Three ad rem essays from National Book Award winner Chernow on the convulsive shift in the balance of monetary power (from commercial, investment, and merchant bankers to financial conglomerates) that has marked 20th-century capitalism. Drawing on research he did for The Warburgs (1993) and The House of Morgan (1990), Chernow offers an anecdotal primer on the factors that put paid to the pivotal, frequently dictatorial role once played by bankers in allocating capital throughout Europe and North America. In addressing, even mourning, the eclipse of the banking trade, he recalls the accomplishments of larger-than-life financiers (in particular, John Pierpont Morgan and Siegmund Warburg) who granted the credit required to open the American West, underwrote transcontinental railroads, masterminded acquisition campaigns decades before merger mania became a byword on Wall Street, guided fearful nations through market panics, and otherwise left their mark on the New World and Old. The author recounts how passage of the Glass-Steagall Act by Congress during the Great Depression brought the disruptive rigors of competition to the clubby, relationship-oriented world of banking. Chernow also documents the advances in communications technology and regulatory policy that put investment intelligence within reach of all comers; these latter developments led directly to the profusion of mutual funds, which manage the billions of dollars anted up by individual investors. While today's institutional avatars may be a more cautious, risk-averse breed than their colorful predecessors, that may be in part, the author suggests, because they are subject to the pitiless collective judgments of a global marketplace that puts precious little premium on living by one's wits. If Chernow provides no breakthrough perspectives to arrest the attention of professionals, he delivers a sound, accessible account of the forces shaping capital, credit, currency, and securities markets on the eve of a new millennium.
Pub Date: July 16, 1997
ISBN: 0-375-70037-4
Page Count: 144
Publisher: Vintage
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: May 15, 1997
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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These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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