Amazon.com
Updated Edition: Thomas L. Friedman is not so much a futurist, which he is sometimes called, as a presentist. His aim in The World Is Flat, as in his earlier, influential Lexus and the Olive Tree, is not to give you a speculative preview of the wonders that are sure to come in your lifetime, but rather to get you caught up on the wonders that are already here. The world isn't going to be flat, it is flat, which gives Friedman's breathless narrative much of its urgency, and which also saves it from the Epcot-style polyester sheen that futurists--the optimistic ones at least--are inevitably prey to.
What Friedman means by "flat" is "connected": the lowering of trade and political barriers and the exponential technical advances of the digital revolution that have made it possible to do business, or almost anything else, instantaneously with billions of other people across the planet. This in itself should not be news to anyone. But the news that Friedman has to deliver is that just when we stopped paying attention to these developments--when the dot-com bust turned interest away from the business and technology pages and when 9/11 and the Iraq War turned all eyes toward the Middle East--is when they actually began to accelerate. Globalization 3.0, as he calls it, is driven not by major corporations or giant trade organizations like the World Bank, but by individuals: desktop freelancers and innovative startups all over the world (but especially in India and China) who can compete--and win--not just for low-wage manufacturing and information labor but, increasingly, for the highest-end research and design work as well. (He doesn't forget the "mutant supply chains" like Al-Qaeda that let the small act big in more destructive ways.)
Friedman has embraced this flat world in his own work, continuing to report on his story after his book's release and releasing an unprecedented hardcover update of the book a year later with 100 pages of revised and expanded material. What's changed in a year? Some of the sections that opened eyes in the first edition--on China and India, for example, and the global supply chain--are largely unaltered. Instead, Friedman has more to say about what he now calls "uploading," the direct-from-the-bottom creation of culture, knowledge, and innovation through blogging, podcasts, and open-source software. And in response to the pleas of many of his readers about how to survive the new flat world, he makes specific recommendations about the technical and creative training he thinks will be required to compete in the "New Middle" class. As before, Friedman tells his story with the catchy slogans and globe-hopping anecdotes that readers of his earlier books and his New York Times columns know well, and he holds to a stern sort of optimism. He wants to tell you how exciting this new world is, but he also wants you to know you're going to be trampled if you don't keep up with it. A year later, one can sense his rising impatience that our popular culture, and our political leaders, are not helping us keep pace. --Tom Nissley
Where Were You When the World Went Flat?
Thomas L. Friedman's reporter's curiosity and his ability to recognize the patterns behind the most complex global developments have made him one of the most entertaining and authoritative sources for information about the wider world we live in, both as the foreign affairs columnist for the New York Times and as the author of landmark books like From Beirut to Jerusalem and The Lexus and the Olive Tree. They also make him an endlessly fascinating conversation partner, and we've now had the chance to talk to him about The World Is Flat twice. Read our original interview with him following the publication of the first edition of The World Is Flat to learn why there's almost no one from Washington, D.C., listed in the index of a book about the global economy, and what his one-plank platform for president would be. (Hint: his bumper stickers would say, "Can You Hear Me Now?")
And now you can listen to our second interview, in which he talks about the updates he's made in "The World Is Flat 2.0," including his response to parents who said to him, "Great, Mr. Friedman, I'm glad you told us the world is flat. Now what do I tell my kids?"
The Essential Tom Friedman
From Beirut to Jerusalem |
The Lexus and the Olive Tree |
Longitudes and Attitudes |
More on Globalization and Development
China, Inc. by Ted Fishman |
Three Billion New Capitalists by Clyde Prestowitz |
The End of Poverty by Jeffrey Sachs |
Globalization and Its Discontents by Joseph Stiglitz |
The Travels of a T-Shirt in the Global Economy by Pietra Rivoli |
The Mystery of Capital by Hernando de Soto |
Book Description
The World Is Flat is Thomas L. Friedman’s account of the great changes taking place in our time, as lightning-swift advances in technology and communications put people all over the globe in touch as never before—creating an explosion of wealth in India and China, and challenging the rest of us to run even faster just to stay in place. This updated and expanded edition features more than a hundred pages of fresh reporting and commentary, drawn from Friedman’s travels around the world and across the American heartland—from anyplace where the flattening of the world is being felt.
In The World Is Flat, Friedman at once shows “how and why globalization has now shifted into warp drive” (Robert Wright, Slate) and brilliantly demystifies the new flat world for readers, allowing them to make sense of the often bewildering scene unfolding before their eyes. With his inimitable ability to translate complex foreign policy and economic issues, he explains how the flattening of the world happened at the dawn of the twenty-first century; what it means to countries, companies, communities, and individuals; how governments and societies can, and must, adapt; and why terrorists want to stand in the way. More than ever, The World Is Flat is an essential update on globalization, its successes and discontents, powerfully illuminated by one of our most respected journalists.
Download Description
The Pulitzer Prize-winning New York Times columnist gives a bold, timely, and surprising picture of the state of globalization in the twenty-first century
Customer Reviews:
What a good boy am I.......2007-10-06
Reading this book is like watching someone else's kids open their Christmas presents from relatives they don't really know. I'm not sure how the author can possibly be so fascinated by technology and yet know absolutely nothing about it at the same time, but his endless diatribes about the miracles of PayPal and Microsoft Word are beyond laughable, and I was pretty much in shock when he started citing howstuffworks-dot-com as a technical reference on fiber optics and SOAP. What editor told him that this was OK?
So enamored with his own cleverness is he that Mr. Friedman dedicates several pages to explaining the book's title, even though a single sentence would have sufficed. Unfortunately, this doesn't stop after the first chapter; rather than make a point and move on, he has to point out the fact that he just made a point and tell you what a wonderful point it was just in case you missed the point. It's like hanging out with that one friend who sits around smiling and pointing to his butt after he f*rts at the dinner table.
If you want to learn about globalization and are not old enough to remember the first light bulb, go read "No Logo" instead. This is horrible, irrelevant geriatric babbling.
My opinion is flat.......2007-10-03
When a book has had over a thousand reviews, what can I possibly say that hasn't already been said? So I will keep it short and not so sweet.
No one will read this book, or any of the updates, for "fun." Do you NEED to read it? Yes, it contains some important economic concepts and realities, but it's a bit overlong. I'd say it could be cut in half, so skim through some of the numerous "interviews," repetition of central points, and endless advice and encouragement. The global pie is getting bigger and better, but the competition for piecies of that pie is heating up. Smart, ambitious, creative people will thrive; slow, lazy, dull people will languish, and everything inbetween. For too long many Americans have been sitting on their laurels and the day of reckoning is near. Heed this warning: Put down your TV remotes, game controllers, and iPods, and start working like your life (or lifestyle) depended on it. Get your rear into some serious gear, and don't balk at the notion that you should be an "expert" in at least three different, unrelated fields. Does this scare or excite you?
In so many interviews with foreign entrepreneurs, we are told (or reassured) that no matter how much of the "mundane" work is performed by countries other than the U.S., America's creative and innovative spark is still unsurpassed: All the world looks to America to lead the way into the future. I'm not sure. A lot of that "mundane" work was high level and highly paid, and why should we expect that America will continue to dominate in creativity and innovation? The truth is, we're in for a flattening of living standards, and from the perspective of the relatively high American standard of living, it will seem like a drop in standards until we reach another equilibrium (who knows how long that will take?). In any case, the reassurances about the talents and abilities of Americans seem at odds with other parts of the book, such as Bill Gates feeling "terrified at the American work force of tomorrow."
If you're already working hard at becoming an expert in three fields, then you probably don't need to read this book. Indeed, you probably don't have time to read it, or to read and write Amazon reviews, for that matter.
Great book to introduce an inside to the 90's and now.......2007-10-03
This was an excellent book for someone who is ever curious about the expanding global ecomomy as a whole. As a sailor in the U.S. Navy I found the book fasinating because I not only grew up during which most of the book was talking about but I am witnessing the predictions of the book first hand. Great book all around!!
Friedman's writing and subjects are captivating.......2007-09-27
Are you still a little confused about why American corporations are outsourcing to India and manufacturing in China, or why Al Qaeda has suddenly become so powerful? If so, this is the book for you.
Friedman's made 'Globalization' simple enough for a high school student to understand. That being said, this is NOT a high school textbook. It is NOT dry. Friedman is a great journalist and an author who will hold your attention chapter after chapter.
Friedman has a knack for taking complex and often emotionally charged issues and breaking them down into easy to understand concepts. You don't have to be a graduate student to enjoy this book. It's great!
Globalization 3.0.......2007-09-24
I wish I had read this book during a Globalization class I took a year ago.
Friedman is an exceptional writer, very engaging. He really lays out the information well and then brings in together in the latter part of the book.
I thought the middle part of the book could of been edited a bit.
Overall, an excellent introduction to globalization and the affect this will have on the US and industries in general.
Book Description
How to speed up business processes, improve quality, and cut costs in any industry
In factories around the world, Toyota consistently makes the highest-quality cars with the fewest defects of any competing manufacturer, while using fewer man-hours, less on-hand inventory, and half the floor space of its competitors. The Toyota Way is the first book for a general audience that explains the management principles and business philosophy behind Toyota's worldwide reputation for quality and reliability.
Complete with profiles of organizations that have successfully adopted Toyota's principles, this book shows managers in every industry how to improve business processes by:
- Eliminating wasted time and resources
- Building quality into workplace systems
- Finding low-cost but reliable alternatives to expensive new technology
- Producing in small quantities
- Turning every employee into a qualitycontrol inspector
Customer Reviews:
Excellent book on the Toyota Way and Lean Manufacturing!.......2007-09-07
Jeffrey Liker clearly knows what he writes about. The book is the result of more than a decade of study, on site visits and interviews with several Toyota key people. It describes 14 toyota principles, which go through the Toyota Philosophy, the Toyota Production System, the relationship with employeees, customers, suppliers and partners, and a focus on continuous improvement. No wonder Toyota is one of world top most admired companies!
Very interesting is also the Japanese management principles and mindset - slow but determined, patient, self-reflection, learning by actuall observation and doing, consensus seeking, and managing for the long term.
By coincidence, yesterday (6/Sep/2007) the news came up that Jim Press (American Toyota President)was hired by Chrysler - I can imagine why.
Good Book on Toyota and Lean.......2007-06-30
A good book on the Toyota Production System (TPS) and Lean manufacturing. Liker does a good job of explaining both. I especially liked his cautions about mis-using Lean principles and pitfalls to failure.
Like most business books, the important stuff could have been expressed in many fewer pages. Liker almost gushes about Toyota to the extent that it somethimes reads as a vanity or promotional publication by Toyota - this makes me wonder if it really presents a balanced perspective.
Overall, I recommend it to anyone interested in Toyota or Lean.
Attitude Check.......2007-06-12
Great expose of the attitude of one of the worlds most impressive business organizations. Detailed, but not cumbersome. More than just another "how to" manual. A "must read" for decision makers in any business.
Yes, the book lives up to what the slip cover says........2007-06-10
Any business owner, manager or individual team member who wonders how companies improve should read this. If you wonder why some people love lean processes while others say it does not work should read this book.
I've been a manufacturing engineer since 1981, and I joined a lot of start-up companies because I love the growth and development phase of building a company up. Some worked, some did not. This book has a nice way of explaining what Toyota does and what the others fail to do.
Excellent book!.......2007-05-19
One of my clients saw this book in an airport stand and asked me if it was worth reading. I read the book out of mere curiosity and was totally engrossed. It is well-organized, simple, and clear. While not all companies can implement the Toyota Production System, there are certainly great ideas in this book that can be implemented by any company.
Amazon.com's Best of 2001
Five years ago, Jim Collins asked the question, "Can a good company become a great company and if so, how?" In Good to Great Collins, the author of Built to Last, concludes that it is possible, but finds there are no silver bullets. Collins and his team of researchers began their quest by sorting through a list of 1,435 companies, looking for those that made substantial improvements in their performance over time. They finally settled on 11--including Fannie Mae, Gillette, Walgreens, and Wells Fargo--and discovered common traits that challenged many of the conventional notions of corporate success. Making the transition from good to great doesn't require a high-profile CEO, the latest technology, innovative change management, or even a fine-tuned business strategy. At the heart of those rare and truly great companies was a corporate culture that rigorously found and promoted disciplined people to think and act in a disciplined manner. Peppered with dozens of stories and examples from the great and not so great, the book offers a well-reasoned road map to excellence that any organization would do well to consider. Like Built to Last, Good to Great is one of those books that managers and CEOs will be reading and rereading for years to come. --Harry C. Edwards
Book Description
The Challenge
Built to Last, the defining management study of the nineties, showed how great companies triumph over time and how long-term sustained performance can be engineered into the DNA of an enterprise from the verybeginning.
But what about the company that is not born with great DNA? How can good companies, mediocre companies, even bad companies achieve enduring greatness?
The Study
For years, this question preyed on the mind of Jim Collins. Are there companies that defy gravity and convert long-term mediocrity or worse into long-term superiority? And if so, what are the universal distinguishing characteristics that cause a company to go from good to great?
The Standards
Using tough benchmarks, Collins and his research team identified a set of elite companies that made the leap to great results and sustained those results for at least fifteen years. How great? After the leap, the good-to-great companies generated cumulative stock returns that beat the general stock market by an average of seven times in fifteen years, better than twice the results delivered by a composite index of the world's greatest companies, including Coca-Cola, Intel, General Electric, and Merck.
The Comparisons
The research team contrasted the good-to-great companies with a carefully selected set of comparison companies that failed to make the leap from good to great. What was different? Why did one set of companies become truly great performers while the other set remained only good?
Over five years, the team analyzed the histories of all twenty-eight companies in the study. After sifting through mountains of data and thousands of pages of interviews, Collins and his crew discovered the key determinants of greatness -- why some companies make the leap and others don't.
The Findings
The findings of the Good to Great study will surprise many readers and shed light on virtually every area of management strategy and practice. The findings include:
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Level 5 Leaders: The research team was shocked to discover the type of leadership required to achieve greatness.
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The Hedgehog Concept (Simplicity within the Three Circles): To go from good to great requires transcending the curse of competence.
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A Culture of Discipline: When you combine a culture of discipline with an ethic of entrepreneurship, you get the magical alchemy of great results. Technology Accelerators: Good-to-great companies think differently about the role of technology.
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The Flywheel and the Doom Loop: Those who launch radical change programs and wrenching restructurings will almost certainly fail to make the leap.
“Some of the key concepts discerned in the study,” comments Jim Collins, "fly in the face of our modern business culture and will, quite frankly, upset some people.”
Perhaps, but who can afford to ignore these findings?
Customer Reviews:
A very thought-provoking book for people trying to grow their business........2007-10-02
This was a very interesting book for me to read. I have to imagine that I am in a pretty narrow target market for this book, though the concepts may be broadly applied. I work for a small business and can see many opportunities to put this book's findings to work.
The book tells the various stories of companies that made a transition from a market participant to market leader and saw sustained success for at least 15 years. The author was able to identify a few common factors between these companies, and he and his research team present them as a model for us to follow.
I had but one small issue, which is probably not information that contributes to the rest of the research. They detail radical decisions made by upper management, sometimes completely changing the face of an established business. I figure there must be a largely disproportionate number of business that fail when they made the same or a similar move. I would have liked to see some detail behind how those successful companies came to make that decision. The decision itself was largely overlooked.
Like many "business" books, I feel that much of what was written here was largely common sense. They weren't necessarily ideas that I have had or would have come up with on my own, but as I read them they seemed mundane in analysis. It made the reading slow going, but there was a silver lining -- for instant gratification, each chapter ends with a few pages of main concepts extracted from the text.
There was some very insightful research in Good to Great. The common elements identified were relevant and practical. It would not be an easy model to follow, but if it were it would defeat its own purpose to isolate those corporate characteristics that set successful companies apart. If you have ever wondered what steps you should follow to take your company from Good to Great, this is a book you should read (even if it is just the chapter summaries).
"Good" is not "good enough"........2007-10-02
"Good" is not "good enough". When organizations and/or individuals settle for "good" as "good enough" they set themselves up to become obsolete. "Good to Great" looks at those organizations that decided never to settle for "good enough" and became "Great". How about you? Are you striving to become great at what you do, or have you settled for being good enough to get by? Does the organization that you work for have a plan to move from good to great? Are you a part of the change that will take your company to the next level or do you believe that your company is "good enough" right where it is?
I believe there is more value to be gained by pushing good organizations to become great than trying to turn mediocre organizations into good ones. The data presented in "Good to Great" shows just how much value can be gained by those willing to make the leap to Great. The book also shows you what principles of business those companies that made the leap had to adopt.
My favorite chapters are chapter two (Level 5 Leadership) and three (First Who...Then What). Level 5 Leadership address the benefits of having personal humility combined with a strong will to build something great. We have to many leaders at the top that have let their egos become more important than the organizations they run. "Good to Great" explains how the leaders of those companies that made the leap avoided the ego trap while having great ambitions for building something exceptional. Everyone who wishes to become a leader that makes a difference should read this chapter.
"First Who...Then What" does a good job of showing how great companies put "talent" at the top of the agenda. Any leader who wants to build a strong organization must put "talent" at the top of their agenda. Jim Collins address two critical issues companies need to address when it comes to recruiting and developing their talent. He shows us why it is important to get the right people on the bus and the wrong people off the bus. And then goes on to explain how great companies get the people in the right seat. How many people in your organization are in the wrong seat? How many should be taken off the bus entirely? Companies are not good at hiring the right people and then are terrible at assigning them to the right job. This chapter is a must for anyone involved in the hiring of talent.
I also recommend spending some time at jimcollins.com. I have visited and revisited this site to get more information on the concepts presented in "Good to Great". Buy the book, then go to the website and start your own journey from good to great.
Larry Kevin Adams
theactionator.com
Good To Great.......2007-09-28
Our company is taking the advice of the book to heart. We have formed our "hedgehog" group and all are excited. We want to work in an environment of greatness. The book shows us the way. We have 7 of our employees who have agreed to "donate their time" at lunch several times a month to help us identify our circles. I would recommend this book to any company or organization that truly wants to have their maximum impact in the arena in which they operate!
My Business Bible.......2007-09-24
If I have a bible for business, this is it. First who then what is the only way to go!
Still applicable in 2007.......2007-09-19
I enjoyed the thought provoking aspect of this book. The different levels of leadership, the hedgehog concept are the two takeaways from this book.
How many of us fall into the trap of being everything to everyone? Most I suspect from the findings presented in the book.
Read this book to find out how you can strive to be a Level 5 leader. I found the book very insightful. Jim Collins and his team hit a homerun!
Book Description
The astonishing, uplifting story of a real-life Indiana Jones and his humanitarian campaign to use education to combat terrorism in the Taliban's backyard
Anyone who despairs of the individual's power to change lives has to read the story of Greg Mortenson, a homeless mountaineer who, following a 1993 climb of Pakistan's treacherous K2, was inspired by a chance encounter with impoverished mountain villagers and promised to build them a school. Over the next decade he built fifty-five schools—especially for girls—that offer a balanced education in one of the most isolated and dangerous regions on earth. As it chronicles Mortenson's quest, which has brought him into conflict with both enraged Islamists and uncomprehending Americans, Three Cups of Tea combines adventure with a celebration of the humanitarian spirit.
Customer Reviews:
Wow.......2007-10-07
Simply the most moving story I have ever read. This will renew your faith in humanity.
This is a life changing book.......2007-10-06
I have recommended (and given) this book to many of my friends and all three of my book clubs. Some people found the beginning a little tedious but I did not. I enjoyed the background material and have decided that, when I grow up (I'm already 52), I want to be Greg Mortenson. I admire him and think his wife must be a saint. I learned a lot, and more importantly, felt a lot while reading this book. It is very inspiring. As Americans, we have so much to learn before we offer to help.
Pass it on!.......2007-10-05
Three Cups of Tea is an outstanding and inspiring story. It is the true story of a mountain climber who finds a village in Pakistan and sets out to create positive change in one of the most remote areas of the world. Helping poor communities build self sufficient schools is the peaceful way to fight terrorism in our world today. Read this book and be inspired.
hope for this earth.......2007-10-05
I hope that people around the world will read this book and realize what one person can do to help create more educated and hopefully more peaceful citizens. If Americans support this educational effort now, I believe our grandchildren will reap great rewards. This book has made a difference in my focus.
A must read - for parents and teachers!.......2007-10-05
I was skeptical at first, but I could hardly put this book down. I was sneaking in pages at every chance I got. I finished the book in just a few days. It is powerful and motivating book. It makes me value what I have and at the same time strive to serve a part of the world I had practically ignored. I am buying copies for my friends.
My only critique is that I wish it came with a map, with dots at all the schools. The author wrote about this school map in his head - and it helped him feel less alone.
Book Description
A grand and revelatory portrait of Wall Street’s most storied investment bank
Wall Street investment banks move trillions of dollars a year, make billions in fees, pay their executives in the tens of millions of dollars. But even among the most powerful firms, Lazard Frères & Co. stood apart. Discretion, secrecy, and subtle strategy were its weapons of choice. For more than a century, the mystique and reputation of the "Great Men" who worked there allowed the firm to garner unimaginable profits, social cachet, and outsized influence in the halls of power. But in the mid-1980s, their titanic egos started getting in the way, and the Great Men of Lazard jeopardized all they had built.
William D. Cohan, himself a former high-level Wall Street banker, takes the reader into the mysterious and secretive world of Lazard and presents a compelling portrait of Wall Street through the tumultuous history of this exalted and fascinating company. Cohan deconstructs the explosive feuds between Felix Rohatyn and Steve Rattner, superstar investment bankers and pillars of New York society, and between the man who controlled Lazard, the inscrutable French billionaire Michel David-Weill, and his chosen successor, Bruce Wasserstein.
Cohan follows Felix, the consummate adviser, as he reshapes corporate America in the 1970s and 1980s, saves New York City from bankruptcy, and positions himself in New York society and in Washington. Felix’s dreams are dashed after the arrival of Steve, a formidable and ambitious former newspaper reporter. By the mid-1990s, as Lazard neared its 150th anniversary, Steve and Felix were feuding openly.
The internal strife caused by their arguments could not be solved by the imperious Michel, whose manipulative tendencies served only to exacerbate the trouble within the firm. Increasingly desperate, Michel took the unprecedented step of relinquishing operational control of Lazard to one of the few Great Men still around, Bruce Wasserstein, then fresh from selling his own M&A boutique, for $1.4 billion. Bruce’s take: more than $600 million. But it turned out Great Man Bruce had snookered Great Man Michel when the Frenchman was at his most vulnerable.
The LastTycoons is a tale of vaulting ambitions, whispered advice, worldly mistresses, fabulous art collections, and enormous wealth—a story of high drama in the world of high finance.
Customer Reviews:
Oh, the memories.......2007-07-27
This book brought back so many memories of the time (late eighties/early nineties) and place. Looking back while reading this book, I realize how much I learned about people and industry while working in investment
banking (albeit a bit remotely) in NYC in those years. The level of detail
that Bill Cohan brings to the topic of Lazard is noteworthy. It's a fun
read for insiders and non-insiders alike. I hope things are better for
women now - my daughter wants to be an investment banker when she grows up!
A great book for "warped" people (like myself)!.......2007-06-11
660+ pages about the 150+ year history of Lazard Feres might put most people to sleep. Not me! As someone who actually likes this stuff, I found this book fascinating. The history of big money and finance is actually one of big personalties, and this book gives an inside look at several of the major players. Although tedious at times to read, I made it through the entire book in a couple of days. The most fascinating part of the entire story is simply that money at the levels discussed in this book doesn't seem real--most people could never fathom how corporate finance is conducted. I recommend this book to anyone interested in the subject of investment banking, especially those considering a career in that arena.
Long but worth it.......2007-05-30
extremely long, but it gives you a great description of how an organization rises and falls with the times and the great men who are at the wheel.
Destined to be a Classic.......2007-05-24
Cohan has brought to life a vivid and spellbinding tale of the legendary giants in the investment banking field (Meyer, Rohatyn, David-Weill, Rattner, and Wasserstein) at Lazard, offering a compelling and revealing portrait of the relentless personalities that invented, dominated and defined the last few decades of M&A banking. At the same time, The Last Tycoons is, at its core, a saga of ambition, egotism, greed, vanity and pride of Shakespearean proportions played out on the grand stage of corporate takeovers and national politics.
What emerges is not a noble picture of what these ostensibly "Great Men" purported themselves to be. Instead, it is apparent that at Lazard, the black arts of power and greed were the currency used to exhort and extort men of high ambition and intellect to achieve stature and enormous fees. The long shadow of Andre Meyer (unquestionably a Sith Lord) looms over the Lazard partnership and his protégés and successors, Felix Rohatyn and Michel David-Weill. Meyer was a brilliant financier with no peer with the exception of Bruce Wasserstein and it's fitting and deserving that the story of Lazard begins and ends with these two men. In between, Michel and Felix weave a complex and fascinating legacy of fear and loathing in the intervening decades.
For bankers and professionals in the field, Cohan's detail and emotional and psychological nuances will be tantalizing and relevant. For those aspiring to enter the field, it's a cautionary tale - it's very hard to play on the big stage on Wall St without darkening your soul. This story is destined to be a Classic amongst Barbarians and Den of Thieves
barbarians at the gates of central park .......2007-05-19
maybe the first casualty of wealth is self-knowledge. that is the takeaway from William Cohan's fine history of the fabled lazard freres banking house. in these pages we watch titans of finance gloat and preen while their castle crumbles from corruption and mismanagement.
Its a terrific story peopled with fascinating characters. who wouldn't, after reading this book, want to dine with the formidable felix rohatyn. He fled the Nazis as a boy, rescued New York from financial ruin and ditched Lazard at just the right moment to serve the nation as Bill Clinton's Ambassador to France. His intellect and achievement dominate the book, just as Felix dominated wall street for a generation. His departure from the firm caps the end of "the great man" era in investment banking. In Rohatyn's day only a select handful of wise men could be trusted to guide transactions. Nowadays all you need is armani and a spread sheet.
Even as he maps the tectonic movement in investment banking, Cohan keeps it light with plenty of well-researched dish on criminal investigations, love affairs, fabulous art collections, New Yorkana and the occasional drop to earth by some of Lazard's wax-winged partners. I closed the book -- a whopping 750 pp's -- edified and thoroughly entertained.
Book Description
"The Long Tail" is a powerful new force in our economy: the rise of the niche. As the cost of reaching consumers drops dramatically, our markets are shifting from a one-size-fits-all model of mass appeal to one of unlimited variety for unique tastes. From supermarket shelves to advertising agencies, the ability to offer vast choice is changing everything, and causing us to rethink where our markets lie and how to get to them. Unlimited selection is revealing truths about what consumers want and how they want to get it, from DVDs at Netflix to songs on iTunes to advertising on Google. However, this is not just a virtue of online marketplaces; it is an example of an entirely new economic model for business, one that is just beginning to show its power. After a century of obsessing over the few products at the head of the demand curve, the new economics of distribution allow us to turn our focus to the many more products in the tail, which collectively can create a new market as big as the one we already know. The Long Tail is really about the economics of abundance. New efficiencies in distribution, manufacturing, and marketing are essentially resetting the definition of whats commercially viable across the board. If the 20th century was about hits, the 21st will be equally about niches.
Customer Reviews:
Good article, stretched out to a padded book.......2007-09-26
This book started off as an article in Wired Magazine, and it was an excellent one. But Anderson must have decided to cash in, because the book doesn't add anything that wasn't covered in the article itself. It's not a complex concept.
Read the article on the Wired website. Then go spend your money on something from a tiny niche market.
One Trick Pony.......2007-09-09
This is one of those books that has one, keen insight and then takes one hundred + pages to say the same thing over and again. The keen point is indeed interesting. It just does not a complete book make. My $.02 !!
Good book for the startup entrepreneur in the 21-century .......2007-08-20
This is an insightful book into the today's world of retail business. Cool examples of how the Internet has leveled the playing field for many small businesses and artist.
Looking at it from the point of view of the producer and not the consumer or the retailer .......2007-08-16
I am not much of a business mind but I think I get the picture here. Instead of twenty percent of the product bringing in eighty percent of the revenue ninety- eight percent of the product is going to bring in all the revenue. Having so much available, and having ready access to it means sales no longer concentrate on a relatively few items. Freedom of choice abounds, niches multiply, Alvin Toffler is happy, future shock is no longer shocking, customization is here forever, and we all can have anything we want as long as we are able to pay for it.
Good. But I think of this in another way. Does this mean that 'value' also will not be centered as we ordinarily center it in the great works, the masterpeices, the few chosen ones? Does it mean our whole conception of valuing cultural goods will change, and a few big things will be less worshipped while many more appreciated? In other words will deTocqueville be happy here because 'equality' is in the saddle and mankind has many little good things, instead of the aristocracy only having a few?
And what does that mean for creators of culture? As a writer can I now happily post my unpublished writings with the thought that perhaps a few will read them, where before none did. In other words a moneyless long- tail is still a long- tail.
I don't know. But I do sense Anderson has hit on to a new truth here which will have all kinds of implications better business people than me will have to see.
Must read.......2007-08-14
The Long Tail is a must read for anyone wondering how the Internet works or how it's changing the world as we know it. In the book, Chris Anderson, the editor of Wired Magazine, explains how one simple principle is behind so many of the social and economic changes we are seeing with the internet. The Internet makes it possible for many people to produce and publish cheaply and for many other people to find those "amateur" works easily. For example, until the Internet, the only music you had access to was the top 40 on the radio or maybe the top 500 albums at the music store and maybe a local band at the bar on weekends. Now you have access to hundreds of thousands of songs written and produced by anybody and everybody in the world. Not only that but they are easily searchable in many different ways. So a you don't have to listen to just hits anymore and you don't have to be a world wide hit to be successful. That's what is changing the world. Niche markets are growing (around all of these non-hit works) and at the same time the way we share and find these niche products is becoming easier and easier - creating new communities online.
Chris Anderson explains it much better than me and I highly recommend the book if you've noticed that the Internet is changing the world and wondered why.
Amazon.com
IDEO, the world's leading design firm, is the brain trust that's behind some of the more brilliant innovations of the past 20 years--from the Apple mouse, the Polaroid i-Zone instant camera, and the Palm V to the "fat" toothbrush for kids and a self-sealing water bottle for dirt bikers. Not surprisingly, companies all over the world have long wondered what they could learn from IDEO, to come up with better ideas for their own products, services, and operations. In this terrific book from IDEO general manager Tom Kelley (brother of founder David Kelley), IDEO finally delivers--but thankfully not in the step-by-step, flow-chart-filled "process speak" of most how-you-can-do-what-we-do business books. Sure, there are some good bulleted lists to be found here--such as the secrets of successful brainstorming, the qualities of "hot teams," and, toward the end, 10 key ingredients for "How to Create Great Products and Services," including "One Click Is Better Than Two" (the simpler, the better) and "Goof Proof" (no bugs).
But The Art of Innovation really teaches indirectly (not to mention enlightens and entertains) by telling great stories--mainly, of how the best ideas for creating or improving products or processes come not from laboriously organized focus groups, but from keen observations of how regular people work and play on a daily basis. On nearly every page, we learn the backstories of some now-well-established consumer goods, from recent inventions like the Palm Pilot and the in-car beverage holder to things we nearly take for granted--like Ivory soap (created when a P&G worker went to lunch without turning off his soap mixer, and returned to discover his batch overwhipped into 99.44 percent buoyancy) and Kleenex, which transcended its original purpose as a cosmetics remover when people started using the soft paper to wipe and blow their noses. Best of all, Kelley opens wide the doors to IDEO's vibrant, sometimes wacky office environment, and takes us on a vivid tour of how staffers tackle a design challenge: they start not with their ideas of what a new product should offer, but with the existing gaps of need, convenience, and pleasure with which people live on a daily basis, and that IDEO should fill. (Hence, a one-piece children's fishing rod that spares fathers the embarrassment of not knowing how to teach their kids to fish, or Crest toothpaste tubes that don't "gunk up" at the mouth.)
Granted, some of their ideas--like the crucial process of "prototyping," or incorporating dummy drafts of the actual product into the planning, to work out bugs as you go--lend themselves more easily to the making of actual things than to the more common organizational challenge of streamlining services or operations. But, if this big book of bright ideas doesn't get you thinking of how to build a better mousetrap for everything from your whole business process to your personal filing system, you probably deserve to be stuck with the mousetrap you already have. --Timothy Murphy
Book Description
IDEO, the widely admired, award-winning design and development firm that brought the world the Apple mouse, Polaroid's I-Zone instant camera, the Palm V, and hundreds of other cutting-edge products and services, reveals its secrets for fostering a culture and process of continuous innovation.
There isn't a business in America that doesn't want to be more creative in its thinking, products, and processes. At many companies, being first with a concept and first to market are critical just to survive. In
The Art of Innovation, Tom Kelley, general manager of the Silicon Valley based design firm IDEO, takes readers behind the scenes of this wildly imaginative and energized company to reveal the strategies and secrets it uses to turn out hit after hit.
IDEO doesn't buy into the myth of the lone genius working away in isolation, waiting for great ideas to strike. Kelley believes everyone can be creative, and the goal at his firm is to tap into that wellspring of creativity in order to make innovation a way of life. How does it do that? IDEO fosters an atmosphere conducive to freely expressing ideas, breaking the rules, and freeing people to design their own work environments. IDEO's focus on teamwork generates countless breakthroughs, fueled by the constant give-and-take among people ready to share ideas and reap the benefits of the group process. IDEO has created an intense, quick-turnaround, brainstorm-and-build process dubbed "the Deep Dive."
In entertaining anecdotes, Kelley illustrates some of his firm's own successes (and joyful failures), as well as pioneering efforts at other leading companies. The book reveals how teams research and immerse themselves in every possible aspect of a new product or service, examining it from the perspective of clients, consumers, and other critical audiences.
Kelley takes the reader through the IDEO problem-solving method:
>Carefully observing the behavior or "anthropology" of the people who will be using a product or service
>Brainstorming with high-energy sessions focused on tangible results
>Quickly prototyping ideas and designs at every step of the way
>Cross-pollinating to find solutions from other fields
>Taking risks, and failing your way to success
>Building a "Greenhouse" for innovation
IDEO has won more awards in the last ten years than any other firm of its kind, and a full half-hour Nightline presentation of its creative process received one of the show's highest ratings.
The Art of Innovation will provide business leaders with the insights and tools they need to make their companies the leading-edge, top-rated stars of their industries.
Customer Reviews:
Kudos to Ideos.......2007-08-28
Excellent book with good insights. If you are in the business of innovation, this is one book that you shouldn't miss. I also recommend EIGHTSTORM: 8-Step Brainstorming for Innovative Managers.
Innovation for All.......2007-06-29
Through anecdotes, Kelley demonstrates how stumbling blocks to innovation can be overcome. He shows an appreciation for experimentation, momentum, and embraces failure as a true path to knowing. Failed prototypes are wonderful learning tools. Kelley's perspective keeps spirits high. He leaves much of the innovative process open ended - nearly encouraging innovation on innovating.
Interestingly, Kelley notes how medicine is becoming personalized and that the future can not be perfectly predicted. Still, he says we must aim at it. This was an important nugget of wisdom for me, a research coordinator at a think-tank-like public health research group, the Healthcare Innovation and Technology lab at Columbia University. On a daily basis we deal with innovation to improve healthcare and need to effectively innovate. Given that we tread a very specific territory - health and technology - and that Kelley's book could be so useful to us, it is obvious that he really has something to offer to everyone.
Innovation and creativity "how-to" guide.......2007-06-07
The Art of Innovation explains many of IDEO's creative techniques and in so doing paints a picture of the physical context in which all that creativity occurs, namely IDEO's office, your average geek's idea of paradise brimming with high-tech prototypes, foam cubes, "tech box" caddies with giant Post-Its and coloring pens ... and yes, it does look more like a playschool than Dilbertesque gray cubicle-land. Teamwork, friendship and a shared passion for helping clients innovate is clearly what binds people together and stimulates their creativity, while a supportive and forgiving management structure doesn't just tolerate weirdness, it actively encourages it. IDEO seems to have taken Tom Peters' advice "If you want to do weird, hire weird people" to the next level. In IDEO-land, "normal" people would probably stand out a mile.
Two creative techniques - brainstorming and prototyping - are particularly well described, in a way that encourages the reader to try something different. I've learnt some new tricks and even started applying them since reading the book.
El arte de innovar estilo IDEO.......2007-06-01
IDEO ha hecho de la innovación un arte, el cual es un proceso sistematizado, con pasos muy definidos, congruentes y faciles de llevar por las personas que conforman dentro sus empresas los equipos de innovacion y diseño.
Skip it and go right to 10 Faces.......2007-03-19
I recently read both this book and the Ten Faces of Innovation. My recomendation is to skip this book. It is written more like an advertisement for IDEO and was left feeling like Tom has crossed the line into arrogance. If you read it as a stand alone book there is a lot of useful information. However most of the concepts are covered in Ten Faces. If you have time read both books but if time is of the essence then jump right into the Ten Faces, you won't be disappointed.
Book Description
In this fascinating book, New Yorker business columnist James Surowiecki explores a deceptively simple idea: Large groups of people are smarter than an elite few, no matter how brilliant–better at solving problems, fostering innovation, coming to wise decisions, even predicting the future.
With boundless erudition and in delightfully clear prose, Surowiecki ranges across fields as diverse as popular culture, psychology, ant biology, behavioral economics, artificial intelligence, military history, and politics to show how this simple idea offers important lessons for how we live our lives, select our leaders, run our companies, and think about our world.
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The Wisdom of Crowds
I
If, years hence, people remember anything about the TV game show Who Wants to Be a Millionaire?, they will probably remember the contestants' panicked phone calls to friends and relatives. Or they may have a faint memory of that short-lived moment when Regis Philbin became a fashion icon for his willingness to wear a dark blue tie with a dark blue shirt. What people probably won't remember is that every week Who Wants to Be a Millionaire? pitted group intelligence against individual intelligence, and that every week, group intelligence won.
Who Wants to Be a Millionaire? was a simple show in terms of structure: a contestant was asked multiple-choice questions, which got successively more difficult, and if she answered fifteen questions in a row correctly, she walked away with $1 million. The show's gimmick was that if a contestant got stumped by a question, she could pursue three avenues of assistance. First, she could have two of the four multiple-choice answers removed (so she'd have at least a fifty-fifty shot at the right response). Second, she could place a call to a friend or relative, a person whom, before the show, she had singled out as one of the smartest people she knew, and ask him or her for the answer. And third, she could poll the studio audience, which would immediately cast its votes by computer. Everything we think we know about intelligence suggests that the smart individual would offer the most help. And, in fact, the "experts" did okay, offering the right answer--under pressure--almost 65 percent of the time. But they paled in comparison to the audiences. Those random crowds of people with nothing better to do on a weekday afternoon than sit in a TV studio picked the right answer 91 percent of the time.
Now, the results of Who Wants to Be a Millionaire? would never stand up to scientific scrutiny. We don't know how smart the experts were, so we don't know how impressive outperforming them was. And since the experts and the audiences didn't always answer the same questions, it's possible, though not likely, that the audiences were asked easier questions. Even so, it's hard to resist the thought that the success of the Millionaire audience was a modern example of the same phenomenon that Francis Galton caught a glimpse of a century ago.
As it happens, the possibilities of group intelligence, at least when it came to judging questions of fact, were demonstrated by a host of experiments conducted by American sociologists and psychologists between 1920 and the mid-1950s, the heyday of research into group dynamics. Although in general, as we'll see, the bigger the crowd the better, the groups in most of these early
experiments--which for some reason remained relatively unknown outside of academia--were relatively small. Yet they nonetheless performed very well. The Columbia sociologist Hazel Knight kicked things off with a series of studies in the early 1920s, the first of which had the virtue of simplicity. In that study Knight asked the students in her class to estimate the room's temperature, and then took a simple average of the estimates. The group guessed 72.4 degrees, while the actual temperature was 72 degrees. This was not, to be sure, the most auspicious beginning, since classroom temperatures are so stable that it's hard to imagine a class's estimate being too far off base. But in the years that followed, far more convincing evidence emerged, as students and soldiers across America were subjected to a barrage of puzzles, intelligence tests, and word games. The sociologist Kate H. Gordon asked two hundred students to rank items by weight, and found that the group's "estimate" was 94 percent accurate, which was better than all but five of the individual guesses. In another experiment students were asked to look at ten piles of buckshot--each a slightly different size than the
Customer Reviews:
Smart, Interesting and Easy to Read.......2007-09-21
This book was a surprise hit for me. I didn't expect to like it, but ended up loving it so much I just had to have a copy on my shelf. Surowieki is very convincing, in part because he takes such care to bring up alternative arguments and respond to each. He also keeps his focus fairly narrow, so the arguments aren't all over the place. I was especially fascinated by his discussion of experts. We rely on them so heavily these days, but now I know to question their expertise. This book has changed the way that I make decisions and the way I evaluate good decision-making in my elected representatives. I recommend this book to anyone interested in making good decisions. It is a smoothly-written book and you won't have any trouble following the arguments or staying 'into' it.
Don't expect a textbook.......2007-09-19
I really like the Wisdom of Crowds because Surowiecki succeeds in explaining complicated and sophisticated ideas in ways that educated people can not only grasp but also incorporate into their own thinking. This is quite an achievement, one that critics of the book have overlooked. This topic has not been open until now to such a wide audience.
Surowiecki never shies from even difficult and abstract statistical concepts. He draws liberally upon academic journals and scholarly books, writing in a style that is at once journalistic and educated.
Yet, Surowiecki never talks down to his reader. Instead he invites the reader to accompany him through an arcane (and dimly lit) maze of statistical practice as it has been developed and utilized for decades by social scientists and economists. The reader is rewarded again and again because Surowiecki points to a partially hidden jewel, holds it up for examination, hands it to the reader and then leaves it in plain sight (often for reference later in the book).
Thus, this book is a remarkable example, a model, for readers (and writers) who wish to bridge the gaps between educated professionals.
My criticism is along different lines. In this extremely visual era, the editors could have widened the audience for the Wisdom of Crowds much further if suitable images could have been commissioned to throw additional light on Surowiecki's prose. But, paper and ink are so much more expensive than artists these days, one can understand the limitations and constraints Doubleday (Random House) were under. On the other hand, why not put up a web site?
Crowds Oh Wisdom.......2007-09-19
Good book and I thought the pace moved along extremely well. There are some significant things in the book that are a bit dated, but overall this is a very interesting book. I also recommend "Beyond Buzz: The Next Generation of Word-of-Mouth Marketing" by Lois Kelly published 2007 to couple with this book. Beyond Buzz: The Next Generation of Word-of-Mouth Marketing
Food for thought.......2007-08-21
I found this book full of sweeping claims, generalizations and is confusing in its presentation. However it made me think. Overall the writer is saying that people independently working on a problem can in a fair vote be more accurate then the smartest individual. He then quotes examples for such behaviour and examples of when the crowds got it wrong when they acted not independently but in mass. I suspect that much of his arguments are sound.
How much I am not sure for example if I asked the average person independently if they believe there was much truth in astrology, I am sure that over 50% would say yes.
However since the book is making much comments, I hope to see some better studies coming forward.
Having said all this it has changed my views on decision making and how to do it.
Surowiecki is a gifted teacher.......2007-08-08
At first I was afraid that "The wisdom of crowds" was going to be a 250 page restatement of the law of large numbers for dummies. In the beginning it looks that way, because Surowiecki takes a lot of time to explain that the more people trying to guess the solution to a problem, each adding their own bit of information, the more accurate the average guess. Not very revolutionary at all (although possibly counterintuitive at first). But as the book moved on I got more and drawn in and impressed by the presentation, which is rigorous and supremely readable at the same time.
The book describes how crowds can solve problems of cognition, coordination and cooperation. It gives the conditions under which crowds are good and not good at doing so. The author illustrates with a myriad of interesting problems and case studies, some rather obvious choices (why do investment bubbles emerge?, why do political stock markets predict so well?), others more arcane (why did the gangsters in reservoir dogs fail?, why is it often easy to cut a line?). What binds these studies together is the way groups handle information and the good and bad institution designed to make them do so.
Throughout all the diversity, it is the great scholarship of Surowiecki that makes everything naturally fall into place. Being familiar with a lot of the material in academic form, I know how conceptually daring some of it is, but Surowiecki effortlessly reduces it to bite-size portions, without compromising much or exaggerating anywhere. Great reading!
Amazon.com
It began with a simple $27 loan. After witnessing the cycle of poverty that kept many poor women enslaved to high-interest loan sharks in Bangladesh, Dr. Muhammad Yunus lent money to 42 women so they could purchase bamboo to make and sell stools. In a short time, the women were able to repay the loans while continuing to support themselves and their families. With that initial eye-opening success, the seeds of the Grameen Bank, and the concept of microcredit, were planted.
After earning a Ph.D. in economics at Vanderbilt University, Dr. Yunus returned to Bangladesh to settle into a life as a professor. But a famine in 1974 ravaged the country, leading Dr. Yunus to alter his thinking and his life profoundly: "What good were all my complex theories when people were dying of starvation on the sidewalks and porches across from my lecture hall?.... Nothing in the economic theories I taught reflected the life around me." Armed with little more than a lofty dream to end the suffering around him, he started an experimental microcredit enterprise in 1977; by 1983 the Grameen Bank was officially formed.
The idea behind the Grameen Bank is ingeniously simple: extend credit to poor people and they will help themselves. This concept strikes at the root of poverty by specifically targeting the poorest of the poor, providing small loans (usually less than $300) to those unable to obtain credit from traditional banks. At Grameen, loans are administered to groups of five people, with only two receiving their money up front. As soon as these two make a few regular payments, loans are gradually extended to the rest of the group. In this way, the program builds a sense of community as well as individual self-reliance. Most of the Grameen Bank's loans are to women, and since its inception, there has been an astonishing loan repayment rate of over 98 percent.
Banker to the Poor is an inspiring memoir of the birth of microcredit, written in a conversational tone that makes it both moving and enjoyable to read. The Grameen Bank is now a $2.5 billion banking enterprise in Bangladesh, while the microcredit model has spread to over 50 countries worldwide, from the U.S. to Papua New Guinea, Norway to Nepal. Ever optimistic, Yunus travels the globe spreading the belief that poverty can be eliminated: "...the poor, once economically empowered, are the most determined fighters in the battle to solve the population problem; end illiteracy; and live healthier, better lives. When policy makers finally realize that the poor are their partners, rather than bystanders or enemies, we will progress much faster that we do today." Dr. Yunus's efforts prove that hope is a global currency. --Shawn Carkonen
Book Description
This autobiography of the world-renowned, visionary economist who came up with a simple but revolutionary solution to end world poverty--micro-credit--has become the classic text for a growing movement.
In 1983 Muhammad Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with miniscule loans. He aimed to help the poor by supporting the spark of personal initiative and enterprise by which they could lift themselves out of poverty forever. It was an idea born on a day in 1976 when he loaned $27 from his own pocket to forty-two people living in a tiny village. They were stool makers who only needed enough credit to purchase the raw materials for their trade. Yunus's loan helped them break the cycle of poverty and changed their lives forever. His solution to world poverty, founded on the belief that credit is a fundamental human right, is brilliantly simple: loan poor people money on terms that are suitable to them, teach them a few sound financial principles, and they will help themselves.
Yunus's theories work. Grameen Bank has provided 3.8 billion dollars to 2.4 million families in rural Bangladesh. Today, more than 250 institutions in nearly 100 countries operate micro-credit programs based on the Grameen methodology, placing Grameen at the forefront of a burgeoning world movement toward eradicating poverty through micro-lending.
Customer Reviews:
Turning Inspiration into Action.......2007-10-05
Not wanting to repeat the accolades mentioned in the reviews posted I would like to instead share how reading this book and meeting Yunus was a catalyst to some actions I took both on a personal and professional level. The intent is not self promotion or to showcase my efforts. Instead, I am providing ideas and addressing those of you who may find, as I did, that after finishing the last page you are left with a desire to do something. The dilemma was what could I do ......I am not a bank or live in a developing country. I did give copies of the book to friends, colleagues and family but I wanted to do something more concrete. Well, with micro finance "on my radar" I took some actions both on a personal and professional level that I hope are making a difference and are in some ways increasing the visibility and awareness of micro financing.
First a little background and comments on the book.....I had the great honor of meeting Mohammad Yunus shortly after he received the Nobel Peace prize in 2006 at an event in Paris sponsored by Planet Finance. Yunus is truly an inspirational person, charismatic in a subtle way, who has touched the lives of many. His enthusiasm is contagious. The book Banker to the Poor is a fascinating read.... humorous, touching and informational as it traces the evolution of the micro finance model from concept (starting with Yunus lending the equivalent of $27 to stool makers) to what it is today with over 7.2 million clients. What resonates with me is the idea of lending versus aid dumps from the World Bank, UN, NGO's and charity organizations. I don't want to discount the millions given as direct charity to the needy but the concept of micro finance creates a sense of pride and responsibility not to mention innovation and creativity. Micro finance can also generate incremental improvement versus charity or outright donations which, in many cases dries up, is short term and results in dependence instead of empowerment.
Some actions I took:
* I became aware of KIVA (www.kiva.org) an organization that facilitates micro loans (as little as $25) from individuals like you and I to a specific entrepreneur in a developing world empowering them to lift themselves out of poverty. These individuals are in fact showcased on the site where you can see a picture and read about the entrepreneur you have chosen. KIVA is founded by an impressive team of "Social Entrepreneurs". Using technology, KIVA brings the lenders and borrowers together and provides an online community for lenders who are also showcased on the site. Involving my daughter (10) in the decision process we are lending to an entrepreneur in Samoa, so she can buy timber to improve her greenhouse for her flower business.
* As President of my alumni association (Thunderbird) I organized an event around Micro Financing with the Managing Director of Planet Rating, a microfinance rating agency, as a guest speaker.
* At a university in Paris I run a project based course involving teams of MBA students. Proposing a project related to micro finance the students were enthusiastic and completed a study on micro finance in Europe.
* Professionally, I work with individuals in career transition and entrepreneurs in helping them to identify their unique strengths and values and message their brand appropriately both online and offline. Fundamentally, I find that people have a social conscious and want to do something concrete. To this end I suggest lending to a KIVA entrepreneur as a way to concretely incorporate a social conscious into their brand.
* As part of my involvement in a Global Telesummit entitled a Brand You World www.personalbrandingsummit.com I am involved in raising $100,000 in loans for KIVA entrepreneurs in the developing world. Incidentally, Kiva was featured on Oprah and is mentioned in Clinton's book "Giving".
Having shared how I was inspired by reading this book I would be more then interested in hearing how it inspired you and what actions you took.
Bernadette
Bernadette Martin
www.visibilitybranding.com
Enlightening work.......2007-08-12
Muhammad Yunus believed that every human being had a basic right to credit. He believed in the human spirit and peoples' hard work and honesty when given a chance to sustain themselves above poverty. His accomplishments have proven his theory over and over in several countries to millions of people. Micro-lending will surely be a part of the future success in Africa, Asia, and South America. A modified form of Mr. Yunus' model has worked in the USA, unfortunately, we as Americans aren't schooled nor molded to be basic entrepreneurs. We must change our school systems from teaching how to become good employees to how to become entrepreneurs as well. Mr. Yunus' model includes 5 person groups to help each other and support each other when one gets behind in loan repayments and/or family crisis. This is a very important requirement to micro-lending and must not be excluded when trying to duplicate the success of the Grameen Bank.
Thank goodness we have people in our world like Muhammad Yunus to teach us how to treat other human beings.
Poverty should be extinct!.......2007-08-09
This book is a testament to the good one can do to millions of people!
Poverty belongs in museums! One day, thanks to humanitarians like Muhammad Yunus, poverty will be something of the past and totally extinct, and the next generation will wonder how poverty was ever allowed to exist within our midst. Indeed that will be a glorious day!
Professor Yunus recounts his early life living in India, Bangladesh, and then in the United States. He was born in 1940 in British-ruled India. He was one of fourteen children born to devout Muslim parents. His mother was often ill, but despite this, his father never left her. Yunus later obtained a scholarship to study in the States, earned a Ph.D. in economics at Vanderbilt University, and later became a professor. He once commented to his students, "What good were all my complex theories when people were dying of starvation on the sidewalks and porches across from my lecture hall? Nothing in the economic theories I taught reflected the life around me."
As a young man he was very involved in the independence of Bangladesh when hundreds of thousands died, and many more after Bangladesh declared itself independent. The country was devastated, and stripped of its natural resources. Professor Yunus quickly left the US and headed to Bangladesh in order to help create a government, and thus get international help and support.
He was very concerned about the poor, and decided to help them. He was surprised why banks did not lend them money. Also the majority of the poor couldn't write or read, so they couldn't even fill out the forms required by banks in order to obtain a loan.
Grameen Bank (The name means the "bank of the village") was thus started in 1976 as an experimental project to combat rural poverty by providing credit to the very poor. Professor Yunus loaned $27 from his own pocket to forty-two stool makers living in a tiny village. These women only needed enough credit to purchase the raw materials for their trade. Yunus's small loan helped them break the cycle of poverty for good. Throughout the book you'll read of many such success stories.
Professor Yunus faced a lot of obstacles in creating his bank. He was accused by the Muslim clergy (Mullahs) of wanting to destroy Islamic traditions, and of promoting Christian values in Bangladesh. Some of his staff were even threatened. This was due to the fact that the bank encourages women to take loans and work, something of a taboo and highly unacceptable to Muslim women living in Bangladesh. In fact, many women were beaten by their husbands for the mere mention of money, let alone taking a loan. Women were also not encouraged to receive an education or work. Professor Yunus says, "All her life she has been told that she is no good, that she brings only misery to her family, and that they cannot afford to pay her dowry. Many times she hears her mother or her father tell her she should have been killed at birth, aborted, or starved. But today, for the first time in her life, an institution has trusted her with a great sum of money. She promises that she will never let down the institution or herself. She will struggle to make sure that every penny is paid back (65)."
In 1983 Grameen Bank (GB) was officially established. It is unique in that it has reversed conventional banking practices by removing the need for collateral and created a banking system based on mutual trust. It promotes credit as a human right. Its mission is to help the poor families to help themselves to overcome poverty by issuing them with microcredits (very small amounts, like $7, something a conventional bank would never do). It is offered for creating self-employment for income-generating activities and housing, as opposed to consumption. It is particularly targeted towards poor women. It provides service at the door-step of the poor based on the principle that the people should not go to the bank; the bank should go to the people. This principal is helpful in a Muslim society where women are not allowed to leave their homes without the approval of their husband, and are not allowed to speak with men.
In order to obtain loans a borrower must join a group of borrowers, with each borrower recommending another. If one member of the group defaults on payment of his loan, then the whole group is denied further loans! However, to encourage destitute members to join, he/she does not have to belong to a group, no saving is necessary, no weekly repayment is necessary, his/her loan terms are decided by him/her, in consultation with his/her mentor.
A member is considered to have moved out of poverty if her family fulfills the following criteria:
1. The family lives in a house worth at least Tk. 25,000 (twenty five thousand) or a house with a tin roof, and each member of the family is able to sleep on bed instead of on the floor.
2. Family members drink pure water.
3. All children in the family over six years of age go to school or have finished primary school.
4. Minimum weekly loan installment of the borrower is Tk. 200 or more.
5. Family uses sanitary latrine.
6. Family has adequate clothing for everyday use and for winter, and mosquito-nets.
7. Family has sources of additional income, such as a vegetable garden, so that they are able to fall back on these sources of income when they need additional money.
8. The borrower maintains an average annual balance of Tk. 5,000 in his/her savings accounts.
9. Family has three square meals a day throughout the year. No member of the family goes hungry any time of the year.
10. If any member of the family falls ill, family can afford to take all necessary steps to seek adequate healthcare.
Professor Yunus distrusted dealing with the World Bank. According to professor Yunus, the world bank, with its headquarters away from Bangladesh, does not see poverty, but relies on theories. He also was wary of how they took full control of a country's financial needs.
There were a number of major natural disasters in Bangladesh. The 1998 flood was the worst of all. Half of the country was under flood-water for ten long weeks. Grameen borrowers lost most of their possessions including their houses because of the flood. Soon borrowers started to feel the burden of accumulated loans. They found the new installment sizes exceeded their capacity to repay. Grameen Bank repayment started to show quick decline. This was a good opportunity to design a new Grameen methodology, incorporating all the lessons learnt. As a result, Grameen Bank II was created.
The bank believes that the poor always pay back their loans, unlike the very rich. On some occasions they may take longer time to pay back than it was originally stipulated. Many things can go wrong for a poor person during the loan period. According to professor Yunus, since the borrower is paying additional interest for the extra time, where is the problem?
Grameen Bank has introduced higher education loans for all students who can enter into the higher educational institutions (medical, engineering, etc). Students are made responsible to repay the loans when they start earning. Half the scholarships are reserved for girl students. The remaining 50 per cent is open for both boys and girls. Each year Grameen Bank gives out 3,704 scholarships.
Grameen believes that poverty is not created by the poor; it is created by the institutions and policies which surround them. In order to eliminate poverty, all we need to do is to make appropriate changes in the institutions and policies, and/or create new ones.
Muhammad Yunus and his Grameen Bank of Bangladesh won the 2006 Nobel Peace Prize.
As of May, 2007, Grameen Bank had 7.21 million borrowers, 97 percent of whom are women. With 2431 branches, it provides services in 78,659 villages, covering more than 94 percent of the total villa![The World Is Flat [Updated and Expanded]: A Brief History of the Twenty-first Century](http://ec1.images-amazon.com/images/I/21VA47B370L.jpg)
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Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything
The Lexus and the Olive Tree: Understanding Globalization
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