Ten years after the first stirrings of the global financial crisis of 2007–09, economic historians are trying desperately to understand what has gone wrong. With remarkable frequency, writers and thinkers orient themselves and their stories around World War II, which seems entirely appropriate: What’s happening in the global economy and in politics certainly may feel like an unraveling of the postwar institutions and order. But … [ Read more ]
Content: Article | Author: Ryan Avent | Source: strategy+business | Subjects: Economics, History
Today’s economic and political upheavals reflect an ongoing misalignment between business and economies (on the one hand) and acceptable societal outcomes (on the other). There is still time to adjust, if we are willing to reexamine some long-held assumptions.
Content: Article | Authors: Blair Sheppard, Colm Kelly | Source: strategy+business | Subjects: Capitalism, Economics, History
It’s been a tumultuous 10 years. And the period has produced a bumper crop of excellent economics books by academics, journalists, and practitioners who have attempted to grapple with the extraordinary macroeconomic disaster. They have examined why it happened, how to fix it, what it means, and how to avoid a recurrence of anything even remotely as hellish.
But we may have arrived at a crossroads. … [ Read more ]
Content: Article | Author: J. Bradford DeLong | Source: strategy+business | Subjects: Economics, History
An interesting essay by finance luminary Eugene F. Fama, which touches on some of the important events in the evolution of the finance field.
Content: Article | Author: Eugene F. Fama | Source: Capital Ideas | Subjects: Finance, History
In the 1950s, few economists thought of phenomena such as racial discrimination as under their purview. That changed in 1957, when Gary S. Becker, Professor of Economics and of Sociology at the University of Chicago and at Chicago Booth before his death in 2014, published The Economics of Discrimination, a book based on his 1955 PhD thesis.
Becker’s analysis would extend the reach of economics, and … [ Read more ]
Content: Article | Authors: Gary S. Becker, Kevin M. Murphy | Source: Capital Ideas | Subjects: Economics, History
Future leaders will succeed by being entrepreneurial and by rethinking the balance between financial and social goals.
Content: Article | Author: Tim Laseter | Source: strategy+business | Subjects: General, History
Even as old ideas remain in use (and are still taught), management as it is practiced by the most thoughtful executives evolves. Building on ideas from my colleague Ian MacMillan, I’d propose that we’ve seen three “ages” of management since the industrial revolution, with each putting the emphasis on a different theme: execution, expertise, and empathy.
Content: Article | Author: Rita Gunther McGrath | Source: Harvard Business Review | Subjects: History, Management
Headlines espousing the relative decline of the U.S. industrial base, despite a recent upsurge, have left American managers focused on today’s news and this quarter’s results. As a result, few have heeded the invaluable lessons of the country’s longest-running manufacturing success story. For nearly a century, the Lincoln Electric Company has consistently ranked among the most productive manufacturing enterprises in the United States, all while … [ Read more ]
Content: Article | Author: James O’Toole | Source: strategy+business | Subjects: History, Management | Company: Lincoln Electric Company
Shakeouts are a common feature of nascent industries. IESE visiting professor Luís Cabral proposes a novel explanation for shakeouts based on sunk costs and technological uncertainty. Fearing they will back the wrong horse, firms initially invest conservatively, only expanding to their optimal capacity once the winning technology emerges, thereby triggering a shakeout.
Content: Article | Author: Luís Cabral | Source: IESE Insight | Subjects: Economics, History
Harvard-Newcomen Fellow Caitlin C. Rosenthal studies the meticulous records kept by southern plantation owners for measuring the productivity of their slaves, some of which were forerunners of modern management techniques.
Content: Article | Author: Katie Johnston | Source: Harvard Business School (HBS) Working Knowledge | Subject: History
The renowned author discusses how the great economists uncovered the basic truth about progress, prosperity, and productivity, and the reasons you should be careful which ideas you listen to.
Content: Article | Authors: Rob Norton, Sylvia Nasar | Source: strategy+business | Subjects: Economics, History
A British merchant’s long-forgotten work, An Essay on the State of England, could lead to a rethinking of how modern economies developed in Europe and America, and add historical perspective on the proper relationship between government and business. An interview with business historian Sophus A. Reinert.
Content: Article | Author: Sean Silverthorne | Source: Harvard Business School (HBS) Working Knowledge | Subjects: Economics, History
Just after the nation’s founding, Alexander Hamilton took on a banking crisis with eerie parallels to today’s,
Content: Article | Author: Richard Sylla | Source: STERNbusiness (NYU) | Subjects: Economics, History
How capitalism killed the soul of Motorola.
Content: Article | Author: Barry C. Lynn | Source: The Conference Board Review | Subjects: Economics, History | Company: Motorola
In its 400+ year history, the corporation has achieved extraordinary things, cutting around-the-world travel time from years to less than a day, putting a computer on every desk, a toilet in every home (nearly) and a cellphone within reach of every human. It even put a man on the Moon and kinda-sorta cured AIDS.
So it is a sort of grim privilege for the generations … [ Read more ]
Content: Article | Author: Venkatesh Rao | Source: ribbonfarm | Subject: History
The lessons of history suggest that if we want to reduce poverty in emerging markets, regulation reform and business success are prerequisites, not outcomes.
Content: Article | Authors: R. Glenn Hubbard, William Duggan | Source: strategy+business | Subject: History
The economic crisis has prompted many to call for a greater emphasis on studying the history of business and management. Morgen Witzel looks at the lessons that could be learned and why they are so important.
Content: Article | Author: Morgen Witzel | Source: Global Focus | Subject: History
The legendary advertising innovator David Ogilvy created an enduring organization using culture, integrity, and charm.
Content: Article | Author: Kenneth Roman | Source: strategy+business | Subjects: History, People
The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.
Content: Article | Author: Michael Lewis | Source: Portfolio | Subjects: Economics, Finance, History
Last year, on the 100th anniversary of their book’s subject, Robert F. Bruner and Sean D. Carr published The Panic of 1907: Lessons Learned from the Market’s Perfect Storm (John Wiley & Sons). A year later, as we weather a far greater financial storm, the book’s lessons are more relevant than ever. From their analysis of one of the worst banking panics in U.S. history, … [ Read more ]
Content: Article | Authors: Edward Teach, Robert F. Bruner | Source: CFO Publishing | Subjects: Economics, Finance, History