Jack Welch: revised

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Fortune: The new rules talks about a reexamination of the ‘rules of business’ espoused by Jack Welch during his legendary tenure at GE in light of the increasingly short term view of American publicly traded companies.  This near term perspective is often, accurately, perceived as the result of following the ‘net present value maximization’ theory to its logical conclusion.

I’ve become quite frustrated at my level of industry with the constant drive for short term gain at the expense of anything and everything else including job satisfaction, employee morale, safety, environmental considerations, and the place of the company in our society.  All that seems to matter to many of these executives are quarterly statements.

This is a tragedy for a variety of reasons, with one of the most overlooked being the loss of confidence in business as a force for good in the world.  Most of us will spend most of our lives working.  This time can be a great opportunity to make the world better, but only if we take a point of view longer than 90 days.

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