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The Battle for the Soul of Capitalism
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The Battle for the Soul of Capitalism

How the financial system undermined social ideals, damaged trust in the markets, robbed investors of trillions – and what to do about it

Yale UP, 2005 más...

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audio autogenerado

Editorial Rating

8

Qualities

  • Applicable

Recommendation

John C. Bogle is the best possible person to provide this critique of the U.S. slide into dysfunctional capitalism. As the founder and former CEO of Vanguard mutual funds, Bogle has taken the high road in investment management, implementing policies that contain fund expenses and benefit shareholders. Of course, this should be the main job of any fiduciary, but it often gets lost among other interests. With his long-term perspective and in-depth knowledge, Bogle presents the industry’s problems and explains how to correct the mistakes generated by greed, runaway management, wild speculation and sloppy oversight. Although occasionally repetitive and rhetorical, he raises important concerns: Rampant self-interest is destroying the investor class and, even worse, many fiduciaries are standing by and passively watching the debacle. If you are an investor, investment professional or a dispassionate fan of the benefits of capitalism, getAbstract recommends this as essential reading.

Take-Aways

  • At the end of the 20th century, the morals of U.S. businesses deteriorated.
  • Problems of excessive executive compensation and deregulation of financial institutions helped produce the stock market bubble of 1998 to 2000.
  • In “owners’ capitalism,” executives manage corporations for the benefit of shareholders.

About the Author

John C. Bogle is founder and former CEO of a large mutual fund company. In 2004, Time magazine named him one of the most influential people in the world. In 1999, Fortune magazine named him one of the four investment giants of the 20th century.


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