This is a brilliant book about the failures of standard economic theory to explain the reality we all live in. I have rarely read a non-fiction book tThis is a brilliant book about the failures of standard economic theory to explain the reality we all live in. I have rarely read a non-fiction book that has been so lucid and informative as this one.
I studied classic economic theory in highschool. I didn't want to, but I was on the International Baccalaureate program and the coordinator would not let me take both higher level psychology and history as I wanted. So I ended up with economy. One of the first lessons was that economic theory is based on the fact that man makes rational and informed descions. Even to my 17-year old mind that was about the stupidest thing I had ever heard. Mr. Reinert goes a long way to prove that mainstream economic theory today is based on over-simplification of reality formulated into mathematical models that are difficult for the lay person to get through.
Psychology, sociology and history have all been removed from economic theory in the desperate attempt to make the latter more scientific. This means that most of the current ideas have very little basis in reality and cannot formulate any intelligent means of reducing poverty. The free trade and "invisible hand" of the market are forced on immaturely industrialized countries who cannot possibly compete internationally. Equally impossible is becoming rich on exporting raw materials. What nature provides results in diminishing returns. Eventually the cost of expanding, say, the production of wheat means a lower yield per acre as poorer land must be used. The only way a nation can become rich is through industrialization.
Throughout history there are a myriad of examples of Western Nations protecting their own start-up industries. The markets were only opened up when these industries were mature. This is completely ignored these days. History is not important according to mainstream economics.
"... An important point understood by economists for centuries, but which seems entirely incomprehensible to many of today's economists: a country with an inefficient industrial sector is far better off than one with no industrial sector at all." (p. 163)
"The difference in the standard of living between rich countries and poor countries 250 years ago was in a proportion of 1:2. Today statistics from the World Bank show that a bus driver in Germany has real wages that are sixteen times higher than those of his just as efficient colleague in Nigeria. The phenomenon is there, and the effects can be measured, but presentely no theory exists that describes these mechanisms satisfactorily. I am of the opinion that the main explanation for this is that the rich world today has confused the reasons for economic growth - innovation, new knowledge and new technology - with free trade, which is just means transport of goods across borders. As did Adam Smith, the richt countries confuse the age of manufacturing with the age of commerce." (p. 143)
Another problem is over-simplification. The World Bank presents developing nations with a one-size fits all solution to underdevelopment. They do not take into consideration the wildly different variables between Ecuador or Mongolia at all.
"But the point is not to substitute one set of dogmas for another. Rather, one must come to accept the incredible wealth and diversity of economic theory and practice, and subsequently appreciate the need for a much, much larger toolkit of economic policy. The policies that will benifit Great Britain are probably not exactly the same as those that will benefit Switzerland, and even less probably the same as those that will benefit Equatorial Guinea, Myanmar, or Vanuatu. History, in the end, can be our only guide in navigating these tumultuous waters and new contexts." (p.201)
This is a highly readable book that goes a long way to explain the state of the world and the income gap between rich and poor. I cannot recommend it enough.
The content is important, since not all might be aware of what a lawless country Russia truly is. However, the author failed to engage me and I spent The content is important, since not all might be aware of what a lawless country Russia truly is. However, the author failed to engage me and I spent most of the book wishing it was over. The core message: don't do business in Russia and don't oppose the state or it will end badly for you. Putin's enemies end up dead in "accidents". ...more
Rating 4* out of 5. "Millon Dollar Listing New York" is one of my favorite shows, so when one of its stars - who, as an additional bonus, is Swedish -Rating 4* out of 5. "Millon Dollar Listing New York" is one of my favorite shows, so when one of its stars - who, as an additional bonus, is Swedish - releases a book then of course I'm going to read it! The books is not a step-by-step guideline in how to sell something. It is however an excellent guide to selling yourself, in the best of meanings. Fredrik has an exuberance about him and the book is written with so much enthusiam that it inevitably rubs off. I started reading the book the day before I was returning to work from Easter holiday. I was anxious about the coming week. This book worked wonders, all my worries evaporated and I came back to work on a mental high. It's a fun, easy read on how to brand yourself. Recommended as such!...more
The author argues that the West has dominated the Rest because of the following six "killer applications" that the Rest lacked:
QUOTE 1. Competition, inThe author argues that the West has dominated the Rest because of the following six "killer applications" that the Rest lacked:
QUOTE 1. Competition, in that Europe itself was politically fragmented and that within each monarch or republic there were multiple competing entities 2. The Scientific Revolution, in that all the major seventeenth century breakthroughs in mathematics, astronomy, physics, chemistry and biology happened in Western Europe 3. The rule of law and representative government, in that an optimal system of social and political order emerged in the English-speaking world, based on private property rights and the representation of property-owners in elected legislatures 4. Modern medicine, in that nearly all the major nineteenth- and twentieth-century breakthroughs in healthcare, including the control of tropical diseases, were made by Western Europeans and North Americans 5. The consumer society, in that the Industrial Revolution took place where there was both a supply and productivity-enhancing technologies and a demand for more, better and cheaper goods, beginning with cotton garments 6. Worth ethic, in that Westerners were the first people in the world to combine more extensive and intensive labour with higher savings rates, permitting sustained capital accumulation. UNQUOTE
I don't know what to think. It was an interesting read and I feel unqualified to argue against the themes presented here, although I certainly don't buy into everything. Whatever the reason for the West's dominion the past few hundred years, it is certainly beginning to waver now....more
Now that I've read the book, I'm almost inclined to not put in this category, as it certainly did notBook challenge 2015, category "A self-help book".
Now that I've read the book, I'm almost inclined to not put in this category, as it certainly did not help me any. The author is a Japanese business man and the cultural difference between him and I were insurmountable on my part. He does have a few good points though, such as:
"The result of work and life = attitude x effort x ability"
I can't find any fault with this equation. You need all three to get anywhere and if any one of them is zero, boy, you're in deep trouble.
"It is the ability to plod away without complaint, to never give up, to continuously do one's best each day, that transforms ordinary people into extraordinary people. It is such extraordinary people who make their dreams reality and achieve their goals by working step by step, day by day, earnestly and steadily, without seeking an easy way out".
So that's what I will take with me - work more and complain less! Be more grateful for all the blessings in my life. But I knew that before I opened this book. I try to count my blessings and complain as little as possible, knowing full well how incredibly priviliged I am....more
Book challenge 2015, category: "Completing a book you started but did not finish".
Well, this is by no means the book which has been left half-read thBook challenge 2015, category: "Completing a book you started but did not finish".
Well, this is by no means the book which has been left half-read the longest. I started it in October 2014 and it's only January now. In between has been a few rough months in which I lost a bit of zest.
Anyway, with this book I finally hit the jack-pot. It explains the core concepts of strategic management very well. Aditionally, for inspiration, the multi national enterprise I work is mentioned several times.
"Strategy describes the goal-directed actions a firm intends to take in its quest to gain and sustain competetive advantage". Sounds so easy and is so difficult in reality. Implementation is much more difficult than strategy formation.
"Strategy implementation often fails because managers are unable to make the necessary changes due to its effects on resource allocation and power distribution within an organization". Structure most follow strategy, not the other way around. That certainly gives me food for thought.
This is an excellent, clear, consice book on strategy. Certainly intended for students, but that I am no longer. I just believe in the concept of educating myself and making sure I don't have too many white spots. This book has lent me useful insights and I'll probably be keeping it in my office for handy insight....more
This book was collecting dust on my shelf for at least a year before I finally got around to it. I thought it would be a hopelessly overwhelming book This book was collecting dust on my shelf for at least a year before I finally got around to it. I thought it would be a hopelessly overwhelming book to read. I could not have been more wrong. This is a very clear, concise and easily understood book. The author and his team spent years understanding why some companies beat the market and others did not. This was done after first having carefully made a selection and the conducted indepth interviews. Then they drew the conclusions into lucid and enlightening chapters. Definitely recommended!...more
A few pages into the book I was shocked at how American this book is. If employees don't deliver, get rid of them is one of the messages. If business A few pages into the book I was shocked at how American this book is. If employees don't deliver, get rid of them is one of the messages. If business units don't deliver (are number 1 or 2 in their sectors), shut them down. Of course, there is nothing wrong with this advice, it's just very difficult to implement. Not that I've had to, as of yet. Anywhow, Welch has been very succesful throughout his career and this book is his concise take on business. There is definitely constructive input to be had from this book, even for Scandinavians....more
I had expected this book to be more concrete, a sort of strategy cook book. What I got was a short history of the different strategical schools, theirI had expected this book to be more concrete, a sort of strategy cook book. What I got was a short history of the different strategical schools, their development and their short-comings. Certainly useful in order to develop a holistic view, but not so helpful in regards to exactly how to create an implement a strategy. This book has certainly given me a lot to think about. Since some of the material was new and since strategic theory in itself is fairly new to me, it needs time to sink in. The authors did a good job though, in trying to present desperately dry material in a more juicy and relatable way....more
While "the Leadership Challenge" was mostly affirmation, this book was an ice bucket of water over my head. It was quite scary, because some of these While "the Leadership Challenge" was mostly affirmation, this book was an ice bucket of water over my head. It was quite scary, because some of these things are incredibly difficult. The Law of Buy In for example. "People buy into the leader, then the vision". I didn't have a feeling that any of the laws were unnecessary. I've been applying some of them for a long time and need to work on the rest. Recommended, despite all the insecurities it raised....more
I had a three-day course once, called "the leadership challenge". I thought the book would be similar - that the course was based on the book - and inI had a three-day course once, called "the leadership challenge". I thought the book would be similar - that the course was based on the book - and in some sense it was. This book gave me a lot to reflect upon. It also gave me support in affirming that some of the ideas I have been nurturing during summer holiday are worthy of implementation. I've mulled over the content and taken notes. Whether this book deserves a five star rating is something I expect I'll find out eventually. ...more
En trivelig liten bok om en leders tanker og refleksjoner. En kilde til inspirasjon, siste uken i ferien som det er for meg. Jeg skal ærlig innrømme aEn trivelig liten bok om en leders tanker og refleksjoner. En kilde til inspirasjon, siste uken i ferien som det er for meg. Jeg skal ærlig innrømme at jeg tydligvis ikke følger godt nok med på "hvem er hvem" i det norske næringsliv, for navnet "Anita Krohn Traaseth" var ikke meg ikke kjent fra tidligere, til tross for at hun er landssjef for HP. Uansett, Anita er åpen og ærlig om sine med- og motganger. Boken handler mest om hennes jobber og arbeidsstil, hvilket var greit nok for min del. ...more
So this isn't really my type of book. Doesn't matter, this book did something with me - it got me thinking. Certainly it encouraged me to put my life So this isn't really my type of book. Doesn't matter, this book did something with me - it got me thinking. Certainly it encouraged me to put my life into perspective, however, this is something I do a lot. I am content and fulfilled. I've done what I set my mind to do: I started working for the company I dreamed of while I was studying, I lived several years in Germany and learned the language, I left Finland FOREVER and found a place to live where I actually belong. The problem is that I didn't really have a plan for the next 40 years or so. In that regard, the book gave me a huge kick in the right direction.
Most people know what they should be doing, but because we are so intent on the path of least resistence, we don't do it. We grow lazy. I certainly did. Although I did pick myself up at Christmas last year and started doing something every day I knew I should be doing: walking at least an hour. That was just a first step in the right direction.
To be the best that you can be you need to have defined your values, your needs, set clear goals (big and/or small) and find your modus operandi. I bought a notebook and ergonimic pens and took notes and am in fact going through the book once more, to write down the most important points. I've set a few big goals and defined goals for this autumn. I am no longer floundering. I have a plan. That's how good this book is....more
This is a pretty good book on management. There is no fuss, no embellishment - it cuts it right to the core. Management is a profession unto itself anThis is a pretty good book on management. There is no fuss, no embellishment - it cuts it right to the core. Management is a profession unto itself and good leadership consists of very specific elements. The core consists of being result oriented, contribution to the whole, concentration on few elements, utilization of strengths, trust and positive thinking. The work itself is to make sure there are goals, to organize, to decide, to control and to develop people. The tools for good managements are meetings, protocols, job design and assignment control, budgeting, performance assessment and process reassessment.
The above elements are paraphrased from the German edition which I read. Speaking of which, I am surprised at how readable this book was - German is my umpteenth language ande one which I have not practiced daily for more than eight years. So considering my handicap, this book is unusually lucid. The problem with management generally is that it is quite undefined, "fuzzy" and that as a result there is a wealth of literature on the subject. Malik is clear, concise ande precise. This is the best book I've read on the subject and I think I'll take it to work to serve as a reminder of what I'm supposed to be doing....more
This was a truly inspiring read and I wished I would have picked it up when I first got it about a year ago. I am still on holiday now - start work agThis was a truly inspiring read and I wished I would have picked it up when I first got it about a year ago. I am still on holiday now - start work again on Monday - and somehow I find reading business related books a chore. When I get home I prefer zombies and books which are completely unrelated to whatever issues I might be dealing with in the office. This fall I intend to change this because I think reading about work-related issues will help me reflect and gain more insight, give me energy and occasionally tools. If I come across just one book a month like this it would certainly add to my zest.
Reading on Sheryl Sandberg's reflections I am infinitely grateful that I live in Scandinavia. I know the human mind is biased toward remembering the positive, but I cannot recall a single instance when I would have been discriminated against professionally in ANY way in Norway. This despite the fact that I work in a male-dominated field. Living in Finland and Germany was very different. When I first started working in the industry I was a rather stunning young blonde. This was mostly not in my favor, but I did learn an important lesson when trotting down the factory aisle in my high heels and skirts. It wasn't my looks which made people cooperate (although I suppose it helped), it was the interest I took in what they were doing. "Nobody else from the office ever comes here". The interest I took built a level of goodwill that was incredibly valuable in getting things done in critical situations. The same applied when I moved to Germany, but I had a much more difficult time being taken seriously there because I was still young, blonde and pretty. I had to work much harder at relationship building to get people to see beyond the fact that I was just a woman. Some men I just had to work around, they were incapable of taking me seriously.
Okay, back to the book. Sandberg doesn't really bring anything new to the table, but it is still a very refreshing read. It is a pity that so many women in the United States opt out of their careers to take care of their children. Of course everyone must to what they think is best, but I do think a more equal world would be better for everyone in it.
The "F" word is indeed in our way. Somehow most people seem to think that this must mean an extreme point of view. It does not. "A feminist is someone who believes in social, political and economic equality of the sexes". Well, YES. Sandberg also describes herself as a "pom-pom girl for feminism" and makes me want to do the same.
Of course, both Sandberg and I are incredibly priviliged. Not all women have the same level of choice and opportunity. But given that I do have the opportunity, I also have a duty to lean a bit further in. ...more
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