Summary of David Gelles's The Man Who Broke Capitalism

Download or read book Summary of David Gelles's The Man Who Broke Capitalism written by Everest Media, and published by Everest Media LLC. This book was released on 2022-07-22T22:59:00Z with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Please note: This is a companion version & not the original book. Sample Book Insights: #1 In 1980, Ronald Reagan was elected president with the slogan Let’s Make America Great Again. The new president’s economic policy, Reaganomics, prioritized lower taxes, decreased regulation, and a favorable attitude toward Wall Street. #2 When Welch took over as CEO, he was very different from Jones. He was impatient, impulsive, and crass. He spoke with a thick Boston accent, and when he grew angry, a stutter flared up. He loathed hierarchy and bureaucracy, and didn’t care what people thought of him as long as he was making money for the company. #3 In the mid-1970s, Welch went on tour with a GE joint venture in Japan, where he was shocked by the manufacturing process. When America’s standing in the world was questioned in 1980, Welch and Jones wrote a letter to shareholders acknowledging the need for urgent change. #4 Jack Welch, the iconic chairman of GE, drastically overcorrected when he took over. He abandoned American manufacturing and began shutting down factories around the country.