Customer Reviews

The Future of Success: Working and Living in the New Economy

5 star:		(3)
4 star:		(7)
3 star:		(0)
2 star:		(0)
1 star:		(2)

 

 

Reich (personal bio covered by other reviewers) covers
some of the mega-trends that are affecting our lives.

The book follows this train of thought, if only roughly.

1) Technology and globalization is breaking down barriers for competition. With so many suppliers, buyers have more choice. There are better deals everywhere and switching costs are going down. You can change (your house, job, lifestyle) easier than ever before.
- Every year 17% of American¡¯s change residences, and 20% of them change jobs.

2) It is a buyers market and sellers are forced to innovate. Everything must be better, faster, and cheaper. The innovators are increasingly independent, and networked free agents (rather than a vertically-integrated conglomerate). These free agents seek market visibility by associating with large recognized brand portals: Disney, Dell, Harvard, and AOL.
- 90% of the 7,000 entertainment firms in Los Angeles have fewer than 10 employees.

3) Loyalty? Companies are constantly trying to cut costs and looking for cheaper suppliers (and employees). "The underlying cause isn¡¯t a change in the American character. It is to be found in the increasing ease by which buyers and investors can get better deals, and the competitive pressure this imposes on all enterprises. As the pressure intensifies, institutional bonds are loosening.¡± (page 71)

4) The nature of work has changed. There is more emphasis on the individual; they must provided for themselves, and constantly define their value. It is an opportunity, but also a great source of insecurity.
The gap in wealth is increasing.
- In the US, the top 1% of people hold 18% of the wealth.
- CEO pay (as a % of typical worker¡¯s salary) has risen from 40x (1980) to 85x (1990) to 419x (2000)

5) Americans are working longer hours. The opportunity cost of not work is very high: people are compelled to work for that marginal income. The free agent culture: People take their work home with them
- Americans work 350 hours a year more than Japanese and Europeans
- 30% of families are supported by single parents

6) As free agents, we sell ourselves constantly. (Not just when applying for a job) ¡°Individuals now blaze their own career paths by making reputations in their fields, not in their organizations.¡± (page 143)

7) Families are shrinking, as both women and men feel compelled to work more. Many of the functions for the family are being outsourced: meals, childcare, shopping.
- The percentage of unmarried people with no children is 32% (1998)
- In Massachusetts, more babies are born to women over thirty (than under thirty)
- Spending on take-out & restaurants exceeds the spending on groceries.

8) Although technology is making our lives easier, more efficient, we are very alone. As a result, we are paying for attention: spas, clubs, counseling, childcare, and brokerage. Companies are segmenting their markets by their customers¡¯ ability to pay for service (or attention). Invariably, this trend will continue as more people work longer hours and spend less time at home and with their families.

9) Communities are becoming commodities. People are more mobile. We choose our location, neighbors and lifestyles. Friendships start and end easier. We choose the communities that offer the best return on investment: lifestyle, schools, and real estate value. Society is becoming more segregated as people bargain for something better; no one wants to subsidize anyone else.

10) Leadership is about attracting and keeping talent; governance is salesmanship (section title pg. 209).

Finally, Reich discusses the choices we must make in light of the world we live in. Overall, it is an insightful and organized view of the hectic life we live.

This was a great, insightful, enjoyable, well-written book. It clearly dissects the problem of why it's so hard to achieve a suitable work/life balance today, and clearly describes some underlying causes. For me, it certainly lived up to the praise it has gotten.

In short, Reich's central idea is this: as consumers, we love the terrific products and deals we're getting in today's marketplace as a result of increased competition. However, the dark site of this is that we must work longer hours as employees and be more innovative to ensure our companies outpace the competition. These time pressures are fragmenting our personal lives as we reduce the time we spend with friends, family and community. Reich has many interesting insights and observations beyond this overall theme as well. Overall, I recommend this book -- reading it was time well spent.

Although the title is overly ambitious, The Future of Success is an interesting commentary on our changing workplace. The author, Robert Reich, a Brandeis University professor, was the Secretary of Labor during President Clinton's first term. Consumed by work and neglecting his family, Reich decided that the toll was too great and left his cabinet position to return to academia and write this book.

Reich's work is important because he explains the drivers of our new economy with its great consumer deals, endless workweeks and vanishing job security. In this new world, rewards are given for results, not seniority within the company. We can conclude therefore, that since teams are typically formed to achieve specific results, they will continue to be an important organizational structure in the new economy. Increased competition is driving most businesses to focus on results. This philosophy favors a results-based organization structure in which teams are the basic building block.

Although the reader expects Reich to end this book with stunning insight on balancing the vast benefits of the new economy with its requirement of personal sacrifice, the author provides no specific recommendations. Instead, the disappointing final chapter provides some vague recommendations for increased dialogue and improved public policy. Nevertheless, the book's compelling content makes up for its tepid epilogue.

Reich's background gives him unique qualifications to describe the driving factors behind the new workplace. I recommend that you put this on your list.

A lot of people missed this book. Maybe it is not a best-seller.
Maybe the book title, The Future of Success misled people, making them assume that this is just another cliche' self-help book.

Not quite the case, if you have really read this book, and get
astounded by its rigorous analysis on both future and present
social and economic trends.

Actually a lot of people still don't quite get it! They question
why they have such a good education and years of solid professional experience, and yet they lost their jobs.

Yes, depreciation of college degrees, oversupply of professionals, rise of Free Agents economy, death of job security
and staff loyalty,internet and information technologies eliminating non-value-adding jobs, and deep cuts on company expenses have all contributed to such a tough job market---which have also created
negative impacts on social life, work life, and more importantly
family/marital life.

This book is an eye-opener. It tells you how to cope with the
changing world, and has provided a road map for us to understand
both our work life and personal life better.

Personally, I am a heavy books-consumer. I read at least 1 to 2
books per week. I think, in recent years, this book" hits" me
most, and have" Whack the Side of my Head" most.

Read it, and I am sure Robert B. Reich will not disappoint you!

I have to give Reich a lot of credit. Aside from the last chapter, he provided a very balanced look at the issues. His suggestions about cause and effect seemed reasonable and well thought out.

For anyone working in the corporate, white collar world, it was easy to see that the conditions he describe make a lot of sense and apply to most of middle class America for sure - likely extending across the economic spectrum. Everyone is running to keep up. The pressure keeps intensifying. Technology gives us ever more choices, continuing to crank up the competitive pressure. The whole process continues to feed on itself and accelerate -- and there is no end in sight. The result is an ecomomic treadmill that is ever-harder to keep up with. As we pursue this treadmill, how many of us bother (or can afford) to take a hard look at what this treadmill means to our lives, and how we should attempt to make trade-offs to cope with it?

So as Reich headed into the final chapter, I expected some balanced, imaginative ideas/solutions, if he felt some should be offered. I was really disappointed. Virtually ALL his solutions were straight from the far left of the political spectrum, comprising (more) massive wealth resdistribution programs, with no real evidence that it will make any meaningful long term difference in the issues he proposes to deal with. I expcted that some (perhaps even half) of these would contain elements of his left wing political leanings, but this was really just blatant. The whole sense of balance, perspective, and careful thought put into the whole book up to this point were just gone.

The most glaring example of this was the proposal to just GIVE sixty thousand bucks to everyone in America as they turn 18, with no strings attached. The reasoning was to let young people start businesses, etc. and have a "fair" chance to be productive. Fabulous intent. However, in the real world most 18 year olds (by far) have far more hormones than reasoned judgement borne of meaningful experience, or a real clue of who they really are and what they want. Sadly, far too much of this well intended money would be blown on pleasure items and do nothing more than add to the debt and lack of inventive issues we already face (Reich wants to pay for this with a new "wealth tax" - simply confiscate some percentage of wealthy folks' total net worth. Karl Marx would love it).

If this is the best that Mr. Reich's insights can offer as far as solutions, it would be far better if he just explained the state of our economic condition and left the recommendations to others.

Be patient with the somewhat plodding beginning and you will find Robert Reich's description of the new economy and how it changes our lives compelling. For people with the skills that support the new economy, the opportunities are great, but uncertainty is also great: we must "make hay while the sun shines." For those without these skills, the changes can be devastating.

Reich's comments on the trade offs in terms of family life, community life, increased social stratification, and a simple need for quiet, reflective "human" time interested me particularly. They are perhaps the most important part of the book.

Mr. Reich did an excellent job of describing a new economic world that--to borrow from an advertising slogan--is not your father's Oldsmobile. While we have more choices as consumers than ever, there's enormous pressure on companies to turn profits, often at the expense of their workforce.

Definitely a worthwhile read, one which I've thought a lot about since I read it one year ago.

Reich explains very well all the economic trends that make our society increasingly consumer friendly. Thanks to competition you can get more products and services at a cheaper price than you ever could. The dark side of this 24/7 consumer society, is that it is also a ruthless 24/7 workaholic society. The U.S. is a wonderful place to be rich (ideally financially independent). But, it is an increasingly competitive place to make a living. In other words, the U.S. is a consumer's paradise, but often a supplier's hell.

Reich develops great metaphors to describe working people in few words. One of them is the Geeks and the Shrinks. The Geeks are the ones who know how to gather and manipulate data so as to develop new products and services. The Shrinks are the ones who research and understand what consumers really want through market research, focus groups, and other tools. The Geeks and Shrinks are like the Yin and Yang of this new business world. They both need each other to create new markets of products and services.

This is an excellent book in describing the new economy and what it means to Americans, the world and, importantly, society in general.

Robert Reich pulls no punches in telling us how society will sort itself into structures resulting from present capitalistic trends that are currently pervading the globe. We will see the advent of new "class" structures which will mean some will be rich and many will be poor in what is essentially a meritocracy. He doesn't use the word "class" but it is evident nevertheless.

This book will be somewhat rewarding to those who will probably read it. It could be frightening for those who lack a post secondary education.

This book will be disappointing for those who seek answers. Reich's prescription seems to be confined to about twenty pages at the end of the book. His ideas seem well thought out but lack the volume and depth required to balance the amount of text given to the effects of the new economy . I get the feeling that the last section was rushed to get the book finished.

In conclusion this is a very good book, easy to read and good value, but begs a follow-up outlining more resolutions.
Maybe this book purposely begs enough questions to create a second good selling book for Rober t Reich.

I really enjoyed this book and learned a lot from it, but really this book is all problem statement and very little problem solution. Still, the problem statement is fascinating and throws a lot of light on the real reasons behind much of what I have perceived to be the changes in the working world of the past twenty-or-so years in the USA.
I think I can put the central thesis of the book into a more abstract formulation: our society has done too good a job at reducing friction! Every engineer and designer tries to minimize friction; some do a better job than others, but friction is almost never reduced to a negligible amount. This, if you think about it, is a Good Thing; without any friction at all, no molecule would be left standing on another molecule! It is possible to imagine life in an almost-friction-free world, but that life would be very different from what we experience in our world. Well, the communications explosion of the past couple of decades has reduced the friction of transactions to the point where we are starting to hurt -- where the habits, customs and laws of transactions (commercial and social) have been speeded up and cost-reduced to induce a difference of quality, not just a difference in quantity. We haven't even begun to realize what has happened, let alone be able to come up with ways to deal with it. This book is an excellent introduction to the problem.

Reich and the globalization gang are a joke. While it is true that the trinkets from China are dirt cheap, the things Americans spend most of their money on like housing, health care, education, and energy have sky rocketed because they are produced domestically in largely oligarchic markets. Real per capita GDP has almost doubled in the past 30 years while real hourly median wages have slightly declined. Bravo to Reich for making his owners at Citibank filthy richer while raking Americans over the coals and convincing them he's doing them a favor.