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THE MAN WHO MADE WALL STREET

ANTHONY J. DREXEL AND THE RISE OF MODERN FINANCE

Rottenberg, in selecting a subject much in need of a full-dress biography, has done undeniably creditable work. But he has...

An influential financier living quietly in the City of Brotherly Love during the era of famed titans of commerce and flamboyant robber barons is finally treated to his own book, courtesy of Philadelphia-based journalist Rottenberg (Middletown Jews, 1997).

Son of a vagabond painter from Austria who traded currencies issued by regional banks—the business of a “money shaver”—Anthony J. Drexel (1826–93) assumed control of his peripatetic father’s business at an early age. Unobtrusively, he sold bonds issued by the government and railroads. He constructed a new headquarters and purchased an influential daily. At the behest of Junius Morgan, he became mentor to Morgan’s son, J. Pierpont. Destined one day to be held in awe and fear, the protégé, it appears, ever honored Tony—though popular historians seem to take little note of their personal relationship. For Drexel, Morgan & Co. in New York, Tony assembled the landmark property at Broad and Wall, for years the epicenter of the country’s financial operations, known on The Street simply as “The Corner.” A man of philanthropic bent, Drexel established the institute, later to become the university, that bears his name. He maintained fast friendships and dealt on close terms with such colorful characters as Jay Cooke and Ulysses S. Grant. (He himself had no foibles except for a pronounced dislike of Wagner’s music.) Shy and retiring, he seems to have been rather colorless, a man of comparative rectitude in the Gilded Age. His business quickly languished after his unexpected death, and finally its name, lingering in Drexel Burnham, was killed by Michael Milken.

Rottenberg, in selecting a subject much in need of a full-dress biography, has done undeniably creditable work. But he has found no muck to rake in the history of a rather tranquil tycoon—which may explain why his hero has been neglected heretofore. (26 b&w illustrations)

Pub Date: Oct. 1, 2001

ISBN: 0-8122-3626-2

Page Count: 248

Publisher: Univ. of Pennsylvania

Review Posted Online: May 19, 2010

Kirkus Reviews Issue: Aug. 1, 2001

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THINKING, FAST AND SLOW

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 3, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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REIMAGINING CAPITALISM IN A WORLD ON FIRE

A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.

A well-constructed critique of an economic system that, by the author’s account, is a driver of the world’s destruction.

Harvard Business School professor Henderson vigorously questions the bromide that “management’s only duty is to maximize shareholder value,” a notion advanced by Milton Friedman and accepted uncritically in business schools ever since. By that logic, writes the author, there is no reason why corporations should not fish out the oceans, raise drug prices, militate against public education (since it costs tax money), and otherwise behave ruinously and anti-socially. Many do, even though an alternative theory of business organization argues that corporations and society should enjoy a symbiotic relationship of mutual benefit, which includes corporate investment in what economists call public goods. Given that the history of humankind is “the story of our increasing ability to cooperate at larger and larger scales,” one would hope that in the face of environmental degradation and other threats, we might adopt the symbiotic model rather than the winner-take-all one. Problems abound, of course, including that of the “free rider,” the corporation that takes the benefits from collaborative agreements but does none of the work. Henderson examines case studies such as a large food company that emphasized environmentally responsible production and in turn built “purpose-led, sustainable living brands” and otherwise led the way in increasing shareholder value by reducing risk while building demand. The author argues that the “short-termism” that dominates corporate thinking needs to be adjusted to a longer view even though the larger problem might be better characterized as “failure of information.” Henderson closes with a set of prescriptions for bringing a more equitable economics to the personal level, one that, among other things, asks us to step outside routine—eat less meat, drive less—and become active in forcing corporations (and politicians) to be better citizens.

A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.

Pub Date: May 1, 2020

ISBN: 978-1-5417-3015-1

Page Count: 336

Publisher: PublicAffairs

Review Posted Online: Feb. 16, 2020

Kirkus Reviews Issue: March 15, 2020

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