel. This book is a good awakening to anyone interested in how our economy works for big businesses, and its also a good book for anyone interested in basketball and or Michael Jordan. This is a definite must read all in all, because even if you end up not liking this book, you will be better off having read it.
Good Enough.......2002-10-21
Lafeber really shows you how putting time and effort into something can really take you far in life. I found the book to be very fascinating because it gives all the history of how basketball got started and how MJ and Nike became such powerful household names. This book is a really good read for any MJ fan who wants to learn the whole history behind him. It shows you what global advertising can do to a persons popularity. The bottom line this book is filled with tons of very interesting facts and just tells a good story, so go pick it up as soon as you can.
Book Description
From one of our shrewdest economic trend-spotters, a wake-up call that prosperity is about to shift from the West to the East, and what we can do before it's too late
By the beginning of this century it was already commonplace to speak of the U.S. as a "hyperpower," to talk of its military, political, and economic clout as unprecedented in world history, and to assume that American dominance would continue at least throughout our lifetimes. It is conventional wisdom that America will have no serious rivals for at least a generation. But the American position is far more fragile and ephemeral than much of the world believes.
Clyde Prestowitz shows the powerful yet barely visible trends that are threatening to end the six-hundred-year run of Western domination of the world. The trends include America's increasingly unsustainable trade deficits; the equally unsustainable (and dangerous) buildup of massive dollar reserves in places like Japan and China; the end of America's position as the world's premier center for invention and technological innovation; the sudden entrance of 2.5 billion people in India and China into the world's skilled job market; the role of the World Wide Web in permitting many formerly localized jobs to be done anywhere in the world; and the demographic meltdown of Europe, Japan, Russia, and, in later decades, even China. Three Billion New Capitalists is a clear-eyed and profoundly unsettling look at America's and the world's economic future, from an author with a history of predicting the important trends long before they become apparent to others.
Customer Reviews:
Scary but Excellent Must Read.......2007-05-28
No need to write anything extensive as the prior reviewers have done a great job. I have found this book to be the most profound analysis of what is happening around the world to date. This book really sums things up and paints a grim picture of things to come in the USA. This book is miles above Thomas Friedmans breezy light cheerleading extolling the benefits of a flat world. This book is truly a must read.
Great Read on globalisation, economics and politics.......2007-02-03
Clyde has done a great job trying to explain how globalization, economics and politics is changing the way we live today. Even though he is from the conservative Reagan administration, he has unbiased opinions about the current economic situations around the globe.
He not only talks about China as a globalization power, but also talks about the shortcomings of the United States as the current economic super power.
This book is better that Tom Friedman's "The World is Flat"
Very detailed....and sobering if even only half true.......2006-10-28
I believe this accounts listed in the book are true, and so my title wasn't written to indicate that I don't believe the book...but rather to indicate how serious our situation could be.
I say could be because I think the countries of China and India still need us in a big way...because we are the #1 consumers. But as we lose that benchmark and sink to 2nd or even third behind Europe and Asia, they will no longer have an interest in supporting our unbridaled spending. (lets face it, we spend more money than we actually have....not everyone, but as a whole as a country!)
This book outlines all the numbers, and reasons for the current situation. I actually feel it is somewhat positive in it's progonosis for the future. There are other books that have us jumping right off the cliff....but the outlooks given here are not all rosy, but don't all end with a 100 foot plunge to our end.
Very good book...I recommend it highly!
Haven't We Been Down This Road Before?.......2006-08-14
Interesting to see a book like this come from Prestowitz, former Undersecretary in the Reagan Administration. Back then it was America losing its good jobs and future to the Japanese. Remember them? Japan, Inc....central planning...national industrial policy...would soon be running the world. American debt, loss of technological edge, outsourcing would all mean the USA would be reduced to second-world status by 2006.
It was precisely because Prestowitz's Commerce Department let the 'hidden hand' of the market prevail that we wound up with the economic boom of the 90s.
So it is very strange to see Prestowitz ring the same alarm bells he firmly rejected a generation ago. Seems every economic book I read these days remeinds me of the early 80s....alarmist. That is not to deny the issues he raises in this book, but to paint a grim and destitute future for the American economy is tired and not well thought out.
That, in the end, is why this book only gets two stars. Intellectually it's bereft. Nothing new here.
another one about globalization like the analysis of thomas friedman.......2006-06-26
I liked this book. Obviously, with the Cold War over, America now needs to compete globally with India and China, among others. This book talks about the ways that companies can do so and the challenges facing us. This book is quite similar to Thomas Friedman's book The World Is Flat, in places. The apologists for globalization say one thing-- the opponents of multinational corporations' exploitation of workers say another thing-- but the fact remains that worldwide capitalism is changing, and each of us needs to change to remain employable. This book is a report on the inclusion of India and China's billions into capitalism.
Book Description
Among the most vexing challenges for entrepreneurs is how to avail themselves of the necessary services--intellectual venture capital--without burning through their seed money at a rate that makes further borrowing prohibitively expensive. Traditionally, professional firms have charged entrepreneurs a fee for their services, based on billable hours and effort. Yet in the past decade, an alternative model has emerged that obviates the entrepreneurs' conundrum while still satisfying the needs of the service provider. The alternative is an equity-for-services arrangement, whereby professionals are rewarded for their work with a stake in the new venture, to be redeemed at a later date at an initial public offering (IPO), for example, or when a trust fund matures. Both parties can benefit under such an arrangement. The entrepreneur benefits by being able to afford patent attorneys, public relations consultants, recruiting firms, and all the other knowledge providers crucial to the success of a new venture, and the intellectual venture capitalists have an incentive to work toward the long-term success of the startup. This book outlines the potential risks and rewards of equity compensation, enabling both service providers and entrepreneurs to make informed decisions.
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