by David Gelles
First published 2022
New York Times reporter David Gelles exposes how Jack Welch destroyed the foundation of American capitalism during his reign at General Electric from 1981 onward. Gelles argues that Welch became the first celebrity CEO by prioritizing stock price above all else, slashing hundreds of thousands of jobs while golf partners with presidents celebrated his success. The author traces how Welch's annual elimination of 10% of employees became standard practice across corporate America. Gelles shows how Welch pioneered financialization by converting GE from a respected manufacturer into an unregulated bank, generating short-term profits that ultimately undermined the company. The book demonstrates how Welch's shareholder value obsession through layoffs, outsourcing, and acquisitions created the widest wealth gap since the Great Depression. Gelles examines how Welch disciples transformed Boeing, Home Depot, and Kraft Heinz using similar tactics. The book concludes by identifying companies and leaders who have rejected Welch's methods, proving businesses can succeed without destroying communities and worker livelihoods.
Genres: business, politics, economics, non-fiction, 21st-century, american-history
Vibes: intimate, suspenseful, thought-provoking
Tropes: investigative-journalism, social-commentary
Setting: General Electric, United States
Period: 1981-Onward
272 pages · Hardcover · Simon & Schuster