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The Man Who Broke Capitalism

The Man Who Broke Capitalism

How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America―and How to Undo His Legacy
作者 David Gelles 2022 272 页数
4.01
2k+ 评分
11 分钟
Listen to Summary (11 分钟)

重点摘要

1. 杰克·韦尔奇以无情的效率改造了通用电气和美国企业界

“你必须摆脱季度报告和季度行为的老鼠赛跑。”

管理革命。 1981年,杰克·韦尔奇成为通用电气的首席执行官时,他接手了一家典型的战后美国资本主义公司——稳定、父爱主义,专注于工程卓越。在接下来的二十年里,韦尔奇将通用电气彻底改造成一个精简、敏捷的企业集团,专注于最大化利润和股东回报。

广泛影响。 韦尔奇的管理哲学,被称为“韦尔奇主义”,远远超出了通用电气,其他公司纷纷效仿他的成功。他对效率、削减成本和财务表现的关注成为美国企业界的主导范式。韦尔奇被《财富》杂志评为“世纪经理人”,他的管理方法在商学院广泛教授。

混合遗产。 虽然韦尔奇在任期间因通用电气的股价飙升和持续的盈利增长而备受推崇,但他的做法的长期后果在他退休后变得显而易见。对短期结果的无情关注以牺牲创新、员工福利和长期可持续性为代价。韦尔奇的继任者们难以维持通用电气的成功,最终导致公司的衰落和分拆。

2. 韦尔奇将股东价值置于首位,重新定义了企业的目的

“管理层和董事会的首要职责是对公司的股东负责。”

股东至上。 韦尔奇接受并推广了将最大化股东价值作为企业主要目标的理念。这标志着从战后盛行的利益相关者模型的重大转变,在利益相关者模型中,公司平衡员工、客户、社区和股东的利益。

财务重点。 在韦尔奇的领导下,通用电气专注于实现季度盈利目标和提高股价。这往往以牺牲长期的研发投资、员工福利和社区参与为代价。

  • 韦尔奇著名地宣称公司的目标是在其经营的每个业务中成为“第一或第二”,否则就退出该业务
  • 他实施了激进的股票回购计划以提升股价
  • 通用电气因持续达到或超越华尔街的盈利预期而闻名,通常通过创造性的会计和财务工程实现

3. 通用电气在韦尔奇领导下的成功建立在裁员、交易和金融化之上

“中子杰克”

大规模裁员。 韦尔奇因其激进的裁员措施而获得了“中子杰克”的绰号,这些措施在通用电气消除了数十万个工作岗位。他实施了一种有争议的“排名和淘汰”制度,要求经理每年解雇表现最差的10%。

不断的交易。 在韦尔奇的领导下,通用电气成为并购机器,不断买卖业务以重塑公司的投资组合。这包括收购RCA(拥有NBC)和创建通用电气资本等重大交易。

  • 在韦尔奇任期内,通用电气进行了近1000次收购
  • 公司还出售或关闭了数百个表现不佳的业务

财务工程。 韦尔奇大幅扩展了通用电气资本,将这个工业集团变成了一个主要的金融服务公司。这使通用电气能够平滑盈利并进行复杂的会计操作以满足华尔街的预期。

  • 到1990年代末,通用电气资本占公司利润的近一半
  • 金融部门变得如此庞大和复杂,以至于对更广泛的经济构成系统性风险

4. 韦尔奇的领导风格对抗性强,创造了恐惧文化

“为他工作就像打仗。很多人被打得遍体鳞伤;幸存者继续下一场战斗。”

激进管理。 韦尔奇以其对抗性和经常咄咄逼人的领导风格而闻名。他培养了一种高度竞争的企业文化,经理们相互竞争,失业的恐惧被用作激励手段。

个人崇拜。 韦尔奇在通用电气内部和更广泛的商业世界中都成为了一个超凡脱俗的人物。他强势的个性和显而易见的成功使许多人将他视为管理智慧的先知。

  • 韦尔奇建立了一个名为克罗顿维尔的领导力培训中心,被称为“杰克的大教堂”
  • 他亲自监督高管的培养和晋升
  • 韦尔奇的书籍和演讲使他成为管理大师

5. 通用电气资本成为主要利润中心,但引入了重大风险

“由于我一生都在制造东西,努力工作以赚取一分钱,我无法相信这看起来是多么容易。”

金融强国。 在韦尔奇的领导下,通用电气资本从一个为通用电气产品提供融资的小部门成长为一个庞大的金融服务机构。它从事包括商业贷款、保险和复杂的衍生品交易在内的广泛活动。

隐藏的风险。 通用电气资本的快速增长和复杂性给整个公司带来了重大风险。这些风险通常被不透明的会计和该部门平滑通用电气盈利的能力所掩盖。

  • 通用电气资本的资产从1980年的110亿美元增长到2001年的超过3700亿美元
  • 该部门的活动使通用电气在2008年金融危机中暴露出脆弱性
  • 监管机构最终将通用电气资本视为“系统重要性金融机构”

6. 韦尔奇的继任者们难以维持通用电气的成功,最终失败

“跟随你并不有趣。”

不可能的期望。 杰夫·伊梅尔特在2001年接替韦尔奇成为首席执行官时,继承了一家期望过高且隐藏脆弱性的公司。他在不断变化的商业环境中难以维持通用电气的卓越表现。

一系列危机。 在伊梅尔特和后续的首席执行官领导下,通用电气面临多重挑战,包括:

  • 9/11袭击对通用电气航空和保险业务的影响
  • 2008年金融危机暴露了通用电气资本的弱点
  • 在电力和石油天然气领域的失败收购和糟糕的战略决策

衰落和分拆。 在韦尔奇退休后的几年里,通用电气的股价和声誉显著下降。2021年,公司宣布计划分拆为三家独立公司,实际上结束了通用电气作为工业集团的运行。

7. 韦尔奇的管理哲学在美国企业界广泛传播

“杰克设定了路径。他看到了整个世界。他超越了整个世界。他在通用电气创造的东西成为了公司现在的运作方式。”

通用电气校友网络。 许多在韦尔奇手下工作的高管后来领导了其他大型公司,将他的管理哲学传播到各个行业。这包括波音、家得宝和克莱斯勒等公司的领导者。

商业教育。 韦尔奇的方法在商学院和管理培训项目中广泛教授。他的书籍和演讲进一步普及了他的理念。

更广泛的文化影响。 韦尔奇主义影响了社会对企业和高管角色的看法。它促成了:

  • “名人首席执行官”的崛起
  • 媒体报道中对股价和季度盈利的关注增加
  • 随着高管薪酬飙升而工人工资停滞,收入不平等加剧

8. 韦尔奇主义的负面后果随着时间的推移变得显而易见

“韦尔奇主义使美国变得更贫穷、更不平等、更不安全。”

经济影响。 韦尔奇管理哲学的传播促成了更广泛的经济趋势,包括:

  • 工人工资停滞
  • 美国制造业工作岗位减少
  • 经济金融化加剧
  • 收入不平等加剧

企业丑闻。 满足短期财务目标的压力导致许多公司出现会计欺诈和其他道德违规行为,包括安然、世通,最终还有通用电气本身。

长期成本。 对股东价值和短期结果的关注以牺牲以下方面为代价:

  • 研发投资
  • 员工培训和发展
  • 企业社会责任计划
  • 长期战略规划

9. 一些公司和领导者现在正在拒绝韦尔奇的方法

“如果你想最大化股东回报,它会自动引导你走向更负责任的ESG、多利益相关者类型的商业模式。”

利益相关者资本主义。 越来越多的商业领袖和公司正在接受一种更平衡的方法,考虑多个利益相关者的利益,而不仅仅是股东。这包括:

  • 保罗·波尔曼领导下的联合利华,停止提供季度指导,专注于可持续发展
  • 丹·舒尔曼领导下的PayPal,提高了低薪工人的工资和福利
  • 商业圆桌会议2019年关于公司目的的声明,强调利益相关者的利益

长期关注。 一些公司优先考虑长期价值创造而非短期结果,包括:

  • 亚马逊愿意多年不盈利以建立市场份额
  • 巴塔哥尼亚等公司在可再生能源和可持续商业实践方面的投资

员工赋权。 越来越多的呼声要求在公司董事会中增加员工代表和利润分享安排。

10. 超越韦尔奇主义需要系统性变革和新优先事项

“要创造一个新经济,我们需要一个新的成功框架。”

政策变化。 解决韦尔奇主义的负面影响可能需要政府采取行动,包括:

  • 提高最低工资
  • 加强反垄断执法
  • 改革公司治理规则
  • 改变税收政策以遏制短期利润获取

企业改革。 公司可以采取措施重新平衡其优先事项,例如:

  • 将高管薪酬与长期绩效指标挂钩
  • 加大员工培训和发展的投资
  • 在决策中考虑环境和社会影响
  • 增加财务报告的透明度

文化转变。 超越韦尔奇主义还需要改变社会对企业角色和衡量成功的看法。这包括:

  • 重新定义企业的目的,不仅仅是利润最大化
  • 赞扬优先考虑利益相关者利益的商业领袖
  • 鼓励投资和商业战略中的长期思维

最后更新日期:

FAQ

What's The Man Who Broke Capitalism about?

  • Focus on Jack Welch: The book examines Jack Welch's tenure as CEO of General Electric and his significant impact on American capitalism.
  • Critique of Shareholder Primacy: It critiques Welch's focus on maximizing shareholder value, which led to negative consequences for employees and communities.
  • Legacy and Consequences: The book explores the long-term effects of Welch's strategies, including the decline of the middle class and corporate responsibility.

Why should I read The Man Who Broke Capitalism?

  • Understanding Modern Capitalism: It provides insights into the evolution of corporate America and the roots of current economic challenges.
  • Lessons from Leadership: Readers can learn from Welch's leadership style, understanding both its successes and societal harms.
  • Relevance to Current Issues: The book addresses themes like corporate accountability and economic inequality, which are highly relevant today.

What are the key takeaways of The Man Who Broke Capitalism?

  • Definition of Welchism: Welchism is a corporate philosophy prioritizing shareholder profits, often at the expense of employees and ethics.
  • Impact of Downsizing: Welch's downsizing strategies altered employer-employee relationships, leading to job insecurity.
  • Financialization of Corporations: Welch's focus on financial engineering over manufacturing has had lasting economic implications.

How did Jack Welch's leadership style influence corporate America?

  • Shareholder Value Focus: Welch's emphasis on shareholder value became a guiding principle for many corporations.
  • Aggressive Cost-Cutting: His tactics, including mass layoffs, were widely adopted, contributing to job insecurity.
  • Competitive Corporate Culture: Welch fostered a cutthroat environment, leading to stress and insecurity among workers.

What is the "rank and yank" method described in The Man Who Broke Capitalism?

  • Performance Evaluation System: This method involved ranking employees and firing the bottom 10 percent annually.
  • Impact on Morale: It created a transactional view of work, leading to insecurity and reduced morale.
  • Widespread Adoption: Many companies emulated this method, prioritizing profits over employee well-being.

How did Welch's approach to financialization affect GE?

  • Shift to Finance: Welch transformed GE into a financial powerhouse, emphasizing financial engineering.
  • Risks of Financialization: This shift introduced substantial risks, evident during the 2008 financial crisis.
  • Long-Term Consequences: The focus on financialization led to a culture of short-termism, affecting stability.

What are the societal implications of Welchism as discussed in The Man Who Broke Capitalism?

  • Erosion of the Middle Class: Welchism contributed to the decline of the middle class and growing economic inequality.
  • Corporate Accountability Issues: The focus on shareholder value led to a lack of accountability and unethical practices.
  • Impact on Worker Rights: Welch's strategies weakened labor unions and workers' rights, leading to a precarious workforce.

How did Welch's legacy continue to influence CEOs after his retirement?

  • Continued Adoption of Welchism: Many CEOs continued to implement Welch's strategies, perpetuating cost-cutting and shareholder primacy.
  • Challenges for Successors: Successors struggled to replicate Welch's success, facing backlash for aggressive tactics.
  • Shift in Corporate Culture: Welch's legacy led to a culture prioritizing short-term gains over sustainability.

What are the criticisms of Welch's management style in The Man Who Broke Capitalism?

  • Ruthlessness and Lack of Empathy: Welch's aggressive tactics fostered a toxic work environment and eroded loyalty.
  • Short-Term Focus: His emphasis on immediate profits led to a lack of investment in innovation and growth.
  • Ethical Concerns: The book highlights ethical issues, including earnings manipulation and prioritizing shareholder value over responsibility.

How does The Man Who Broke Capitalism connect Welch's practices to current economic issues?

  • Income Inequality: Welch's focus on shareholder value is linked to growing income inequality, benefiting the wealthy.
  • Corporate Accountability: The lack of accountability has led to public distrust of big business.
  • Impact of COVID-19: The pandemic exposed worker vulnerabilities, underscoring the need for stakeholder capitalism.

What are some examples of companies that embody Welchism today?

  • Amazon: The book discusses Amazon's focus on efficiency and profits, often at the expense of employee well-being.
  • Boeing: Boeing's management decisions, prioritizing profits over safety, are presented as a consequence of Welchism.
  • Kraft Heinz: The company's focus on cost-cutting and financialization has led to challenges like declining sales.

How does the author propose to move beyond Welchism?

  • Adopting Stakeholder Capitalism: Gelles advocates for prioritizing the interests of all stakeholders, not just shareholders.
  • Policy Changes: Systemic reforms like raising the minimum wage and capping executive compensation are necessary.
  • Corporate Responsibility: Companies should focus on long-term growth and sustainability rather than short-term profits.

评论

4.01 满分 5
平均评分来自 2k+ 来自Goodreads和亚马逊的评分.

《打破资本主义的人》收到了褒贬不一的评价,有人称赞它对杰克·韦尔奇破坏性商业实践及其对美国企业持久影响的批判。批评者欣赏书中对韦尔奇专注于股东价值和短期利润如何导致大规模失业和经济不平等的分析。然而,一些评论者认为这本书过于偏颇,缺乏细腻,认为它过于简化了复杂的经济趋势。尽管有这些批评,许多读者仍然认为这本书对理解当前经济挑战具有启发性和相关性。

Your rating:

关于作者

大卫·盖尔斯是《纽约时报》的一名记者,负责报道商业和金融,重点关注并购、公司治理和华尔街。在2013年加入《纽约时报》之前,他在《金融时报》工作了五年,报道旧金山和纽约的科技和媒体。盖尔斯因其在2011年对伯尼·麦道夫的独家监狱采访而闻名,这次采访提供了对臭名昭著的庞氏骗局的新见解。除了他的新闻事业外,盖尔斯还有冥想背景,并撰写了一本名为《正念工作》的书,探讨东方智慧对西方商业实践的影响。他与家人住在纽约市。

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