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Ebook - Business at a crossroads
Business at a Crossroads 9780230_230941_01_prels.indd 1 09/09/2009 09:58 This page intentionally left blank BUSINESS AT A CROSSROADS The Crisis of Corporate Leadership Tom Lloyd 9780230_230941_01_prels.indd 3 09/09/2009 09:58 © Tom Lloyd 2010 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2010 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN-13: 978–0–230–23094–1 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 19 18 17 16 15 14 13 12 11 10 Printed and bound in Great Britain by CPI Antony Rowe, Chippenham and Eastbourne 9780230_230941_01_prels.indd 4 09/09/2009 09:58 This book is dedicated to the memories of my mother Maggie, my sister Judy, and two great friends, Peter Bielby and Ray Heath 9780230_230941_01_prels.indd 5 09/09/2009 09:58 This page intentionally left blank vii Contents Acknowledgements xi Introduction 1 Refer ence 11 P ART I What ails big business 13 1 What people want 15 Self-r espect is a primary good 17 Fr ee 19 Fair 20 Reasonable 21 Decent 24 Power and powerlessness 26 Good work 29 The ar gument so far 30 Refer ences 30 2 A feudal heritage 31 A cat ponders a king 31 Business is natural 32 Early trade 34 The precursors of companies 35 The English East India Company 37 From mercantilism to capitalism 39 The Industrial Revolution 41 An accidental bir th 42 The birth environment 43 Medieval tournaments 45 The evolutionar y puzzle 47 The ar gument so far 48 Box: Hudson’s Bay Company 48 Refer ences 50 9780230_230941_01_prels.indd 7 09/09/2009 09:58 viii CONTENTS 3 The steam-age corporation 51 Why the MuBE emerged 52 Why the MuBE thrived 56 Chandler’s contribution 66 The ar gument so far 67 Box: Vickers-Armstrongs 67 Refer ences 68 4 The decadent corporation 69 Justice as fair ness 69 Gr owing inequality 72 Mor e than fair shares 78 T ARP restrictions on executive pay 79 The gathering stor m 82 Bar riers to reform 83 A danger ous decadence 85 The ar gument so far 86 Refer ences 87 5 Not so much gr eed 88 Gr eed 88 Asset-skimming 92 An unwholesome alliance 93 An unhappy coincidence 95 The cult of leadership 98 The buck and the bucks stop her e 102 The ar gument so far 102 Refer ences 103 6 The myth of leadership 104 The CEO system 105 The management ideas market 107 The CEO as principal and conductor 109 Systemic risks 111 For tunes from good fortune 114 The CEO as ambassador 115 Leaders and leadership 116 Pr ogress report 119 The ar gument so far 119 Refer ences 120 9780230_230941_01_prels.indd 8 09/09/2009 09:58 CONTENTS ix PART II Reforming big business 121 7 Leaderless competitors 123 Roads not taken 124 A fractur ed landscape 127 Box: Patches on landscapes 128 Phase transition 130 The pover ty of strategy 132 New r oads 135 Linux 135 Wikipedia 139 Stewards, seeders, guardians 142 The ar gument so far 143 Refer ences 143 8 The adaptive challenge 145 The question of purpose 145 Soul and community 148 T oo few women 150 Feminine management 153 The ar row and the spiral 156 The female advantage 157 Talent 157 Moderating macho 158 Risk 158 Ethics 158 Box: Ethics and gender 159 Pay 159 The promise of women 160 The ar gument so far 160 Refer ences 161 9 Size and shape 162 Real business 163 Small and local 164 Power with 165 Box: From an Acorn 167 The parasite’s strategy 169 Par tnership problems 170 Y ielding power 174 9780230_230941_01_prels.indd 9 09/09/2009 09:58 . troughing and fat cats and try to ensure that their pay remains competitive. As one German CEO, relatively lowly paid by Anglo-Saxon standards, is said to have. authorities and commentators that companies that engage in aggressive tax planning (tax avoidance, the opportunities for which have been increased by globalization