LJ Best of 2009 Business Books: 32 Titles

It should come as no surprise that a large share of this year's business books focus squarely on the 2008-09 financial crisis and security-backed mortgage implosion. Investing books followed the trend as either alarmist titles advocating selling stocks, or books urging readers to take advantage of this time to buy undervalued investments. An encouraging number of commonsense retirement guides appeared as well. The best biographies of the year are historical, while best business histories stress luxury goods and technology. New titles on social computing and design thinking offer a whole new take on organizational dynamics.

Overall, the economy throughout 2009 struggled to move forward while business books largely responded to what had happened. Will there be any lessons learned in 2010 books?

Core List | Worthy Extras

Partnoy, Frank. The Match King: Ivar Kreuger, the Financial Genius Behind a Century of Wall Street Scandals. PublicAffairs. 304p. bibliog. index. ISBN 978-1-58648-743-0. $26.95.

Ivar Kreuger parlayed his success with the Swedish Match Corp. into a capital-raising journey to 1920s America, where enthusiastic investors got caught up in his financial schemes, the complexity (and instability) of which rival many of today's.

Stiles, T.J. The First Tycoon: The Epic Life of Cornelius Vanderbilt. Knopf. 752p. illus. maps. bibliog. index. ISBN 978-0-375-41542-5. $35.

This historical biography of the shipping and financial magnate may be too much of a good thing for some readers, but its insights into the social and business worlds of antebellum America and Vanderbilt's indomitable influence on America's financial system make it a rich read. (LJ 3/15/09)

Auletta, Ken. Googled: The End of the World As We Know It. Penguin Pr: Penguin Group (USA). 384p. index. ISBN 978-1-59420-235-3. $27.95.

Journalist Auletta provides a perceptive and determined look inside Google, the fast-growing company with the corporate motto “don't be evil” and which is simultaneously proud of its open internal culture and its resistance to outsider scrutiny. (LJ 10/15/09)

Crowe, Lauren Goldstein & Sagra Maceira de Rosen. The Towering World of Jimmy Choo: A Glamorous Story of Power, Profits, and the Pursuit of the Perfect Shoe. Bloomsbury, dist. by Macmillan. 228p. index. ISBN 978-1-59691-391-2. $26.

This slim history highlights the creation and marketing of a major luxury brand while detailing the relationship between shoe designer Jimmy Choo and society girl Tamara Mellon, which first produced massive success but later soured. (LJ 3/1/09)

Yellin, Emily. Your Call Is (Not) That Important To Us: Customer Service and What It Reveals About the World and Our Lives. Free Pr: S. & S. 320p. ISBN 978-1-4165-4689-4. $26.

Although it focuses primarily on customer service provided (or not) over the phone, this is a unique look at service workers' points of view and the future, advantages, and drawbacks of automated customer service. (LJ 6/15/09)

The Capitalist's Bible: The Essential Guide to Free Markets—and Why They Matter to You. Harper: HarperCollins. 320p. ed. by Gretchen Morgenson. illus. bibliog. index. ISBN 978-0-06-156098-9. pap. $16.99.

Pulitzer Prize–winning journalist Morgenson's primer on the history, jargon, successes, and disasters of the capitalist system is essential for anyone who lives within one. (LJ 7/09)

Fox, Justin. The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street. Collins Business: HarperCollins. 400p. bibliog. index. ISBN 978-0-06-059899-0. $27.99.

Time economics columnist Fox provides a scholarly but readable history of the efficient market theory that drove much of 20th-century economics practice, contrasting its focus on rationality with recent behavioral economics findings. (LJ 5/15/09)

Reinhart, Carmen M. & Kenneth S. Rogoff. This Time Is Different: Eight Centuries of Financial Folly. Princeton Univ. 463p. bibliog. index. ISBN 978-0-691-14216-6. $35.

Only hard-core business and history readers may get all the way through this title, but anyone who thinks our current economic crisis is the first or worst of its kind would do well to read this history of debt, inflation, currency, and banking crises.

Ubel, Peter A. Free Market Madness: Why Human Nature Is at Odds with Economics—and Why It Matters. Harvard Business Pr. 257p. illus. bibliog. index. ISBN 978-1-4221-2609-7. $26.95.

Ubel (Ctr. for Behavioral & Decision Sciences, Univ. of Michigan) examines the many ways in which individuals make irrational decisions and argues the free market cannot be entirely trusted to regulate itself in the face of that irrationality. (LJ 2/1/09)

Gasparino, Charles. The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System. Harper Business: HarperCollins. 553p. bibliog. index. ISBN 978-0-06-169716-6. $27.99.

CNBC's Gasparino provides one of the year's most readable accounts of the crisis, illustrating how Wall Street's acceptance of enormous risk and the SEC's inability to regulate those activities led to the housing meltdown and the loss of several major investment banking firms. (Xpress Reviews, 1/29/10)

Wessel, David. In Fed We Trust: Ben Bernanke's War on the Great Panic. Crown Business. 323p. bibliog. index. ISBN 978-0-307-45968-8. $26.99.

Wessel (economics editor, Wall Street Journal) offers perhaps the most evenhanded take on Ben Bernanke's leadership at the Federal Reserve during the recent financial crises and suggests that his “whatever it takes” solutions have made the Fed more powerful than ever.

Zuckerman, Gregory. The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History. Broadway. 304p. illus. bibliog. index. ISBN 978-0-385-52991-4. $26.

Long regarded as a somewhat lackluster hedge-fund manager, John Paulson (no relation to treasury secretary Henry Paulson) defied expectations when he anticipated the 2008–09 mortgage crisis, shorted the housing bubble, and pulled off the “greatest trade ever,” earning more than $15 billion for his firm.

Midler, Paul. Poorly Made in China: An Insider's Account of the Tactics Behind China's Production Game. Wiley. 241p. ISBN 978-0-470-40558-1. $24.95.

Business consultant and Hong Kong resident Midler exposes some truly disturbing practices behind Chinese production efficiencies and business tactics in this very readable memoir.

Schuman, Michael. The Miracle: The Epic Story of Asia's Quest for Wealth. HarperBusiness: HarperCollins. 464p. illus. bibliog. index. ISBN 978-0-06-134668-2. $29.99.

Although his concluding assertion that free trade will be as beneficial for the United States as it has been for Asia is (perhaps) overly optimistic, the real value of Schuman's history is its overview of the last century of economic development in Japan, Taiwan, China, and India (among others).

Altucher, James. The Forever Portfolio: How To Pick Stocks That You Can Hold for the Long Run. Portfolio. 258p. illus. index. ISBN 978-1-59184-211-8. $27.95.

Altucher (founder, Stockpickr.com) makes his argument for following demographic trends in health, technology, and lifestyle when investing in stocks. An easy-to-read guide, with lots of examples. (LJ 3/15/09)

Armstrong, Frank, III & Paul B. Brown. Save Your Retirement: What To Do If You Haven't Saved Enough or If Your Investments Were Devastated by the Market Meltdown. FT: Pearson. 207p. illus. index. ISBN 978-0-13-702900-6. pap. $14.99.

Primarily for those 15 years or closer to their retirement (but with good information for all), this guide offers some of the clearest suggestions for mapping your route to retirement, no matter the economy. (LJ 5/15/09)

Jason, Julie. The AARP Retirement Survival Guide: How To Make Smart Financial Decisions in Good Times and Bad. Sterling. 352p. illus. bibliog. index. ISBN 978-1-4027-4341-2. pap. $14.95.

Jason's (Jackson, Grant Investment Advisers) straightforward and reasonably priced retirement guide provides a good starting point for those seeking basic but solid investing information. (LJ 8/09)

Brown, Tim. Change by Design: How Design Thinking Transforms Organizations and Inspires Innovation. HarperBusiness: HarperCollins. 272p. index. ISBN 978-0-06-176608-4. $27.99.

“Design” and “design thinking” were hot topics in 2009, with Brown offering the most empowering guide for incorporating such planning and thinking into one's own business or organization (regardless of one's position).

Mintzberg, Henry. Managing. Berrett-Koehler, dist. by Ingram. 306p. illus. bibliog. index. ISBN 978-1-57675-340-8. $26.95.

Mintzberg (management studies, McGill Univ.) spent a day each with 29 managers in different fields and here compiles his research and interpretation of what it truly means to manage—which is not the same thing as adopting every new leadership theory.

Penenberg, Adam L. Viral Loop: From Facebook to Twitter, How Today's Smartest Businesses Grow Themselves. Hyperion. 274p. illus. bibliog. index. ISBN 978-1-4013-2349-3. $25.99.

Penenberg (journalism, New York Univ.) provides a history of companies using “viral loops,” i.e., encouraging their users to beget more users, to grow. Also a primer on how viral marketing and partnering (“stackability”) can be implemented. (LJ 11/15/09)

Slim, Pamela. Escape from Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur. Portfolio. 340p. illus. bibliog. index. ISBN 978-1-59184-257-6. $25.95.

Former entrepreneur Slim offers a rare combination of down-to-earth advice for starting your own business (including on calculating the value of your benefits before you quit your cubicle job) and personable, humorous writing. Inspired by her blog of the same name.

Covert, Jack & Todd Sattersten. The 100 Best Business Books of All Time: What They Say, Why They Matter, and How They Can Help You. Portfolio. 335p. illus. index. ISBN 978-1-59184-240-8. $25.95.

The operators of online business bookstore 800-CEO-Read offer their takes on the 100 best business books of all time, organized into categories including leadership, sales and marketing, biographies, and entrepreneurship.

Mauboussin, Michael J. Think Twice: Harnessing the Power of Counterintuition. Harvard Business Pr. 190p. illus. bibliog. index. ISBN 978-1-4221-7675-7. $29.95.

Mauboussin (Legg Mason Capital Management) offers a treatise on business and finance success being the result of both skill and luck; he outlines eight judgment mistakes we frequently make when we fail to “think twice.”

Tarr-Whelan, Linda. Women Lead the Way: Your Guide to Stepping Up to Leadership and Changing the World. Berrett-Koehler, dist. by Ingram. 240p. bibliog. index. ISBN 978-1-60509-135-8. $24.95.

Of the many books by and about women in business published in 2009, Tarr-Whelan's offers the most concrete suggestions both for achieving success and working to change organizational and societal norms to aid other women. (LJ 10/15/09) 

WORTHY EXTRAS

Most Award-Winning Title That May Prove a Little Detailed for All But the Most Dedicated Business Readers

Ahamed, Liaquat. Lords of Finance: The Bankers Who Broke the World. Penguin Pr.: Penguin Group (USA). 554p. bibliog. index. ISBN 978-1-59420-182-0. $32.95.
Ahamed (formerly with the World Bank) combines biography and economic history by outlining the actions of four financiers whose decisions led to worldwide financial calamity during the Great Depression. (LJ 3/1/09)

Best Overview of Modern Economics and Financial Terms—with the Most Misleading Subtitle

Epping, Randy Charles. The 21st Century Economy: A Beginner’s Guide: With 101 Easy To Learn Tools for Surviving and Thriving in the New Global Marketplace. Vintage: Random. 304p. ISBN 978-0-307-38790-5. pap. $14.95.
Epping’s "tools" are actually just sidebars containing definitions of such terms as "arbitrage," "market capitalization," and "collateralized debt obligation," but his overviews of economics theories, currencies, banking, and globalization (and many other financial subjects) is very informative. (LJ 2/15/09)

Best Title About What May Cause the Next Big Financial Crisis

Kosman, Josh. The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis. Portfolio. 280p. illus. bibliog. index. ISBN 978-1-59184-285-9. $26.95.
The narrative can be a little clunky, but Kosman’s book is nonetheless a unique look at how leveraged buyout firms rebranded themselves as "private equity" firms, and how their short-term strategies are harmful to the companies they acquire and the economy at large.

Best Title If You’re Mad as Hell About the Financial Crisis and Don’t Want To Take It Anymore

Leopold, Les. The Looting of America: How Wall Street’s Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity. Chelsea Green. 224p. index. ISBN 978-1-60358-205-6. pap. $14.95.
The executive director of the Labor Institute and the Public Health Institute provides a readable explanation of the security-backed mortgages and derivative products that led to the financial crisis, and concludes with a chapter of policy change suggestions. (LJ 6/15/09)

Book You Should Read Even If You’re Tired of Oil as a Topic

Maass, Peter. Crude World: The Violent Twilight of Oil. Knopf. 276p. photogs. bibliog. index. ISBN 978-1-4000-4169-5. $27.
Maass travels to where oil is produced, notes that it rarely provides more benefits than heartache for the regions where it is found, and argues that its discovery and mining processes should be much more open in order to truly gauge the world’s reserves. (LJ 9/1/09)

Best Financial Guide by an Author Who Doesn’t Get Enough Attention for His Sound Investment Advice

Pond, Jonathan D. Safe Money in Tough Times: Everything You Need To Know To Survive the Financial Crisis. McGraw-Hill. 229p. index. ISBN 978-0-07-162961-4. $19.95. 
Host of multiple PBS specials on investing, Pond offers a to-the-point and easily readable guide to solid saving and investment techniques during challenging economic times, including chapters about job loss, finding a new job, and coping with debt. (audio review, LJ 9/15/09)

Book You May Not Be in the Mood To Read Right Now, But Which is Nonetheless Fascinating

Samuel, Larry. Rich: The Rise and Fall of American Wealth Culture. AMACOM. 320p. photogs. index. bibliog. ISBN 978-0-8144-1362-3. $24.95.
Samuel (founder, Culture Planning, LLC) has been called the "anthropologist of plutocrats"; here he offers a history of the American rich that is all the more compelling for its reminder that, even in the midst of recession and crisis, the rich are always with us. (LJ 5/15/09)

Most Useful Book If You’re Tired of the Word Facebook But Need To Learn How To Use it Anyway

Shih, Clara. The Facebook Era: Tapping Online Social Networks To Build Better Products, Reach New Audiences, and Sell More Stuff. Prentice-Hall. 256p. illus. index. ISBN 978-0-13-715222-3. pap. $24.99.
Shih (Faceconnector) offers a nononsense and comprehensive how-to for mastering social networking tools for professional development, business communication, marketing, and sales. (LJ 6/15/09)