The Battle for the Soul of Capitalism (Hardcover)

by John C. Bogle (Author) "We begin with an analysis of what went wrong in corporate America, reflected in "a pathological mutation" from traditional owners' capitalism to a new form,..." (more)
Key Phrases: Wall Street, Social Security, Merrill Lynch (more...)

Editorial Reviews

From Publishers Weekly
Despite its inflated title, this volume is a worthy jeremiad against corporate excess, especially the kind hastened by the mutual fund industry that Bogle, former CEO of low-cost Vanguard, knows well. Among the problems: inflated executive compensation and creative accounting that allows companies to claim profits even when they're in the red. Mutual fund companies, Bogle charges, care more about short-term results than long-term value, and many of them gain profits for larger parent corporations by charging investors unnecessary fees that undermine the funds' net returns. To remedy such problems, Bogle writes, mutual fund owners and their fiduciaries must exercise the corporate responsibility they now shirk, and fund boards must be reshaped to serve the interests of shareholders. He advances in all seriousness Warren Buffett's once-joking idea for a high tax on short-term trading gains and calls for a federal commission to examine the way pension funds are managed, as well as the state of our retirement systems in general. While other recent books, such as David Swensen's Unconventional Success: A Fundamental Approach to Personal Investment, marry similar criticisms with more advice for individual investors, Bogle—a rock-ribbed Republican businessman—still deserves attention in the precincts of power. (Oct.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review
Anyone who cares about American business ought to be concerned about the dire warnings in [this] book . . . -- Kim Clark, U.S. News & World Report

See all Editorial Reviews

Product Details

• Hardcover: 288 pages
• Publisher: Yale University Press (November 1, 2005)
• Language: English
• ISBN-10: 0300109903
• ISBN-13: 978-0300109900
• Product Dimensions: 9.3 x 6.4 x 1.1 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 4.6 out of 5 stars See all reviews (27 customer reviews)
• Amazon.com Sales Rank: #373,162 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

116 of 123 people found the following review helpful:

5.0 out of 5 stars "The Battle for the Soul of Capitalism", October 1, 2005

By	Patricia S. Larimore (Miami, Florida) - See all my reviews (REAL NAME)

Jack Bogle, often called the "concience of the industry," has written a powerful book on a subject that concerns every American--"capitalism." As founder and retired CEO of the second largest mutual fund company in the world, Mr. Bogle understands capitalism. He has the unusual ability (for a businessman) to write beautifully, logically and understandably for the average reader. "The Battle for the Soul of Capitalism" is the result.

The thrust of Mr. Bogle's message (documented over and over) is that corporations are now controlled by their managers--not by their owners (shareholders). (The average CEO compensation has soared to 280 times that of the average worker.) Mr. Bogle deftly lays out the problem, but more importantly, he gives us the solution that will return capitalism to its owners and value creation. I could not put the book down.

Taylor Larimore,
Miami, Florida

72 of 78 people found the following review helpful:

5.0 out of 5 stars A True Friend of Capitalism, October 8, 2005

By	Alfred Rappaport (La Jolla, CA) - See all my reviews (REAL NAME)

The individual investor has no better friend than Jack Bogle. Not only did he introduce index funds as a significant investment alternative some thirty years ago, but he has consistently and uncompromingly spoken out against the shareholder-unfriendly practices of his own mutual fund industry. "The Battle for the Soul of Capitalism" is a beautifully written, persuasively argued overview of how corporate and investment fund shareholders are short-changed. More importantly, Bogle offers sensible reforms to fix the problems. This is more than an investor's book, it is an essential book for all caring citizens.

55 of 61 people found the following review helpful:

5.0 out of 5 stars A Wake Up Call, October 1, 2005

By	Mel Lindauer "Co-author The Bogleheads' Guide... (Daytona Beach Shores, Florida) - See all my reviews

In his usual tell-it-like-it-is, no-holds-barred fashion, Jack Bogle names names and affixes blame where it belongs as he outlines the major problems facing our present system of capitalism, with special emphasis on the greed and coruption in corporate America and in the investment arena, and the failure of our "gatekeepers" to do their jobs properly. Like the true leader and visionary that he is, Bogle not only identifies the problems, but offers sound solutions as well. Powerful stuff! A must-read for investors as well as those who care about the future of American capitalism.