Category: Books

Jack Welch’s Protégés “Were Just Cost Cutters”

(p. 8) . . . in more than 100 conversations for “The Man Who Broke Capitalism,” my new book, from which this article is adapted, a broad range of people said some version of the same thing: While it has been more than two decades since Mr. Welch was C.E.O. of G.E., his legacy still affects millions of American households.

. . .

For a time in the early 2000s, five of the top 30 companies in the Dow Jones industrial average were run by men who had worked for Mr. Welch. “That’s why they got hired,” said William Conaty, G.E.’s longtime chief of human resources. “Because they had the playbook. They had the G.E. tool kit. And boards back then thought that was the answer.”

. . .

The Welch protégés who struck out on their own rarely fared well. At Home Depot, Albertson’s, Conseco, Stanley Works and many other companies, the same story seemed to repeat itself ad infinitum.

A G.E. executive was named C.E.O. of another company. News of the appointment sent the stock of that company soaring. The incoming leaders were lavished with riches when they took their new jobs, signing multimillion-dollar contracts that ensured them a gilded retirement, no matter how well they performed. A period of job cuts usually ensued, and profits sometimes rose for a few quarters, or even a few years. But inevitably, morale cratered, the business wobbled, the stock price sank and the Welch disciple was sent packing.

“A lot of G.E. leaders were thought to be business geniuses,” said Bill George, the former C.E.O. of Medtronic. “But they were just cost cutters. And you can’t cost cut your way to prosperity.”

For the full essay, see:

David Gelles. “Jack Welch and the Rise of C.E.O.s Behaving Badly.” The New York Times, SundayBusiness Section (Sunday, May 22, 2022): 1 & 7-8.

(Note: ellipses added.)

(Note: the online version of the review was updated June 27, 2022, and has the title “How Jack Welch’s Reign at G.E. Gave Us Elon Musk’s Twitter Feed.”)

The essay quoted above is adapted from Gelles’s book:

Gelles, David. The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America―and How to Undo His Legacy. New York: Simon & Schuster 2022.

Persian King Cyrus Tolerated Diversity of Religion and Culture

(p. C12) After another year that has cried out for inspiring leadership, I grasped glimmers of optimism from Matt Waters’s “King of the World,” a biography of Persian king Cyrus the Great.

. . .

Today Cyrus is revered as a model of pragmatic, benevolent rulership.

. . .

. . . Cyrus imposed or forbade no religion, language, ethnicity, dress code or culture on his native Persians or the many other peoples he ruled. Would that this were the case for his descendants today.

For the full review, see:

Timothy Potts. “12 Months of Reading; Timothy Potts.” The Wall Street Journal (Saturday, Dec. 10, 2021): C12.

(Note: ellipses added.)

(Note: the online version of the review has the date December 8, 2022, and has the title “Who Read What in 2022: Thinkers and Tastemakers.”)

The book praised by Timothy Potts is:

Waters, Matt. King of the World: The Life of Cyrus the Great. New York: Oxford University Press, 2022.

Religiosity of Some Environmentalists Obscures Unsettled Science on Climate-Change Questions

(p. C13) The emerging religiosity in the climate-change debate obscures the diversity of questions at issue. Are global surface temperatures indeed rising to problematic levels? Are human beings principally responsible for this effect, and can they reasonably reverse it by altering their behaviors? Steven E. Koonin, in “Unsettled” (2021), has shown that the answers to these questions are far more complicated than we’ve been led to believe.

For the full review, see:

Vivek Ramaswamy. “12 Months of Reading; Vivek Ramaswamy.” The Wall Street Journal (Saturday, Dec. 10, 2021): C13.

(Note: the online version of the review has the date December 8, 2022, and has the title “Who Read What in 2022: Thinkers and Tastemakers.”)

The book praised by Vivek Ramaswamy is:

Koonin, Steven E. Unsettled: What Climate Science Tells Us, What It Doesn’t, and Why It Matters. Dallas, TX: BenBella Books, 2021.

Cardiologist Braunwald Transformed Treatment of Heart Attacks

The book praised by Collison is about one of the founders of modern cardiology. David McCullough praised the book as “splendid.” Others did too.

(p. C6) We recently started Arc, a new biomedical research organization, and I’ve been digging into the early days of other institutions. Thomas Lee’s “Eugene Braunwald and the Rise of Modern Medi-(p. C7)cine” stood out.

For the full review, see:

Patrick Collison. “12 Months of Reading; Patrick Collison.” The Wall Street Journal (Saturday, Dec. 10, 2021): C6-C7.

(Note: the online version of the review has the date December 8, 2022, and has the title “Who Read What in 2022: Political and Business Leaders.”)

The book praised by Patrick Collison is:

Lee, Thomas H. Eugene Braunwald and the Rise of Modern Medicine. Cambridge, MA: Harvard University Press, 2013.

U.S. Elites Win Short-Term Profits from Pleasing the Chinese Communist Party

(p. C9) “Red-Handed: How American Elites Get Rich Helping China Win,” by Peter Schweizer, is an eye-opening book that highlights a legacy of entanglement that senior U.S. government officials have had with the Chinese Communist Party, or CCP, over the last couple of decades.  . . .  . . .–the entanglement between our officials and those of China’s ruling party has led to the trading of our collective security for the short-term high of profit.

For the full review, see:

Mike Garcia. “12 Months of Reading; Mike Garcia.” The Wall Street Journal (Saturday, Dec. 10, 2021): C9.

(Note: ellipses added.)

(Note: the online version of the review has the date December 8, 2022, and has the title “Who Read What in 2022: Political and Business Leaders.”)

The book praised by Mike Garcia is:

Schweizer, Peter. Red-Handed: How American Elites Get Rich Helping China Win. New York: Harper, 2022.

Inequality Has Not Increased If Government Transfer Payments Are Included in Income

(p. C10) This book—by Auburn University economist Bob Ekelund, economist and consultant John Early, and former U.S. Sen. Phil Gramm—shows that the political debate over inequality since the 1960s has had almost nothing to do with reality.   . . .   When the Census Bureau, which provides the source data everyone uses for inequality, calculates income, it counts only cash income. Nearly every transfer payment—money redistributed by the government for the purpose of attacking poverty—is left out! Once you include that money, the bottom half of the income distribution has almost exactly the same income from top to bottom. “The Myth of American Inequality” is in my view the most important book published this year.

For the full review, see:

Kevin Hassett. “12 Months of Reading; Kevin Hassett.” The Wall Street Journal (Saturday, Dec. 10, 2021): C10.

(Note: ellipsis added.)

(Note: the online version of the review has the date December 8, 2022, and has the title “Who Read What in 2022: Political and Business Leaders.”)

The book praised by Kevin Hassett is:

Gramm, Phil, Robert Ekelund, and John Early. The Myth of American Inequality: How Government Biases Policy Debate. Lanham, MD: Rowman & Littlefield Publishers, 2022.

Steve Case’s “Heroic Push” to Encourage Entrepreneurship Outside Silicon Valley, in “Surprising Places”

(p. C12) This is why one of the most energizing books I read this year was Steve Case’s “The Rise of the Rest.” It chronicles Steve’s journey to nurture tech startups in what some might consider “surprising” places. Think: Milwaukee vs. Silicon Valley.

. . .

Steve’s book is a heroic push encouraging us to widen the aperture. With the right investments and visibility, we can change the American landscape for the better, leveling the playing field and creating a more inclusive economy for years to come.

For the full review, see:

Asutosh Padhi. “12 Months of Reading; Asutosh Padhi.” The Wall Street Journal (Saturday, Dec. 10, 2021): C12.

(Note: ellipses added.)

(Note: the online version of the review has the date December 8, 2022, and has the title “Who Read What in 2022: Political and Business Leaders.”)

The book praised by Asutosh Padhi is:

Case, Steve. The Rise of the Rest: How Entrepreneurs in Surprising Places Are Building the New American Dream. New York: Avid Reader Press, 2022.

Smil Shows How Fossil Fuels “Are Indispensable to Feeding the World”

(p. C6) In “How the World Really Works” the distinguished Canadian environmental scientist Vaclav Smil distills a lifetime of erudition.

. . .

Mr. Smil describes the massive extent to which fossil fuels are required to extract and produce the core materials—ammonia-based fertilizers, steel, cement and plastics—that are indispensable to feeding the world and building the machines and infrastructure on which modern economies depend.

. . .

Within the realm of the possible, he writes, “one thing remains certain” about transitioning to renewable energy: “It will not be (it cannot be) a sudden abandonment of fossil carbon, nor even its rapid demise—but rather its gradual decline.”

For the full review, see:

William Barr. “12 Months of Reading; William Barr.” The Wall Street Journal (Saturday, Dec. 10, 2021): C6.

(Note: ellipses added.)

(Note: the online version of the review has the date December 8, 2022, and has the title “Who Read What in 2022: Political and Business Leaders.”)

The book praised by William Barr is:

Smil, Vaclav. How the World Really Works: The Science Behind How We Got Here and Where We’re Going. New York: Viking, 2022.

The “Longevity Under Adversity” of the Bristlecone Pine “Is a Metaphorical Dose of Qualified Hope in an Unstable World”

(p. C9) . . ., trees seem to grow on a timescale humans can comprehend. A seed planted by a child will be largely mature when she is—and will likewise get thicker and wrinklier as it ages. The tree, however, might long outlive her; there’s a reason we use the shape of a tree to chart the chain of human generations.

This intertwining of biology and chronology is the subject of Jared Farmer’s rich but overstuffed “Elderflora: A Modern History of Ancient Trees.”

. . .

Mr. Farmer, raised in Utah, is partial to the Great Basin of the American West, cradle of the oldest living things securely dated: gnarled specimens of bristlecone pine. The coronation of bristlecones in the 1950s followed a few decades of scientific progress. Counting rings had long been the main method of tree dating, one that held an intuitive power even beyond the laboratory. Slices of big trunks marked with purportedly significant dates had become popular exhibits, a way to make time tangible. Scientists at the University of Arizona perfected the trick of combining multiple samples and lining up shared clumps of thick and thin rings—caused by year-to-year variation in climate—to extend the chronology beyond the span of a single specimen.

Using this technique, the pioneering dendrochronologist Edmund Schulman pegged one bristlecone at more than 4,500 years old, announcing his discovery in a National Geographic article whose publication he didn’t live to see. Mr. Farmer chronicles Schulman’s career in novelistic close-third-person narration—one more idiosyncrasy in this fascinating farrago of a book—lingering on Schulman’s coinage “longevity under adversity.” For Schulman, the phrase was a tribute to the bristlecone’s ability to endure extreme conditions through partial death; for Mr. Farmer, it is a metaphorical dose of qualified hope in an unstable world.

For the full review, see:

Timothy Farrington. “Time Made Tangible.” The Wall Street Journal (Saturday, Dec. 3, 2022): C9.

(Note: ellipses added.)

(Note: the online version of the review has the date December 2, 2022, and has the title “‘Elderflora’ Review: Ancient Trees Grow Among Us.”)

The book under review is:

Farmer, Jared. Elderflora: A Modern History of Ancient Trees. New York: Basic Books, 2022.

The McCarthy Era, and Right Now: Each a “Very Bad Time” for Free Speech

(p. A13) New Milford, Conn.

Old-fashioned liberalism doesn’t get much respect these days, and Nadine Strossen illustrates the point by pulling out a hat. “I have to show you this gift that somebody gave me, which is such a hoot,” she says, producing a red baseball cap that bears the slogan MAKE J.S. MILL GREAT AGAIN. “Which looks like a MAGA cap,” she adds, as if to help me narrate the scene.

As she dons it, I observe that if she walked around town in her bright-blue home state, angry onlookers would think it was a MAGA hat. “And,” she continues, “I can’t tell you how many educated friends of mine have said, ‘Who is J.S. Mill?’ So we really do have to make him great again.”

Ms. Strossen, 71, has made a career as a legal and scholarly defender of classical liberal ideals, most notably as president of the American Civil Liberties Union from 1991 through 2008. She brings up John Stuart Mill (1806-73), the British philosopher and parliamentarian, by way of citing his view, as she puts it, “that everything should be subject to re-examination,” including “our most cherished ideas.”

. . .

“For many decades now there’s been this asserted dichotomy or tension between equality rights and liberty,” Ms. Strossen says. “I continue to believe that they’re mutually reinforcing, that we can’t have meaningful liberty, in a meaningful sense, unless it’s equally available to everybody. . . . Every single one of us should have an equal right to choose how we express ourselves, how we communicate to somebody else, what we choose to listen to.”

She elaborates in her 2018 book, “Hate: Why We Should Resist It With Free Speech, Not Censorship,” and in our interview when we turn to higher education. Campus authorities frequently justify the suppression of “so-called hate speech”—Ms. Strossen is punctilious about including that dismissive qualifier—with what she calls the “false and dangerous equation between free expression and physical violence.”

“When people hear the term ‘hate speech,’ ” she says, “they usually envision the most heinous examples—a racial epithet; spitting in the face of Dr. Martin Luther King. But in fact, when you see what’s been attacked as so-called hate speech on campus, it’s opposing the idea of defund the police, opposing the idea of open borders.” Any questioning of transgender ideology or identity is cast as “denying the humanity of trans people, or transphobic.” Ms. Strossen hastens to add that “I completely support full and equal rights for trans people,” but she says critics are “raising concerns that I think deserve to be raised and deserve to be discussed.”

Ms. Strossen, herself a professor emerita at New York Law School, likens the situation on campuses to McCarthyism, “a climate of fear that leads to treating certain people with suspicion or, worse, ostracizing those people and those who try to defend them, and punishing them.”

. . .

On campus, she admits that things are worse than they’ve been at least since the McCarthy era—but she still tries to look on the bright side. “I am absolutely convinced that a future generation is going to look back on this time and say this is another very bad time,” she says.

For the full interview, see:

Tunku Varadarajan. “THE WEEKEND INTERVIEW; Make Freedom of Speech Liberal Again.” The Wall Street Journal (Saturday, Aug. 6, 2022): A13.

(Note: ellipses between paragraphs, added; ellipsis internal to paragraph, in original.)

(Note: the online version of the interview has the date August 5, 2022, and has the same title as the print version.)

The Strossen book mentioned in the interview is:

Strossen, Nadine. Hate: Why We Should Resist It with Free Speech, Not Censorship. New York: Oxford University Press, 2020.

During December 2022, Kindle Version of McCloskey’s Bourgeois Equality Is Only $2.99

The long, but wonderful, third volume of Deirdre’ McClokey’s Bourgeois trilogy, Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World, is on offer from Amazon during the month of December 2022 in eText Kindle version for only $2.99.