The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America-and How to Undo His Legacy

New York Times reporter and "Corner Office" columnist David Gelles argues that legendary GE CEO Jack Welch is the root of all that is wrong with capitalism today and offers advice on how to right those wrongs. He chronicles Welch's campaign to vaporize hundreds of thousands of jobs, eviscerate the country's manufacturing base, and destabilize the middle class. Gelles also shows how Welch's emphasis on increasing shareholder value by any means necessary became the norm in American business, leading to the greatest socioeconomic inequality since the Great Depression and harming many of the very companies that have embraced it.

Format: Hardback
Length: 272 pages
Publication date: 21 July 2022
Publisher: Simon & Schuster

New York Times reporter and "Corner Office" columnist David Gelles has written a book that exposes legendary GE CEO Jack Welch as the root of all that is wrong with capitalism today. In 1981, 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. However, Welch's achievements did not 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 his captivating, revelatory book, 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.

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. However, financialization ultimately undermined GE and dozens of other Fortune 500 companies.

Gelles' book is a must-read for anyone who wants to understand the origins of the current economic crisis and the challenges facing American capitalism. It provides a critical analysis of Welch's legacy and offers advice on how we can right those wrongs. By exposing the true nature of Jack Welch and his impact on the world of business, Gelles has written a book that will be of interest to business leaders, policymakers, and anyone who cares about the future of our economy.

Weight: 440g
Dimension: 229 x 152 x 25 (mm)
ISBN-13: 9781982176440