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

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

Hardback

By (author) Roger L Martin

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  • Publisher: Harvard Business School Press
  • Format: Hardback | 251 pages
  • Dimensions: 142mm x 211mm x 28mm | 386g
  • Publication date: 3 May 2011
  • Publication City/Country: Boston
  • ISBN 10: 1422171647
  • ISBN 13: 9781422171646
  • Illustrations note: black & white illustrations, figures
  • Sales rank: 170,756

Product description

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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Author information

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."

Review quote

"excellent book" - "The Guardian" "All business leaders, not just the one who wants to be chief executive of the "American company" should take notice." "Professor Martin makes the point particularly vividly, observing that the way we currently reward corporate C.E.O.'s is roughly equivalent to rewarding football teams for exceeding expectations rather than winning games." -- "The New York Times" Economix blog "As Roger Martin details in his brilliant, "Fixing the Game: Bubbles, Crashes, and What Capitalism can Learn From the NFL," CEO pay exploded when companies adopted reward systems based upon maximizing shareholder value." -- Huffington Post "what the reader gets in "Fixing the Game" is deeply thoughtful business commentary with an excellent marketing case study to boot, namely the NFL" -- "Graziadio Business Review" "One of the few business school leaders to confront the disgrace of business leadership through the economic crisis, Martin is also a big football fan, and draws provocative lessons from his enthusiasm for the sport." - CBS News Named the Best Management Book of 2011 by "strategy+business" magazine "Fixing the Game is a passionate, timely, and incisive look at how today's capitalist system, with its commitment to shareholder value, is leading to bubbles and crashes. He presents some tough-minded solutions." - The Globe and Mail "American capitalism hangs in the balance, writes Martin. His book gives a clear explanation as to why this is so and what should be done to save it." "Brilliant new book..." - Forbes.com "His conclusions have a global relevance" - Financial Times "recommend Roger Martin's new book, Fixing the Game, which explores the demands of Wall Street vs. the common sense decisions of Main Street...Martin is clear where successful CEOs and their Boards need to focus -- and that's on the actual game on the real field, not the one played by the bookies." - Huffington Post