000			03888pam a22004215i 4500
001			0010001815947
005			20250921161743.0
008			211018s2022 e 0 eng
020			_a9781982176440 ; _c28.00
035			_a131012363 HARDCOVER
039			_a136590 _cTLC
040			_aTLC _erda
041			_aeng
082		4	_a330.122
092			_a330.12 GEL
100	1		_aGelles, David, _eAuthor _0(local)tmpaut920480034277960
245	1	4	_aThe Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America and How to Undo His Legacy
263			_a2022
264		1	_a[Place of publication not identified] : _bSimon & Schuster, _cMay 31, 2022.
300			_a272 Pages
336			_atext _btxt _2rdacontent
337			_aunmediated _bn _2rdamedia
338			_avolume _bnc _2rdacarrier
380			_aBook _2tlcgt
385			_aGeneral _2tlctarget
385			_aAdult _2marctarget
500			_aNew Book 2022 Fall.
520			_aIn 1981, Jack Welch took over General Electric and quickly rose to fame as the first celebrity CEO. He golfed with presidents, mingled with movie stars, and was idolized for growing GE into the most valuable company in the world. But Welch’s achievements didn’t stem from some greater intelligence or business prowess. Rather, they were the result of a sustained effort to push GE’s stock price ever higher, often at the expense of workers, consumers, and innovation. In this captivating, revelatory book, David Gelles argues that Welch single-handedly ushered in a new, cutthroat era of American capitalism that continues to this day. Gelles chronicles Welch’s campaign to vaporize hundreds of thousands of jobs in a bid to boost profits, eviscerating the country’s manufacturing base and destabilizing the middle class. Welch’s obsession with downsizing—he eliminated 10% of employees every year—fundamentally altered GE and inspired generations of imitators who have employed his strategies at other companies around the globe. In his day, Welch was corporate America’s leading proponent of mergers and acquisitions, using deals to gobble up competitors and giving rise to an economy that is more concentrated and less dynamic. And Welch pioneered the dark arts of “financialization,” transforming GE from an admired industrial manufacturer into what was effectively an unregulated bank. The finance business was hugely profitable in the short term and helped Welch keep GE’s stock price ticking up. But ultimately, financialization undermined GE and dozens of other Fortune 500 companies. Gelles shows how Welch’s celebrated emphasis on increasing shareholder value by any means necessary (layoffs, outsourcing, offshoring, acquisitions, and buybacks, to name but a few tactics) became the norm in American business generally. He demonstrates how that approach has led to the greatest socioeconomic inequality since the Great Depression and harmed many of the very companies that have embraced it. And he shows how a generation of Welch acolytes radically transformed companies like Boeing, Home Depot, Kraft Heinz, and more. Finally, Gelles chronicles the change that is now afoot in corporate America, highlighting companies and leaders who have abandoned Welchism and are proving that it is still possible to excel in the business world without destroying livelihoods, gutting communities, and spurning regulation.
521			_aAdult
650		0	_aCapitalism _0(DLC)sh 85019958
650		7	_aWelch, Jack _2local _0(local)tlcaut1180929181833500
650		0	_aBusiness ethics _0(DLC)sh 85018297
650		0	_aEconomic conditions _0(DLC)sh 85040802
650		7	_a1981-2001 _2local _0(local)tlcaut1180958630043500
651		0	_aUnited States _0(DLC)n 78095330
949			_aIANF _c330.12 GEL _g30404100281052 _p28.00 _j91814 _eIANF _fAvailable
942			_cBK
999			_c30101 _d30101