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About this product
- DescriptionAmerican capitalism is in dire straits, caught in a perilous pattern of increasing volatility, decreasing investor returns, and ongoing bad behavior by executives. And it's getting worse. Since the turn of the twenty-first century, we've seen two massive value-destroying market meltdowns and a string of ethics breaches, including accounting scandals, options-backdating schemes, and the subprime mortgage debacle. Just what is going on here? Is it the inevitable decline of the American ecomy? Is it the new rmal in a techlogy-enabled global marketplace? Or is it possible that the very theories we've embraced to underpin our capital markets are actually producing these crises? In Fixing the Game , Roger Martin reveals the culprit behind the sorry state of American capitalism: our deep and abiding commitment to the idea that the purpose of the firm is to maximize shareholder value. This theory has led to a massive growth in stock-based compensation for executives and, through this, to a naive and wrongheaded linking of the real market - the business of designing, making, and selling products and services - with the expectations market - the business of trading stocks, options, and complex derivatives. Martin shows how this tight coupling has been engineered and lays out its results: a single-minded focus on the expectations market that will continue driving us from crisis to crisis - unless we act w. Using the National Football League as his primary example, Martin illustrates that it is possible to take a much more thoughtful and effective approach than we w do to the intersection of the real and the expectations markets and to governance in general in the capital markets. Martin shows how we can act to end the destructive cycle, including: restructuring executive compensation to focus entirely on the real market, t the expectations market; rethinking the meaning of board governance and role of board members; and, reining in the power of hedge funds and mopoly pension funds. Concise, hard-hitting, and entertaining, Fixing the Game advocates seizing American capitalism from the jaws of the expectations market and planting it firmly in the real market - and it presents the steps we must take w to do so.
- Author(s)Roger L. Martin
- PublisherHarvard Business Review Press
- Date of Publication01/05/2011
- SubjectManagement Techniques: Professional
- Country of PublicationUnited States
- ImprintHarvard Business Review Press
- Content NoteIllustrations
- Weight300 g
- Width144 mm
- Height218 mm
- Spine30 mm
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