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A review by ptenorio71
The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy by David Gelles
4.0
Jack Welch transformed a thriving American company as if it were in dire need of a turnaround. He drove a significant rise of the GE Corporation but ultimately was responsible for the actions that brought it down.
He proactively initiated massive layoffs, setting the stage for the era of widespread downsizing, outsourcing, and offshoring. Pioneering the use of dealmaking to diversify the business across various industries, he initiated a wave of consolidation that ultimately concentrated industries and reduced economic dynamism. Welch introduced an unprecedented emphasis on quarterly earnings, employing financial strategies such as earnings smoothing, stock buybacks, and more to ensure that GE's stock price maintained an upward trajectory.
With labor rising and a taste for a livable wage being tasted and tested, now feels like an important time to understand and undo the impact Jack Welch & Welchism has had on this country.
Methods to mitigate and undo the impact of Welchism:
1. Offer better pay and benefits.
2. Share profits and equity.
3. Upskill workers.
4. Put workers on boards.
5. Think long term.
6. Raise the minimum wage.
7. Raise taxes
8. Strengthen anti-trust policies.
9. Cap executive compensation.
He proactively initiated massive layoffs, setting the stage for the era of widespread downsizing, outsourcing, and offshoring. Pioneering the use of dealmaking to diversify the business across various industries, he initiated a wave of consolidation that ultimately concentrated industries and reduced economic dynamism. Welch introduced an unprecedented emphasis on quarterly earnings, employing financial strategies such as earnings smoothing, stock buybacks, and more to ensure that GE's stock price maintained an upward trajectory.
With labor rising and a taste for a livable wage being tasted and tested, now feels like an important time to understand and undo the impact Jack Welch & Welchism has had on this country.
Methods to mitigate and undo the impact of Welchism:
1. Offer better pay and benefits.
2. Share profits and equity.
3. Upskill workers.
4. Put workers on boards.
5. Think long term.
6. Raise the minimum wage.
7. Raise taxes
8. Strengthen anti-trust policies.
9. Cap executive compensation.