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Accelerating out of the Great Recession: How to Win in a Slow-Growth Economy Hardcover – January 20, 2010


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Product Details

  • Hardcover: 224 pages
  • Publisher: McGraw-Hill; 1 edition (January 20, 2010)
  • Language: English
  • ISBN-10: 0071718141
  • ISBN-13: 978-0071718141
  • Product Dimensions: 8.6 x 6.1 x 0.8 inches
  • Shipping Weight: 14.9 ounces (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #479,991 in Books (See Top 100 in Books)

Editorial Reviews

Review

This is the most comprehensive assessment of the global economy that I've seen and is a must-read for any business, economic, or governmental-related leader". Jeff M. Fettig, Chairman & CEO, Whirlpool Corporation "A fascinating account of the causal factors of the meltdown and what we can do to avoid repetition." Sanjay Khosla, Executive Vice President and President, International for Kraft Foods "This book combines brilliant analysis and strategic insight with a clear message: Companies that want to play a role in tomorrow's markets must act immediately. There's no place for complacency. The opportunities in the post-crisis world are good--and better than many might think." Dr. Jurgen Hambrecht, CEO, BASF "The lessons from companies that came out winners during past recessions are invaluable in the current context. Rhodes and Stelter strike a welcome note of optimism in today's tough times by showing that companies can do a lot to thrive when the global economy is struggling." Dr. Dieter Zetsche, CEO, Daimler "There are great lessons for today's chief executives: well-managed companies can prosper in the downturn and accelerate faster than their competitors in the upturn. Rhodes and Stelter have dug deep into history to vividly show how companies can do it." Dr. Martin C. Halusa, CEO, Apax Partners Worldwide LLP

About the Author

David Rhodes is a senior partner and managing director of the London office of The Boston Consulting Group and the global leader of the Financial Institutions practice.

Daniel Stelter is a senior partner and managing director of the firm’s Berlin office and the global leader of the Corporate Development practice.


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Customer Reviews

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This is a very important book.
Reg Nordman
The authors use examples from the great depression, the recessions of the 70's/80's as well as Japan's lost decade to build a model of the future.
Dave Lakhani
I would recommend this book to anyone with an interest in the economy, business or even politics.
Xam G.

Most Helpful Customer Reviews

6 of 7 people found the following review helpful By Eugen K. on February 1, 2010
Format: Hardcover
While I am usually rather sceptical about Consultants who are explaining the world - this book truly does add crystal clear insights. It not only puts the financial and economic crisis into a historic perspective, it also seperates root causes from secondary fallouts, it distinguishes temporary symptoms from longlasting changes.
All very readable and easy to digest, rather entertaining - particularly the elaborate company case studies and analogies from last century - and their (non-)relevance to the current situation. I found the authors' analysis and outlook to be extremely helpful in order to define what the "new normal" we all will have to adjust to is going to look like. Mandatory reading for everyone who has to make long range and global investment decisions (or who is affected by them).
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14 of 19 people found the following review helpful By Loyd E. Eskildson HALL OF FAME on February 9, 2010
Format: Hardcover
David Rhodes and Daniel Stelter are Europe-based senior partners in the Boston Consulting Group. In "Accelerating Out of the Great Recession" they purport to offer solid advice on how American businesses can survive and thrive in these trying times. They begin by observing that it would take a 32% increase in China's private consumption to offset a 5% reduction in U.S. consumer spending - something they believe is not going to happen. Thus, when combined with various spending inhibitors, they conclude business leaders should instead look for growth in the U.S., albeit slower than the past. Accompanying that slower growth will be unwanted increased efforts at government regulation, anti-immigration action, and trade protectionism. Other economic drags include downward price pressure due to deleveraging, and bank reluctance to lend due to their failure to recognize the extent of their potential losses and recapitalize.

Continuing, the authors point out that U.S. household wealth shrank an estimated $13.9 trillion (22%) in the last few years, while the savings rate rose from -2.7% in 2005 to +5.9% in 2009. Both factors reduce demand. Meanwhile, the GDP-boosting U.S. trade deficit (4.6% of GDP) cannot continue, unemployment and underemployment remain high, and most surveyed business leaders are not optimistic about soon returning to record 'pre-recession' profits.

Soaring U.S. health care costs (17.3% in 2009, expected to hit 25% in 2025 and 37% in 2050 absent fundamental change - Congressional Budget Office) receive almost no attention in "Accelerating . . .," despite the obvious fact it cannot continue. (Suffice it to say, health care reform will not occur on its own, and will have major impact.
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3 of 4 people found the following review helpful By Dave Lakhani VINE VOICE on February 19, 2010
Format: Hardcover
The authors do an exceptional job of describing the current economy and economic decisions leading into the current situation in layman terms. They also effectively layout the potential future outcomes based on actions being taken worldwide right now. The book also does a great job of explaining the global impact of U.S. economic decisions as they relate to the bailout and more.

This book is essential reading right now because it is one of the best reviews of the changing consumer mindset as well as building a road map for the future for businesses. They show what businesses that expect to grow in the future must do now. They don't offer pie in the sky take profit approaches, rather they focus on the solid opportunities that exist for companies to build a foundation for a solid future.

The authors use examples from the great depression, the recessions of the 70's/80's as well as Japan's lost decade to build a model of the future. They are also quick to point out that while the bailout of the U.S. economy probably stopped us from sliding into a deep depression, that those ideas were floated during the Great Depression but not implemented, so we have no idea what will happen as a result, it may take a completely different path and we could see another deeper depression in the short term, especially if there (and there likely will be) another huge round of foreclosures.

An interesting fact from the book was that in 1950 it took one dollar in credit to create one dollar of Gross Domestic Product, today it takes five dollars of credit to create one dollar of GDP. With tightening credit restrictions it makes it much harder for the economy to grow.
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Format: Hardcover
How are you reacting to today's recession? That seems to be the question most media sources are addressing today. But an objective, comprehensive look at the Great Recession is harder to find.

Boston Consulting Group senior partners David Rhodes and Daniel Stelter attempt to do just that in their newest book, "Accelerating Out of the Great Recession: How to Win in a Slow-Growth Economy." The book, which targets high-level corporate decisionmakers, covers how today's economic crisis happened, what the current business environment looks like, and how companies can stay successful in current recessionary conditions.

How They Figured it Out

Rhodes and Stelter surveyed 450 executives in the US, UK, EU, and Japan to get a barometer of the current business climate. Those executives run companies with sales ranging from $1 billion to more than $20 billion. The book, in other words, targets leaders of large corporations, as one might expect from a consulting tome.

Rhodes and Stelter also researched thousands of public companies that succeeded during the Great Depression, the 1970s-80s US stagflation period, and Japan's Lost Decade. Through their research, they determined what factors made those companies succeed. Note that they did not include private companies, and do not focus much outside of their target geography. As a result, the book contains conditions and prescriptions specific to the US and particularly Europe, and is most applicable to large, public corporations.

Inside the Book

AOGR (to shorten the title) is divided into two parts. Part I explains we got into this crisis, what caused it, and why it will take years to recover. It compares the US now to Japan during its Lost Decade (1991-2001).
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