https://www.npr.org/2022/06/01/1101505691/short-term-profits-and-long-term-consequences-did-jack-welch-break-capitalism Jack Welch made GE into the world's biggest company, but the cost wasn't paid by him. It was paid by the American workers and the economy. Some of the jewels he helped create: - Stack ranking and no job security - practiced by most of FAANG - Extreme focus on quarterly earnings above everything else - He falsified them for a very long time - CEO celebrity - He had a deal with GE to keep his CEO lifestyle for life, including private jet trips - Outsourcing all of manufacturing - Weakening America's manufacturing base - Extensive anti-unionization sentiment I always thought America was always like this and only cared about money and money alone (even more than kids getting shot) from the very beginning. Surprised to find that it's a somewhat recent phenomenon created by the so called "manager of the century".
And it didn’t end well for GE. Same thing will happen to FAANG eventually
that’s crazy… anyways, TC or GTFO
Capitalism has its shortcomings! That said I’d take any story covered on capitalism by NPR with a pinch of salt since it’s extremely left leaning. Unless OP you like leftist narratives only!
Honestly the lack of job security in this country is a kind of hell. It makes it very difficult to build a life long term. The only reason I chase TC so much is because of the insecurity of knowing my next paycheck could be the last one, I'd love to find stability
People slack off when there’s too much security
Like the CEOs, you mean?
Outsourcing exists because it’s cheaper for a low skilled worker in a poor country to make something and have it shipped here than for an American to make it. Does it make our supply chain weaker? Yes, but that isn’t GE’s priority.
Capitalism has been broken
i prefer capitalism over breadlines
Read about Taylor's management studies. That is how it all started.
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TLDR; it’s Friday night go get some friends.
Lol, thanks for looking after me! Likewise, where are your friends?
At your mom’s house