Book: New York Times Bestseller

David Gelles, New York Times journalist and author of the "Corner Office" column, reveals the legendary CEO of GE, Jack Welch, as the cause of all the ills of capitalism today and offers advice on how we can correct these mistakes.

In 1981, Jack Welch took over the leadership of General Electric and quickly became famous as the first celebrity CEO. His fame stemmed from a prolonged effort to drive up GE's stock price, often at the expense of employees, consumers, and innovation.

In this fascinating book, Gelles argues that Welch introduced a new, ferocious era of American capitalism that continues to this day. He chronicles Welch's campaign to eliminate hundreds of thousands of jobs in order to boost profits, through the dismantling of the country's industrial base and destabilization of the middle class.

Welch, who was the main proponent of mergers and acquisitions in corporate America, used these deals to buy out competitors, creating a more concentrated and less dynamic economy. Furthermore, he developed "financialization," transforming GE from a beloved industrial manufacturer into a virtually unregulated bank.

Gelles shows how Welch's emphasis on increasing shareholder value by any means became the norm in American business and how this approach led to significant socioeconomic inequality. Finally, he refers to the changes happening now in corporate America, highlighting companies and leaders who reject Welch and demonstrate that it is still possible to excel in the business world without destroying jobs and communities.

Pages: 288, Year of Publication: 0720, Dimensions: 14x14cm