A sweeping tale of ambition, arrogance, egos, and feuds—and how they brought down a once-great company.
A business journalist traces the rise and fall of General Electric, the company that once exemplified American business.
There was a time when GE, a key player in the electricity revolution that powered America in the 20th century, was a leader in innovation and acumen, a reputation that persisted into the postwar era as it became a diversified conglomerate. Now there are only scattered fragments and a broken reputation. In this hefty study, Cohan, a former investment banker who has written multiple books on finance and Wall Street, delves into the records of the company’s early days, but he also presents the results of his interviews with CEOs of the modern era: Jack Welch, Jeff Immelt, and John Flannery. The current CEO, Larry Culp, declined to participate. Welch’s drive took the company into new areas, but his tenure was also problematic. GE’s strength was always industrial operations, but Welch moved it into media and financial services, using its internal bank GE Capital as the springboard. Welch picked Immelt as his successor but later said that the choice was a mistake. Immelt, for his part, claims that he spent much of his tenure cleaning up disasters that Welch swept under the rug (all of which he covers in detail in his 2021 memoir, Hot Seat). By the time Welch stepped down in 2001, the company had become dangerously overextended. The 2008 financial crisis exposed the corporation’s myriad weaknesses, and a painful period of sell-offs began. Flannery tried to bring order to the chaos with a proposal for radical restructuring, but he was fired after only 15 months. This is a long, complicated story, and there are times when Cohan struggles to keep the sprawling cast of squabbling characters organized. As he capably shows, all of GE’s leaders made mistakes, but there was also a pervasive sense of hubris. Would-be corporate titans, take note.
A sweeping tale of ambition, arrogance, egos, and feuds—and how they brought down a once-great company.Pub Date: Nov. 15, 2022
ISBN: 978-0-593-08416-8
Page Count: 880
Publisher: Portfolio
Review Posted Online: Aug. 25, 2022
Kirkus Reviews Issue: Sept. 15, 2022
BOOK REVIEW
BOOK REVIEW
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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