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The Man Who Broke Capitalism
Book

The Man Who Broke Capitalism

How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America―and How to Undo His Legacy

David Gelles
Simon & Schuster, 2022

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Editorial Rating

8

Qualities

  • Eye Opening
  • Background
  • Concrete Examples

Recommendation

Jack Welch’s tenure at General Electric during the 1980s and 1990s coincided with a sharp turn in America’s economy, as factory jobs moved overseas and employment for life gave way to the ever-looming threat of layoffs. But Welch didn’t just reflect the free-market ethos of the time, journalist David Gelles argues; Welch actively promoted it, in no small way through the many GE alumni who led rounds of cost-cutting and union-busting at major corporations. It might seem a stretch to blame just one CEO for America’s current wealth inequality, but Gelles makes a compelling case that Welch played an outsized role in creating today’s economic inequities.

Take-Aways

  • Jack Welch spurred a shift in the way US companies treated workers, regulators and government.
  • At General Electric, Welch embraced layoffs, acquisitions and financialization.
  • When Welch took over at GE, he assumed the helm of the world’s most influential company.

About the Author

David Gelles is the Corner Office columnist and a business reporter for The New York Times. 

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    A. M. 4 months ago
    Good
  • Avatar
    R. E. 2 years ago
    Somewhat left of centre analysis. Should US workers be paid more, or should we focus on profitability given the rise of China?
  • Avatar
    W. B. 2 years ago
    perfect to read !