Best Business Books 2005: Going Over the Books
By Susan C. Awe -- Library Journal, 03/15/2006
We're entering 2006 with a full head of steam, economically speaking. The U.S. economy grew more than three percent in 2005, just as it did in 2004. However, an analytical look back at 2005 is prudent.
Increased productivity is responsible for the “jobless recovery” and for the economy's resilience in light of mild inflation, high energy costs, and a real estate cooldown. Consumers kept spending. In fact, the Consumer Confidence Index (CCI) jumped to 103.6 in December from 85.2 in October (1985's was 100). Perhaps relief after the drop in retail gas prices “fueled” this optimism. Export growth remained solid, rising to a record $109.3 billion in October. With slower import growth, the trade deficit stabilized and even narrowed more than expected. Recoveries in Europe and Japan are continuing to gain momentum.
That said, remember that the poverty rate is rising, wage gains are slow at best, corporate pension plans are in a death spiral, healthcare costs continue to escalate, and the personal savings rate continues to fall. Nonetheless, with strong corporate profits supporting capital spending and improving consumer confidence and better job markets powering consumer outlays, overall demand looks to continue energizing the economy in 2006.
Taking stock
The 2005 picks of the best business books reflect economists' beliefs that reforms led by President Bush and the new Federal Reserve Board chair could improve the U.S. and global economies. Investors are hoping for pleasant surprises from the markets in 2006. And, if you want to invest for good returns, despite hurricanes, sluggish stocks, and rising interest rates, there's good advice here on how to go about it. The books also reflect how globalization and technological changes are influencing our lives on a daily basis, while continuing relentlessly to reshape industries, economies, and world politics.
The titles below accessibly analyze and explain these and more complexities. Librarians need to provide resources to their constituencies that will help them understand the economic phenomena impacting their existence and how they in turn can make informed choices that will affect how we all live.
BIOGRAPHY & BUSINESS HISTORY
Clissold, Tim. Mr. China: A Memoir; An Adventurous Young Man Collides with a Vast Nation on the Brink of Capitalism. HarperBusiness: HarperCollins. 252p. ISBN 0-06-076139-3. $24.95. A sharp-eyed British businessman's account of how China changed, after Mao's death in 1976, into the global economic power it is today. Clissold uses real-life incidents as cautionary tales to demonstrate the clash of expectations and the unforeseen results. (LJ 6/1/05) Fraser, Steve. Every Man a Speculator: A History of Wall Street in American Life. HarperCollins. 721p. ISBN 0-06-662048-1. $29.95. Using a wealth of sources from popular culture, literature, and business, Fraser visits the street that affects our fashions, politics, morality, and political ideals. His cultural history of speculation in the United States is crucial to understanding the country's business history. (LJ 3/1/05) McCormick, Blaine. Ben Franklin: America's Original Entrepreneur; Franklin's Autobiography Adapted for Modern Business. Entrepreneur, dist. by National Bk. Network. 266p. ISBN 1-932531-68-8. $26.95. Franklin thought of himself as a businessman, having established America's first media empire (printing and newspapers). His autobiography is full of still-valuable lessons for entrepreneurs. McCormick has updated Franklin's English to make his advice more accessible to today's reader. (LJ 10/1/05)ETHICS
Aburdene, Patricia. Megatrends 2010: The Rise of Conscious Capitalism. Hampton Roads. 218p. ISBN 1-57174-456-8. $24.95. A report on the grass-roots movement in the business world that places social, spiritual, and environmental values ahead of the bottom line, while creating businesses with accelerated innovation and enhanced job satisfaction. Chapters on the “values-driven consumer” and the “socially responsible investment boom” are particularly enlightening and hopeful.GLOBALIZATION
Friedman, Thomas L. The World Is Flat: A Brief History of the Twenty-first Century. Farrar. 488p. ISBN 0-374-29288-4. $27.50. By “flat,” Friedman means a level playing field: lowering trade and political barriers will allow new technologies and the digital revolution to make the world more interconnected. Globalization, he says, is driven by individuals. Especially important is his analysis of the economic and political roots of global Islamism. McGregor, James. One Billion Customers: Lessons from the Front Lines of Doing Business in China. Free Pr: S. &. S. 312p. ISBN 0-7432-5839-8. $27. The ex-China bureau chief of the Wall Street Journal provides a series of case studies of entrepreneurship during China's rise to capitalism. He paints a dark picture of an economy run by corrupt, old-style Communist officials and cutthroat smugglers in a country still wary of outsiders. Western businesses and investors should pay close attention. Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade. Wiley. 254p. ISBN 0-471-64849-3. $29.95. To understand how the global economy works, Rivoli follows a T-shirt from Texas cotton-growers to Chinese textile sweatshops and finally to an African used-clothing bazaar. You learn how U.S. farmers, with subsidies and trade barriers, have come to dominate the world's cotton production. This is the history, economics, and politics of world trade. (LJ 4/1/05) Sachs, Jeffrey D. The End of Poverty: Economic Possibilities for Our Time. Penguin Pr. 397p. ISBN 1-59420-045-9. $25.95. Sachs has a plan to end global extreme poverty by 2025 at a cost: .7 percent of the world's wealthiest nations' incomes to improve local infrastructure, education, healthcare, and technology. Such investment, he believes, with free trade and enterprise, will hasten extreme poverty's end and help end sooner civil unrest, terrorism, and the spread of disease. (LJ 5/1/05) Veseth, Michael. Globaloney: Unraveling the Myths of Globalization. Rowman & Littlefield. 266p. ISBN 0-7425-3658-0. $24.95. Using a term coined by Clare Boothe Luce in 1943 for Vice President Henry Wallace's foreign policy, Veseth critiques today's rhetoric of globalization. He uses case studies and economic concepts to help readers understand globalization's basis in finance and its many complications. With a valuable extensive bibliography. (LJ 4/15/05)INVESTING & PERSONAL FINANCE
Cramer, James J. Jim Cramer's Real Money: Sane Investing in an Insane World. S. & S. 300p. ISBN 0-7432-2489-2. $26. Cramer outlines his lucrative investment methodology, explaining the capital structure of companies and how the initial public offering (IPO) process is supposed to work. Practical examples and intelligent guidelines are provided, but be warned: Cramer insists that devoting an hour a week to studying each stock you own is essential for success. (LJ 4/1/05) Denning, Dan. The Bull Hunter: Tracking Today's Hottest Investments. Wiley. 224p. ISBN 0-471-71983-8. $24.95. Since the days of secular bull markets in U.S. companies are over, investors must learn how the financial world and the U.S. economy are changing. Denning shows how to mine raging bull markets and gain extraordinary profits in emerging countries—India and China are the fastest growing economies in the world. Learn about flexible investment vehicles, stocks of hard-asset companies, and how to invest in emerging markets in Asia. Gray, Farrah with Fran Harris. Reallionaire: Nine Steps to Becoming Rich from the Inside Out. Health Communications. 282p. ISBN 0-7573-0224-6. pap. $12.95. This extraordinary and touching story of how Gray went from a teenager on public assistance to million-dollar net worth will entertain and instruct. Each of Gray's nine steps to achieving goals is thoroughly explained. As he chronicles his successes and failures, readers will be inspired and learn not to underestimate their own abilities. Siegel, Jeremy J. The Future for Investors: Why the Tried and the True Triumph Over the Bold and the New. Crown. 336p. ISBN 1-4000-8198-X. $27.50. Using historical evidence and looking at a broad array of trends, Siegel shows how high-dividend yield stocks, with dividends reinvested, have accumulated more total return than either index mutual funds or growth stocks. His research is thorough, making his advice solid: avoid trendy investments and accumulate shares in firms with reasonable valuations relative to their expected growth. Swensen, David F. Unconventional Success: A Fundamental Approach to Personal Investment. Free Pr: S. & S. 402p. ISBN 0-7432-2838-3. $27.50. Readers will find sound solutions to their investment questions here. Swensen's six core asset classes should form the basis of any individual's investment portfolio. He also recommends having your financial assets managed by large nonprofits such as TIAA-CREF or Vanguard, with you, the investor, doing annual or semiannual rebalancing to maintain the long-term targets.JOB SATISFACTION
Branham, Leigh. The 7 Hidden Reasons Employees Leave: How To Recognize the Subtle Signs and Act Before It's Too Late. AMACOM: American Management Assn. 238p. ISBN 0-8144-0851-6. $24.95. Want to retain good employees? Here are insights on why employees leave good jobs, or, even worse, why they disengage but stay. Fifty-five “Engagement Tips” will improve your workplace environment and make employees want to stay. Feeling appreciated is always ranked among the top three reasons for job satisfaction; both good customers and the best employees often leave a business for the same reasons. Sirota, David & others. The Enthusiastic Employee: How Companies Profit by Giving Workers What They Want. Wharton. 384p. ISBN 0-13-142330-4. $24.95. This practical guide will help employers encourage, sustain, and profit from enthusiastic employees. Based on their extensive research, the authors demonstrate that employees are motivated by equity, recognition, and camaraderie. (LJ 12/04)LEADERSHIP & MANAGEMENT
Carlson, Tony. The How of WOW: A Guide to Giving a Speech That Will Positively Blow 'Em Away. AMACOM: American Management Assn. 277p. ISBN 0-8144-7251-6. pap. $14.95. Carlson's techniques for creating memorable speeches are practical and illuminating. Learn how to identify and avoid common mistakes, as well as how to prepare thoroughly. Develop a better stage presence and create empathy and respect from any audience. Gladwell, Malcolm. Blink: The Power of Thinking Without Thinking. Little, Brown. 288p. ISBN 0-316-17232-4. $25.95. Decision-making is a crucial behavioral phenomenon that Gladwell analyzes with lucidity, contagious enthusiasm, and spot-on accuracy. He explains how a form of rapid cognition called “thin-slicing” draws conclusions from very narrow pieces of experience. Intriguing examples illustrate the many aspects of his cutting-edge analysis. (LJ 11/15/04) Hrebiniak, Lawrence G. Making Strategy Work: Leading Effective Execution and Change. Wharton. 408p. ISBN 0-13-146745-X. $27.95. Using experiences at AT&T and Eli Lilly, Hrebiniak teaches managers about defining responsibilities, accountability, incentives, and controls to execute a long-term strategy through short-term operations. Learn how to improve coordination and communication methods and manage change and culture effectively so that the organization supports, rather than resists, your strategy. Diagrams and step-by-step processes will help keep the plan on track. (LJ 4/15/05) Martin, Chuck. Tough Management: The 7 Winning Ways To Make Tough Decisions Easier, Deliver the Numbers, and Grow the Business in Good Times and Bad. McGraw-Hill. 224p. ISBN 0-07-145234-6. $24.95. Based on research involving some 2000 managers, Martin shows how tough times can bring out the best in business leaders. Learn the seven skills today's managers must develop, including communicating clearly, being flexible, proving your value to the organization, and forcing collaboration. An underlying message is to learn to balance work and personal goals. Mitroff, Ian I. Why Some Companies Emerge Stronger and Better from a Crisis: 7 Essential Lessons for Surviving Disaster. AMACOM: American Management Assn. 238p. ISBN 0-8144-0850-8. $27.95. Drawn from interviews that Mitroff conducted throughout his career in crisis management, this well-written guide will help organizations survive and emerge stronger and better from a crisis. His lessons cover emotional preparedness, creative thinking, spiritual strength, political and social skills, technical skills, integration of knowledge and emotions, and innovation. Sheffi, Yossi. The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage. MIT. 368p. ISBN 0-262-19537-2. $29.95. Supply-chain management is an important part of today's complex business environment. Innovations like outsourcing and just-in-time delivery require new loss-control strategies. Preparation and flexibility will help an enterprise survive when interruptions occur. Find out what real companies do to reduce their vulnerability and build flexibility into their supply chain. Wooden, John & Steve Jamison. Wooden on Leadership. McGraw-Hill. 303p. ISBN 0-07-145339-3. $22.95. This guide will help readers develop character, conviction, and achievement. Wooden's 12 lessons and his Pyramid of Success outline the mental, emotional, and physical qualities needed to build a winning organization. Learn the methods used by Wooden to teach his basketball teams how to compete successfully.MARKETING
Greenwald, Bruce & Judd Kahn. Competition Demystified: A Radically Simplified Approach to Business Strategy. Portfolio. 399p. ISBN 1-59184-057-0. $26.95. Readers will learn here how their markets work, where competitive opportunities lie, and how to develop and protect them. The authors explore game theory, local economy analysis, branding, competitive interactions, entry strategies, and more, citing aspects of the business tactics of companies like Coors, Kodak, Pepsi, and Kiwi Airlines. Kaplan, Steve. Bag the Elephant: How To Win and Keep Big Customers. Bard Pr. 208p. ISBN 1-885167-62-8. $19.95. Kaplan's readable book is about strategic thinking and successful business attitude, with some sales tactics thrown in for good measure. He provides guidelines, tools, and techniques to help make an organization successful. The last section, “Five Killer Mistakes,” is especially useful and pointed. Kim, W. Chan & Renee Mauborgne. Blue Ocean Strategy: How To Create Uncontested Market Space and Make Competition Irrelevant. Harvard Business School Pr. 256p. ISBN 1-59139-619-0. $27.95. The authors studied 150 strategic marketing moves in over 30 industries over 100 years to understand how an organization leaves the competition behind to achieve explosive growth. Case studies include the Body Shop, Curves, Southwest Airlines, Starbucks, and Yellow Tail wine. “Blue Ocean” strategy is a metaphor for a company's nontraditional actions favorably affecting its cost structure and its value proposition to buyers. Wipperfurth, Alex. Brand Hijack: Marketing Without Marketing. Portfolio. 280p. ISBN 1-59184-078-3. $24.95. Using humor and a conversational tone, Wipperfurth explains his theory of creative marketing that allows customers to shape a brand's meaning and drive its evolution. He advocates “effortless, nontraditional” ad campaigns and building a brand folklore with rituals and vocabulary as in the Starbucks coffee culture. Brands like iPod, Red Bull, and Dr. Martens are examined to illustrate his approach. (LJ 2/1/05)SMALL BUSINESS & ENTREPRENEURSHIP
Little, Steven S. The 7 Irrefutable Rules of Small Business Growth. Wiley. 256p. ISBN 0-471-70760-0. pap. $18.95. In a conversational style, with many personal anecdotes, Little's practical guide presents a cost-effective program for growth and success in a small organization. The seven “rules” are not new or earthshaking; the value here is what Little says about each rule and how and why all the rules are interdependent. McKeever, Mike. How To Write a Business Plan. 7th ed. Nolo. 285p. ISBN 1-4133-0092-8. pap. $34.99 w/CD-ROM. This outstanding handbook presents a step-by-step guide to writing a professional, sound business plan. Using examples and worksheets, McKeever helps the reader evaluate the profitability of a business idea, estimate expenses, prepare a cash-flow statement, create profit and loss forecasts, and more. He includes plans for service and manufacturing businesses as well as a plan for project development. Steinfeld, Jake. I've Seen a Lot of Famous People Naked, and They've Got Nothing on You! AMACOM: American Management Assn. 235p. ISBN 0-8144-0860-5. $21.95. Down-to-earth advice, with humor, from Steinfeld (Body by Jake). He uses his experiences as a self-taught entrepreneur to motivate readers to start their own businesses and take control of their lives. He includes how to register a web site domain name, market and brand your business, develop the courage to take risks, and establish a network of support. His stories are fascinating as well as informative.TECHNOLOGY & INNOVATION
Battelle, John. The Search: How Google and Its Rivals Rewrote the Rules of Business and Transformed Our Culture. Portfolio. 320p. ISBN 1-59184-088-0. $25.95. Battelle (founder, The Industry Standard; cofounding editor, Wired) analyzes the rise of search engine leader Google. Using insider knowledge, research, and interviews, he examines the ethical, financial, and political issues involved in Internet searching, especially regarding privacy. Provocative ideas about the future of information technology—“by 2005, Google was adding nearly four employees a day”—will stimulate global conversation. (LJ 9/1/05) Kessler, Andy. How We Got Here: A Slightly Irreverent History of Technology and Markets. HarperBusiness: HarperCollins. 272p. ISBN 0-06-084097-8. pap. $14.95. Beginning with the industrial revolution and ending with its connection to modern capital markets, this entertaining read focuses on the history of business innovation and how we became a computer-based world. Kessler explains how the military drives commerce and technology (and vice versa!), how lower prices drive wealth, and a host of other intriguing concepts. (LJ 6/15/05)U.S. ECONOMY
Altman, Nancy J. The Battle for Social Security: From FDR's Vision to Bush's Gamble. Wiley. 362p. ISBN 0-471-77172-4. $24.95. Altman analyzes the current struggle over Social Security in view of the program's history, philosophy, and unique structure. Despite the complexity of the issues, her well-reasoned approach to avoiding the projected deficit is entirely accessible. She details President Bush's plan for Social Security and how it would radically transform and weaken the system. (LJ 11/15/05) Batra, Ravi. Greenspan's Fraud. Palgrave Macmillan. 278p. ISBN 1-4039-6859-4. $24.95. A controversial economist looks at U.S. economic policy over the past three decades. Batra demonstrates that taxes have increased continually for middle- and low-income workers while decreasing for the wealthiest Americans. Look at his proposed top-ten economic reforms for the United States. The connections he makes to former Fed head Alan Greenspan are exaggerated at best, but his economic arguments are sound and elegantly expressed. (LJ 7/05) Levitt, Steven D. & Stephen J. Dubner. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. Morrow. 241p. ISBN 0-06-073132-X. $25.95. Levitt approaches economics in an entirely unorthodox manner, very interested in the commonplace and the riddles of everyday life. Through his use of economic analysis, you learn what traits schoolteachers and sumo wrestlers share, why drug dealers still live with their mothers, and how to be a better parent. Levitt's analysis and Dubner's absorbing writing style result in a fascinating look at economics in each person's life.| Author Information |
| Susan C. Awe is Director, Parish Memorial Library for Business and Economics, University of New Mexico, Albuquerque. She has reviewed business books and video materials for LJ since 1990 |
