Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn from the NFL

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9781422171646: Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn from the NFL
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American 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 economy? Is it the new normal in a technology-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 now.

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 now 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, not the expectations market
Rethinking the meaning of board governance and role of board members
Reining in the power of hedge funds and monopoly 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 now to do so.

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About the Author:

Roger Martin is dean of the Rotman School of Management at the University of Toronto and a professor of strategic management at the school. He authored The Responsibility Virus, The Opposable Mind, The Design of Business and many articles in leading business publications including Harvard Business Review, BusinessWeek, Fast Company, and Barron's.

Excerpt. Reprinted by permission. All rights reserved.:

Bloated executive overcompensation. Corporations with directors who enjoy the prestige, pay and clubbiness of board membership yet are clueless at providing sound corporate governance. A stock market that wipes out the life savings of millions of investors, even as "parasitic" hedge-fund managers rack up billions of dollars in fees and profits.

[ILLUSTRATION OMITTED]

[ILLUSTRATION OMITTED]

These are just a few of the ills of modern capitalism, American style, that Roger L. Martin discerns in his highly readable and often acerbic analysis of what's wrong the United States business system today and how it might be corrected.

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Book Description Harvard Business School Publishing, United States, 2011. Hardback. Condition: New. Language: English . Brand New Book. American 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 economy? Is it the new normal in a technology-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 now.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 now 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, not the expectations market Rethinking the meaning of board governance and role of board members Reining in the power of hedge funds and monopoly pension fundsConcise, 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 now to do so. Seller Inventory # AAS9781422171646

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