"I strongly recommend Michael T. Jacobs's Short-Term America. . .It is a persuasive and concise argument for how we should correct the problem of impatient capital in this country."-Michael Crichton, Across the Board. "Intelligent and thoughtful. . .This book should be required reading for anyone who runs anything in America, from the White House to Main Street, from Capitol Hill to Wall Street."-Pat Widder, Chicago Tribune. "Short-Term America is a sober, thoughtful, clear-eyed examination of factors undermining American competitiveness."-Peter Baida, New York Times. In this revolutionary new book, Michael Jacobs takes a hard look at why so few American businesses are managed for the long term and why so many shareholders and lenders have abandoned the virtue of patient capital. He describes practices and regulations that pit owners and managers of America's corporations against each other, often at the expense of their mutual long-term prosperity. Jacobs offers provocative proposals to reform investment practices, corporate governance mechanisms, executive compensation plans, and banking regulations that have brought about the short-termism eroding U.S. competitiveness and creating distant, if not adversarial relationships between capital providers and corporations. "A sophisticated and readable critique of the recent corporate takeover mania."-David Warsh, Boston Globe.
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Book Description
Editorial Reviews
From Publishers Weekly
In this uncommonly enlightening survey, Jacobs, a former U.S. Treasury Department corporate finance director, condemns as counterproductive the quick-profit approach of many of America's corporate directors and investor-owners. Such short-sightedness, he believes, undermines long-range product research, financing and marketing, and thus reduces America's industrial competitiveness with Japan and Germany. Sharply challenging the prevailing corporate structure, in which he discerns a lack of executive "accountability," Jacobs also points out stubborn anomalies in the board-of-directors system and the roles of lender banks, bondholders and institutional share-owning investors. This comprehensive corrective plan includes banking reform that would expand and centralize "cost-of-capital" financial services; motivationally deferred stock-bonus management compensation; and investor/owner representation on a firm's board of directors. Fortune Book Club alternate.
Copyright 1991 Reed Business Information, Inc.
Copyright 1991 Reed Business Information, Inc.
From Library Journal
The VCR was invented in America, but try to find one made here. The same is true of other products. As a Treasury Department official, Jacobs studied ways to improve the competitiveness of American industry. He knows the nuts and bolts of the financial system and why it does not produce long-term thinking. As a result, Jacobs focuses on the role of financial matters (corporate control, takeovers, banking) to the exclusion of other causes of the problem. The level of writing is accessible to a layperson, though the content is somewhat technical. Recommended for business collections in large libraries.
- Mark Guyer, Stark Cty. Dist . Lib., Canton, Ohio
Copyright 1991 Reed Business Information, Inc.
- Mark Guyer, Stark Cty. Dist . Lib., Canton, Ohio
Copyright 1991 Reed Business Information, Inc.
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