David Gelles

New York Times reporter and “Corner Office” columnist David Gelles reveals legendary GE CEO Jack Welch to be the root of all that’s wrong with capitalism today and offers advice on how we might right those wrongs. In 1981, Jack Welch took over General Electric and quickly rose to fame as the first celebrity CEO. He golfed with presidents, mingled with movie stars, and was idolized for growing GE into the most valuable company in the world. But Welch’s achievements didn’t stem from some greater intelligence or business prowess. Rather, they were the result of a sustained effort to push GE’s stock price ever higher, often at the expense of workers, consumers, and innovation. In this captivating, revelatory book, David Gelles argues that Welch single-handedly ushered in a new, cutthroat era of American capitalism that continues to this day. Gelles chronicles Welch’s campaign to vaporize hundreds of thousands of jobs in a bid to boost profits, eviscerating the country’s manufacturing base and destabilizing the middle class. Welch’s obsession with downsizing—he eliminated 10% of employees every year—fundamentally altered GE and inspired generations of imitators who have employed his strategies at other companies around the globe. In his day, Welch was corporate America’s leading proponent of mergers and acquisitions, using deals to gobble up competitors and giving rise to an economy that is more concentrated and less dynamic. And Welch pioneered the dark arts of “financialization,” transforming GE from an admired industrial manufacturer into what was effectively an unregulated bank. The finance business was hugely profitable in the short term and helped Welch keep GE’s stock price ticking up. But ultimately, financialization undermined GE and dozens of other Fortune 500 companies. Gelles shows how Welch’s celebrated emphasis on increasing shareholder value by any means necessary (layoffs, outsourcing, offshoring, acquisitions, and buybacks, to name but a few tactics) became the norm in American business generally. He demonstrates how that approach has led to the greatest socioeconomic inequality since the Great Depression and harmed many of the very companies that have embraced it. And he shows how a generation of Welch acolytes radically transformed companies like Boeing, Home Depot, Kraft Heinz, and more. Finally, Gelles chronicles the change that is now afoot in corporate America, highlighting companies and leaders who have abandoned Welchism and are proving that it is still possible to excel in the business world without destroying livelihoods, gutting communities, and spurning regulation.

How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy

The Man Who Broke Capitalism

Explains how such mindfulness practices as meditation and yoga have helped lower stress and increase mental focus for employees, and offers real-world examples of how mindfulness has benefited large corporations.

How Meditation Is Changing Business from the Inside Out

Mindful Work

New York Times reporter and bestselling author David Gelles reveals how Patagonia became a global leader in doing well by doing good and how other companies are adopting its principles.

This is the inside story of one of the most extraordinary brands in the corporate world, the rare company that is driven by environmental activism instead of cutthroat capitalism. Founded in 1973, Patagonia has grown into a wildly popular producer of jackets, hats, and fleece vests, with a cultlike following among hardcore alpinists and Wall Street traders alike, posting sales of more than $1 billion a year.

But it’s not just the clothes that make Patagonia unique. For decades, the company has distinguished itself as a singular beacon for socially responsible business, the rare company that can legitimately claim to be doing its damnedest to make the world a better place, while also making a profit. From its early efforts to take exemplary care of its employees, to its extensive work trying to clean up its supply chain, to its controversial activism, Patagonia has set itself apart from its peers with one unorthodox decision after another, proving that there is another way to do capitalism.

At the heart of the story is Patagonia’s founder, the legendary rock climber Yvon Chouinard. A perennial outsider who forged one of the most impressive resumes in the outdoor world, Chouinard also established himself as a pivotal figure in the history of American business. Guided by his anti-authoritarian streak and his unwavering commitment to preserving the natural world, Patagonia came to exert a powerful influence on other companies, paving the way for a new era of social and environmental responsibility. He started out as a dirtbag—a term affectionately bestowed on poor, itinerant outdoorsmen so uninterested in material possessions they are happy to sleep in the dirt—and he became a billionaire.

Chouinard also proved that there was another way to be a philanthropist. In the twilight of his career, he gave away Patagonia, renouncing his wealth and committing all its future profits to fighting the climate crisis.

Drawing on exclusive access to Chouinard and the Patagonia team, Dirtbag Billionaire offers new insights into the key moments that informed their priorities, shaped the company, and sent ripples across the corporate world.

How Yvon Chouinard built Patagonia, made a fortune, and gave it all away

Dirtbag Billionaire

How Jack Welch Gutted the Heartland, Widened the Wealth Gap, and Crushed the Soul of Corporate America--And How to Undo His Legacy

Man Who Broke Capitalism

A New York Times reporter reveals what business leaders around the country are already discovering: Meditation may be the key to fostering a happier, more productive workplace. For the past few years, mindfulness has begun to transform the American workplace. Many of our largest companies, such as General Mills, Ford, Target, and Google, have built extensive programs to foster mindful practices among their workers. Mindful Work is the first book to explain how all sorts of businesses and any kind of worker can benefit from meditation, yoga, and other mindful techniques. As a business reporter for the New York Times who has also practiced meditation for two decades, David Gelles is uniquely qualified to chart the growing nexus between these two realms. As he proves, mindfulness lowers stress, increases mental focus, and alleviates depression among workers. He also offers real-world examples of how mindfulness has benefited companies that have adopted it — from the millions of dollars Aetna has saved in health-care costs to the ways Patagonia has combined leadership in its market with a pervasively mindful outlook. Gelles's revelatory book picks up where bestsellers like Thrive and 10% Happier leave off, by detailing how mindfulness works in and for the companies that adopt it, revealing the profound impact mindfulness can have on the world of work. Mindful Work goes beyond other books on the subject by providing evidence for the practical benefits of mindfulness and showing readers how to become more mindful themselves.

David Gelles

About

Books

Join the club