Selasa, 25 September 2012

[E782.Ebook] Get Free Ebook Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

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Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard



Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

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Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

In this newly revised 10th anniversary edition, Yvon Chouinard-legendary climber, businessman, environmentalist, and founder of Patagonia, Inc.-shares the persistence and courage that have gone into being head of one of the most respected and environmentally responsible companies on earth.

From his youth as the son of a French Canadian handyman to the thrilling, ambitious climbing expeditions that inspired his innovative designs for the sport's equipment, Let My People Go Surfing is the story of a man who brought doing good and having grand adventures into the heart of his business life-a book that will deeply affect entrepreneurs and outdoor enthusiasts alike.

"This is the story of an attempt to do more than change a single corporation--it is an attempt to challenge the culture of consumption tat is at the hear of the global ecological crisis."--From the Foreword by Naomi Klein, bestselling author of This Changes Everything

  • Sales Rank: #2677 in Books
  • Published on: 2016-09-06
  • Released on: 2016-09-06
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.50" h x .70" w x 6.50" l, .81 pounds
  • Binding: Paperback
  • 272 pages

Review
No matter what you do, you will find essential guidance and inspiration in Let My People Go Surfing. (Dave Foreman, The Rewilding Institute)

Wonderful... a moving autobiography, the story of a unique business, and a detailed blueprint for hope. (Jared Diamond, author of Collapse)

About the Author
Yvon Chouinard is the founder and owner of Patagonia, Inc., based in Ventura, California.  He began in business by designing, manufacturing, and distributing rock climbing equipment in the late 1950s. His tinkering led to an improved ice ax that is the basis for modern ice ax design. In 1964 he produced his first mail-order catalog, a one-page mimeographed sheet containing advice not to expect fast delivery during climbing season. In 2001, along with Craig Mathews, owner of West Yellowstone's Blue Ribbon Flies, he started One Percent for the Planet, an alliance of businesses that contribute at least 1 percent of their net annual sales to groups on a list of researched and approved environmental organizations.

Excerpt. © Reprinted by permission. All rights reserved.
I'VE BEEN A BUSINESSMAN for almost 50 years. It's as difficult for me to say those words as it is for someone to admit to being an alcoholic or a lawyer.

I've never respected the profession. It's business that has to take the majority of the blame for being the enemy of nature, for destroying native cultures, for taking from the poor and giving to the rich, and for poisoning the earth with the effluent from its factories. Yet business can produce food, cure disease, control population, employ people, and generally enrich our lives. And it can do these good things and make a profit without losing its soul.

My company, Ventura, California–based Patagonia Inc., maker of technical outdoor apparel and gear, is an ongoing experiment. Founded in 1973, it exists to challenge conventional wisdom and present a new style of responsible enterprise. We believe the accepted model of capitalism, which necessitates endless growth and deserves the blame for the destruction of nature, must be displaced. Patagonia and its thousand employees have the means and the will to prove to the rest of the corporate world that doing the right thing makes for good, financially sound business.

One of my favorite sayings about entrepreneurship is "If you want to understand the entrepreneur, study the juvenile delinquent." The delinquent is saying with his actions, "This sucks. I'm going to do my own thing." Since I had never wanted to be a businessman, I needed a few good reasons to be one. One thing I did not want to change, even if we got serious: Work had to be enjoyable on a daily basis. We all had to come to work on the balls of our feet and go up the stairs two steps at a time. We needed to be surrounded by friends who could dress whatever way they wanted, even be barefoot. We all needed flextime to surf the waves when they were good or ski the powder after a big snowstorm or stay home and take care of a sick child. We needed to blur the distinction between work and play and family.

Breaking the rules and making my own system work is the creative part of management that's particularly satisfying for me. But I don't jump into things without doing my homework. In the late seventies, when Patagonia was really starting to grow some legs, I read every business book I could find, searching for a philosophy that would work for us. I was especially interested in books on Japanese and Scandinavian styles of management, because I wanted to find a role model for the company; the American way of doing business offered only one of many possible routes.

In growing our young company, however, we still used many traditional practices—increasing the number of products, opening new dealers and new stores of our own, developing new foreign markets—and soon we were in serious danger of outgrowing our breeches. By the late eighties we were expanding at a rate that, if sustained, would have made us a billion-dollar company in another decade. To reach that theoretical mark, we would have to begin selling to mass merchants or department stores. This challenged the fundamental design principles we had established for ourselves as the makers of the best products, compromised our commitment to the environment, and began to raise serious questions about the future. Can a company that wants to make the best outdoor clothing in the world be the size of Nike? Can we meet the bottom line without giving up our goals of good stewardship and long-term sustainability? Can we have it all?

It would take 20 years, and the near collapse of our company, to find the answers.

My lifelong adventure in business took root in Southern California. My family had moved from Lisbon, Maine, to Burbank, California, in 1946, when I was eight, because my mother, the real adventurer among us, thought the drier climate would help my father's asthma. My father was a tough French Canadian who worked as a journeyman plasterer, carpenter, electrician, and plumber, and I had an older brother and two older sisters.

It was in California that I would discover climbing, at age 15, in the outskirts of Los Angeles, after helping found the Southern California Falconry Club in the early fifties. One of the adult members, Don Prentice, taught us how to rappel down to the falcon aeries on cliffs, showing us how to wrap manila rope (stolen from the telephone company) around our hips and over our shoulders to control the descent. Through high school and into my years as a student at Valley Junior College, in Valley Glen, California, I started hanging with young members of the Sierra Club—a group that included Royal Robbins, who would go on to start his own successful clothing company, and Tom Frost, an aeronautical engineer who would become my business partner from 1966 to 1975—and climbing the sandstone cliffs of Stoney Point, at the west end of the San Fernando Valley, and at Tahquitz Rock, near Palm Springs.

By the time I was 18, my climbing buddies and I had migrated to the big walls of Yosemite. Because we were pioneering long routes requiring hundreds of piton placements, I bought an old forge and taught myself blacksmithing so I could make my own hard-steel pitons. (The softer European kind didn't work well in Yosemite's uneven granite cracks.) During the sixties, I worked on my equipment in the winter months, spent April through July on the walls of Yosemite, and during the heat of summer headed out for the Alps and the high mountains of Wyoming and Canada—all interspersed with surf trips down to Baja and mainland Mexico. I supported myself by selling homemade gear out of the back of my car, supplementing my meager income by diving into trash cans and redeeming bottles for cash.

By 1971, two important things had happened: I'd met and married Malinda Pennoyer, an art student at Fresno State who spent summers working as a cabin maid in Yosemite and who would go on to become my partner in all aspects of the Patagonia business; and I had produced my first clothing: knickers and double-seated climbing shorts made from superheavy corduroy produced by an old mill in Lancashire, England. Back then, "active sportswear" consisted of your basic gray sweatshirt and pants, and standard issue for Yosemite climbing was tan cutoff chinos and white dress shirts bought from the thrift store. Though I just wanted more durable and comfortable climbing clothes for myself and my friends, I soon realized I had stumbled onto an entirely untapped market.

In the early seventies, my company, Chouinard Equipment, took over an abandoned meatpacking plant in Ventura and began to renovate its old offices as a retail store. Customers were responding to our "hand-forged" clothing, and we sold more and more items, including Chamonix guide sweaters, classic Mediterranean sailor shirts, canvas pants and shirts, and a technical line of rainwear—a predecessor of Gore-Tex—called Foamback. The apparel was such a success we decided it needed its own name to distinguish it from Chouinard Equipment's hardware line.

A few years earlier, in 1968, several friends (including Doug Tompkins, founder of The North Face) and I had taken a six-month road trip to the tip of South America, surfing the west coast of the Americas down to Lima, Peru, skiing volcanoes in Chile, and climbing 11,073-foot Fitz Roy, in Argentina's Patagonia. To most people, especially then, Patagonia was a name like Timbuktu or Shangri-La—far off, interesting, not quite on the map. It seemed like just the right idea for our clothing. To reinforce the tie to the real Patagonia, in 1973 we created a logo with a stormy sky, jagged peaks based on the Fitz Roy skyline, and a blue Southern Ocean.

We debuted our pile sweater—the precursor to our Synchilla fleece—in 1973; it was made from a polyester fabric intended for toilet-seat covers. Then we launched our first polypropylene underwear, in 1980, and became the first company to preach the virtues of layering. This new type of high-performance "system" amounted to blockbuster success: From the mid-eighties to 1990, sales skyrocketed from $20 million to $100 million. Most companies would relish such rapid growth, but for us it was nearly disastrous.

By 1991, I had transformed from a modest smithy and adventurer in business with a few friends—including Kris McDivitt (now Kris Tompkins), our CEO and general manager on and off for 15 years, between 1979 and 1994—into the guy in charge of a multi-million-dollar corporation with 650 employees. But with a big company came big problems.

In the late eighties, Chouinard Equipment became the target of several lawsuits. None involved faulty equipment or climbers. We were sued by a window washer, a plumber, a stagehand, and someone who broke his ankle in a tug-of-war contest using our climbing rope. The basis of each suit was improper warning—that we had failed to properly warn these customers about the dangers inherent in using our equipment for uses we could not predict. Then came a more serious suit, from the family of a lawyer who was killed when he incorrectly tied into one of our harnesses in a beginner climbing class.

The litigators thought that Chouinard Equipment and Patagonia were the same company and that, since Patagonia was doing so well, they could milk the corporation. Our insurance company refused to fight any of the suits, because of the costs involved, and settled out of court. Our premiums went up 2,000 percent in one year. Eventually, Chouinard Equipment filed for Chapter 11, a move that gave the employees time to gather capital for a buyout. They successfully purchased the assets, moved the company to Salt Lake City, and built their own company, Black Diamond Equipment Ltd., which to this day continues to make the world's best climbing and backcountry-ski gear.

Still other issues loomed. The general interest in outdoor sports and adventure was exploding in the U.S. and overseas, and we were riding the growth. We expanded internationally, opening retail stores in Chamonix and Tokyo. At the beginning of the nineties, we added another 100 employees, and projected continued annual growth of 40 percent, a rate we'd been experiencing for the past several years. But we made some classic mistakes. We failed to provide the proper training for the new company leaders, and the strain of managing a company with eight autonomous product divisions and three channels of distribution exceeded management's skills. We never developed the mechanisms to encourage them to work together in ways that kept the overall business objectives in sight.

Several planning efforts had to be aborted; no one could solve the Rubik's Cube of matching market-specific product development with such a complex distribution mix. Organization charts looked like the Sunday crossword puzzle and were issued almost as frequently. The company was restructured five times in five years; no plan worked better than the last one. I personally love change, but I was driving everyone crazy by constantly trying new ideas without a clear direction for where we were trying to go.

We desperately needed some help, so in early 1990 Malinda and I, along with our CEO, Pat O'Donnell, and CFO, Bill Bussiere, made arrangements to meet with Michael Kami, a well-regarded consultant who had run strategic planning for IBM and helped turn Harley-Davidson around in the eighties. The next thing we knew, we were boarding a Florida-bound plane to see him.

Kami was a small man in his late sixties with a squeaky, Swiss-German-accented voice, a full beard, and a lot of restless energy. We met on his enormous yacht, and he wore a captain's cap and an open shirt with epaulets.

Before he could help us, he said, he wanted to know why we were in business. I told him I'd always had a dream that when I had enough money, I'd sail off to the South Seas looking for the perfect wave and the ultimate bonefish flat. We told him the reason we hadn't sold out and retired was that we were pessimistic about the fate of the world and felt a responsibility to use our resources to do something about it. We told him about our tithing program—our pledge to donate 10 percent of our profits to environmental causes—and how we had given away a million dollars just in the past year to more than 200 organizations, and that our bottom-line reason for staying in the business was to make money we could give away.

Kami thought for a while and then said, "I think that's bullshit. If you're really serious about giving money away, you'd sell the company for a hundred million or so, keep a couple million for yourselves, and put the rest in a foundation. That way you could invest the principal and give away six or eight million dollars every year. And, if you sold to the right buyer, they would probably continue your tithing program because it's good advertising."

My managers protested.

"What are you worried about?" Kami said, turning to them. "You're young. You'll find other jobs!"

I said I was worried about what would happen to the company if I sold out.

"So maybe you're kidding yourself," he said, "about why you're in business."

It was as if the Zen master had hit us over the head with a stick, but instead of finding enlightenment, we walked away more confused than ever.

I was still wondering why I was really in business when, in 1991, after all those years of 30 to 50 percent compound annual growth, Patagonia hit the wall. The country had entered a recession, and the growth we had always planned on, and bought inventory for, stopped.

Our sales crunch actually came not from a decline from the previous year but from a "mere" 20 percent increase; still, it nearly did us in. Dealers canceled orders, and inventory began to build. Neither the mail-order nor the international division could meet its forecasts, and both returned inventory as well. We cut back production as much as we could for spring and fall. We froze hiring and nonessential travel. We dropped new products and discontinued marginal sellers. On July 31, 1991, Black Wednesday, we let 120 employees go—20 percent of the workforce. That was certainly the darkest day of Patagonia's history.

Our own company had exceeded its resources and limitations; we had become dependent, like the world's economy, on growth we could not sustain. We were forced to rethink our priorities and institute new practices. First step: I took a dozen of my top managers to Argentina, to the windswept mountains of Patagonia, for a walkabout. In the course of roaming around those wildlands, we asked ourselves, once again, why we were in business and what kind of business we wanted to build.

When we returned, we put together our first board of directors, made up of trusted friends and advisers, including author and deep ecologist Jerry Mander. At one of our board meetings, when we were struggling to put our mission into words, Jerry skipped lunch and went off by himself. He returned with a perfectly crafted article that outlined "an ‘ecology' of values that can mitigate the environmental and social crisis of our time." Those words became the basis for Patagonia's philosophies, clear and specific principles that expressed our thinking as it applied to different parts of the company: design, production, distribution, images, human resources, finance, management, and the environment.

I had long practiced my M.B.A. theory of management—management by absence—while I wear-tested our clothing and equipment in the most extreme conditions of the Himalayas and South America. It fueled new and exciting ideas for products, new markets, or new materials, but it also fueled my growing awareness of the environmental and social devastation going on around the world. Rather than bailing out in disgust, I saw an opportunity to create an entirely new kind of company. I wanted to make sure every employee at Patagonia understood our business and environmental ethics, so I began to lead multi-day employee seminars in the philosophies, going by bus to Yosemite or the Marin Headlands, north of San Francisco, where we'd camp out and gather under the trees to talk.

I realize now that I was trying to instill in my company the lessons I'd already learned as an individual and a climber, surfer, kayaker, and fly-fisherman. I had always tried to live my own life fairly simply, and by 1991, knowing what I knew about the state of the environment, I had begun to eat lower on the food chain and reduce my consumption of material goods. Doing risk sports had taught me another important lesson: Never exceed your limits. You push the envelope, and you live for those moments when you're right on the edge, but you don't go over. You have to be true to yourself; you have to know your strengths and limitations and live within your means. The same is true for a business. The sooner a company tries to be what it is not—the sooner it tries to "have it all"—the sooner it will die.

having the philosophies in writing, and the shared cultural experiences of our classes, played a critical role in the company's turnaround, at the end of 1991. Within a few years we had eliminated several layers of management, consolidated inventories, and brought our sales channels under control—meaning that for the next decade and a half we would refocus on living up to our mission statement: "Make the best product, cause no unnecessary harm, and use business to inspire and implement solutions to the environmental crisis."

But what good does having fixed philosophies do when everything in the business world is so dynamic? How does Patagonia follow its philosophies in light of the expanding Internet market, the effects of NAFTA and the WTO, dozens of technological leaps that significantly affect design and production, new and different employee demographics, and the ever-changing styles and lifestyles of customers?

The answer is that our philosophies aren't rules—they're guidelines. For example, our mission statement says nothing about making a profit. In fact, Malinda and I consider our bottom line the amount of good that a business has accomplished over one year. At Patagonia, profit is not the goal, because, as the Zen master would say, profits happen when "you do everything else right." In many companies, the tail (finance) wags the dog (corporate decisions). We strive to balance the funding of environmental activities with the desire to continue in business for the next 100 years.

Our financial decision-making reflected our environmental ethics. Back in the mid-nineties, to cite just one instance, we changed the packaging of our thermal underwear. We were using a thick, wraparound cardboard header inside a heavy Ziploc plastic bag. Instead, we decided to hang up the heavier long underwear like regular clothing and simply bundle our lighter underwear with a rubber band. The first year after the change, we saved 12 tons of material from winding up in a landfill, saved $150,000 in packaging, and boosted sales by 25 percent—largely because the product wasn't hidden in a wrapper and people could feel the material and appreciate its quality.

Because we are a privately held company, we could make these kinds of decisions without worrying about the demands of shareholders. This allowed us to grow at a natural rate. When our customers told us they were frustrated by not being able to buy our products because of constant out-of-stock situations, we made more. We have not created artificial demand for our goods by advertising in Vanity Fair or GQ, or on buses in inner cities, hoping to get kids to buy black down jackets from us instead of The North Face or Timberland. We want customers who need our product, not just desire it.

Of course, we also want—and need—to make money, but we believe that's best accomplished by remaining nimble and efficient. One of our goals has been to have no debt. A company with little debt, or with "cash in the kitty," can take advantage of opportunities as they come up or invest in a startup without having to go further in debt or find outside investors. One of our most recent examples is a Japanese fabric mill we're working with to help us switch all of our polyester items, like our Capilene underwear, to 100 percent recycled material—something we probably couldn't have done if we carried a lot of debt. Managing our finances this way helps the company remain in yarak, a falconry term derived from Persian and meaning "superalert, hungry but not weak, and ready to hunt."

This kind of independent thinking applies to our management philosophy as well. In fact, our employees are so independent, we've been told by psychologists, that they would be considered unemployable in a typical company. We don't want drones who will simply follow directions. We want the kind of employees who will question the wisdom of something they regard as a bad decision but, once they buy into something, will work like demons to produce something of the highest possible quality—whether a shirt, a catalog, a store display, or a computer program. How you get these highly individualistic people to align and work for a common cause is the art of management at Patagonia.

Part of the key is strong communication. We have no private offices at our Ventura headquarters; everyone works in open rooms with no doors or separations. What we lose in "quiet thinking space" is more than made up for with better communication and an egalitarian atmosphere. Managers try to lead by example. We don't have special parking places; the best spots are reserved for fuel-efficient cars, no matter who owns them. Malinda and I pay for our own lunches in the cafeteria, so that we don't send a message that it's OK to take from the company. And we have an open-book policy; financial details are available with all employees to promote full transparency.

A familial company like ours runs on trust rather than authoritarian rule. Maybe a few people take advantage of our flextime and our "let my people go surfing" policy, but none of our best employees would want to work in a company that didn't have that trust. They understand that my M.B.A. style of management is as much a sign of my trust in them as my desire to be out of the office.

Because style is so important, I often use climbing mountains as an illustration. You can solo-climb Everest without using oxygen or you can pay guides and Sherpas to carry your loads, put ladders across crevasses, lay in 6,000 feet of fixed ropes, and have one Sherpa pulling you and another pushing you. Rich, high-powered plastic surgeons and CEOs who attempt to climb Everest this way are so fixated on the target—the summit—that they compromise on the process. The goal of climbing big, dangerous mountains should be to attain some sort of spiritual and personal growth, but this won't happen if you compromise away the entire process.

When it comes to the environment, it's probably no secret that I'm a total pessimist about the fate of the natural world. In my lifetime I've seen nothing but a constant deterioration of all of the processes that are essential to maintaining healthy life on Planet Earth. Most of the scientists and deep thinkers in the environmental field who I know personally are also pessimistic, and they believe that we are experiencing an extremely accelerated extinction of species—including, possibly, much of the human race.

In Edward O. Wilson's 2002 book The Future of Life, he describes the time we live in as "nature's last stand." His "living planet index," which measures the condition of the world's forests and freshwater and marine ecosystems, puts humanity at an environmental bottleneck of our own making. The 21st century must become the Century of the Environment, Wilson insists. If government, the private sector, and science don't begin to cooperate immediately to address issues of environmental degradation, the earth will lose its ability to regenerate. In other words, life as we know it is toast.

Thinking these dark thoughts doesn't depress me; in fact, I'm a happy person. I'm a Buddhist about it all. I've accepted the fact that there is a beginning and an end to everything. Maybe the human species has run its course and it's time for us to go away and leave room for other, one hopes, more intelligent and responsible life forms.

Then again, maybe there's something we can do about it. Patagonia's environmental efforts began in the seventies with simply trying to prevent physical damage to the rock walls of Yosemite. It was about clean climbing and making high-quality products that weren't disposable. Later we started looking at minimizing the environmental harm associated with manufacturing our products.

One of the hardest things for a business to do is to investigate the environmental effects of its most successful product and, if it's bad, change it or pull it off the shelves. We confronted this when we were looking into switching over to organic cotton, in the mid-nineties. Though we successfully made the transition, we still haven't completely solved the problem. Even when cotton is grown without toxic chemicals, it still uses an inordinate amount of water and cannot be grown year after year without permanently depleting the soil. When a cotton garment is worn out, it is usually thrown away. We have to dig deeper and try to make products that close the loop—clothing that can be recycled infinitely into similar or equal products, which is something we continue to strive for.

Despite the challenges involved, we've found that every time we've elected to do the right thing, even when it costs twice as much, it's turned out to be more profitable. This strengthens my confidence that we're headed in the right direction. Our Environmental Assessment Program educates us, and with education we have choices. When we act positively on solving problems instead of trying to find a way around them, we're farther along the path toward sustainability. Plus we're constantly discovering more things we can do, both internally and externally.

Back in the early eighties, one of the maintenance employees asked if I knew how much it cost to line every wastebasket with a plastic bag: $1,200 a year. I said get rid of them, but he returned the next day to report that the janitorial service refused to clean unlined baskets if people threw away wet garbage like coffee grounds or food. So we gave each employee a personal trash can for recyclable paper and made everyone responsible for disposing of wet garbage in separate containers scattered throughout the offices.

No matter how diligent we are at Patagonia, everything we make causes some waste and pollution. So our next step is to pay for our sins until such a time that we hope to stop sinning. Since the early eighties we have donated $22 million in cash and in-kind donations to activist groups committed to environmental causes. In 1996, we pledged to give 1 percent of our total sales to environmental causes, meaning that whether we turned a profit or not, whether we had a great year or a bad one, we had to give. Last year this meant donations of $2.4 million. In 2001, we helped start 1% for the Planet, an alliance of 148 companies committed to giving at least 1 percent of their sales to saving the planet.

Our efforts, and those of others who work toward similar goals, are making an impact. The organic-food industry is growing at a rate of more than 20 percent a year. Worldwide demand for organic cotton has tripled in the nine years since we changed over. As this drives costs down, large companies like Nike buy organic cotton to blend in with their industrial cotton as a way to support the cause but not price themselves out of the market. Some of the fiber mills we work with, at our prodding, are actively researching ways to eliminate toxic materials like antinomy and methyl bromide in polyester.

If Patagonia can continue to be successful operating under the constraints of our environmental philosophy, then perhaps we can convince other companies that green business is good business, and they can gain the confidence to take a few steps in the right direction.

When Malinda and I made the decision to stay in business, we faced a personal challenge: Could we run a company that does much good and very little harm? Could we turn the company into a model, capable of effecting reform that we as individuals would be unable to accomplish? Could we actually change the way others treat the natural world?

The Zen master would say if you want to change government, you have to aim at changing corporations, and if you want to change corporations, you first have to change the consumers. Whoa, wait a minute! The consumer? That's me. You mean I'm the one who has to change?

The original definition of consumer is "one who destroys or expends by use; devours, spends wastefully." It would take seven Earths to provide enough raw materials to allow the rest of the world to consume at the same rate Americans do. Ninety percent of what we buy in a mall ends up in the dump within 60 to 90 days. It's no wonder we're no longer called citizens but consumers. Our politicians and corporate leaders are fair reflections of who we've become.

When I look at my business, I realize one of the biggest challenges I have is combating complacency. If I say we're running Patagonia as if it's going to be here a hundred years from now, that doesn't mean we have a hundred years to get there! Our success and longevity lie in our ability to change quickly. Continuous innovation requires maintaining a sense of urgency—a tall order, especially in Patagonia's seemingly laid-back corporate culture. In fact, one of the biggest mandates I have for my managers is to instigate change. It's the only way we're going to survive in the long run.

The American dream is to own your own business and grow it as quickly as you can until you can cash out and retire to the golf courses of Leisure World. The business itself is really the product, and it doesn't matter whether you're selling shampoo or land mines. When the company becomes the fatted calf, it's sold for a profit, and its resources and holdings are often ravaged and broken apart, disrupting family ties and the long-term health of local economies. The notion of businesses as disposable entities carries over to all other elements of society.

When you get away from the idea that a company is disposable, all future decisions in the company are affected. The owners and the officers see that, since the company will outlive them, they have responsibilities beyond the bottom line. Perhaps they will even see themselves as stewards of the earth.

Patagonia will never be completely socially responsible. It will never make a totally sustainable, nondamaging product. But it is committed to trying. We simply don't have any other choice. As the late environmentalist David Brower once put it, "There's no business to be done on a dead planet."

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Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard PDF
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Jumat, 21 September 2012

[I904.Ebook] Fee Download Participant Observation, by James P. Spradley

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Participant Observation, by James P. Spradley

This text is a follow up to Spradley's earlier ethographic research handbook, The Ethnographic Interview, and guides students through the technique of participant observation to research ethnography and culture. Spradley also teaches students how to analyze the data they collect, and write an ethnography. The appendices include research questions and writing tasks.

  • Sales Rank: #332634 in Books
  • Published on: 1980-01-02
  • Released on: 1980-01-02
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.25" h x .47" w x 6.14" l, .72 pounds
  • Binding: Paperback
  • 195 pages

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11 of 11 people found the following review helpful.
The standard for field work...clear...BUT get it used
By Christopher J. Deasy
Along with "The Ethnographic Interview", this is a mainstay of field anthropologists and should be read by anyone who wants to gain a true understanding of the issues facing an Anthropologist (social). As an anthropologist working in business I have gone back to this text again and again to refocus and aid in explaining to others what I can, or actually do. "Participant Observation" is often the text which accompanies a fieldwork course and can be found cheaper at any university library (I never thought I would say that!!).

I fear that many people buying this book will be sorely disappointed that it is a very thin paper back addition (for 50+ dollars). The content is good, but the new price still hard to justify. I feel that could tripl sales by dropping to 20-25... I actually found it for 18.95 used.

In conclusion- its a good, if pricey book.

3 of 3 people found the following review helpful.
Useful useful book
By Jenna
As an anthro major who has done a lot in the discipline, but never had an explicit text that put all the info and strategies on Participant observation in one place before, I love this book. Nice concise chapters with lots of information, little fluff and truthfully enjoyable to read. I recommend it to anyone with an interest in participant observation. He also guides you through the actions of an ethnography with tasks at the end of each chapter, which I found very helpful.

1 of 1 people found the following review helpful.
Great for Participant Observation in Cross-Cultural Settings
By Brian
A very thorough resource. Spradley will walk the reader step-by-step through the process of participant observation. I think of Spradley as a more narrative guide while Jorgensen is more linear and outline based. Spradley will provide greater depth, appreciation, and understanding of part. obs. but it will take you longer to get there and not be as to the point as Jorgensen.

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Kamis, 13 September 2012

[H643.Ebook] Download PDF Fire And Blood: A History Of Mexico, by T. R. Fehrenbach

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Fire And Blood: A History Of Mexico, by T. R. Fehrenbach

There have been many Mexicos: the country of varied terrain, of Amerindian heritage, of the Spanish Conquest, of the Revolution, and of the modern era of elections and the rule of bankers. Mexico was forged in the fires of successive civilizations, and baptized with the blood of millions, all of whom added tragic dimensions to the modern Mexican identity. T. R. Fehrenbach brilliantly delineates the contrasts and conflicts between them, unraveling the history while weaving a fascinating tapestry of beauty and brutality: the Amerindians, who wrought from the vulnerable land a great indigenous Meso-American civilization by the first millennium B.C.; the successive reigns of Olmec, Maya, Toltec, and Mexic masters, who ruled through an admirably efficient bureaucracy and the power of the priests, propitiating the capricious gods with human sacrifices; the Spanish conquistadors, who used smallpox, technology, and their own ruthless individualism to erect a new tyranny over the ruins of the old; the agony of independent Mexico, struggling with the weight of its overwhelming past and tremendous potential. Throughout the narrative the author resurrects the great personalities of Mexican history, such as Motecuhzoma, Cortes, Santa Anna, Juárez, Maximilian, Díaz, Pancho Villa, and Zapata. Fehrenbach, who has updated this edition to include recent events, has created a work of scholarly perspective and gripping prose.

  • Sales Rank: #98609 in Books
  • Published on: 1995-03-22
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.25" h x 1.76" w x 5.50" l, 1.86 pounds
  • Binding: Paperback
  • 702 pages
Features
  • ISBN13: 9780306806285
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!

About the Author
T. R. Fehrenbach,a native Texan, is the author of several books, including Fire and Blood: A History of Mexico and Comanches: The Destruction of a People, both available from Da Capo. He lives in San Antonio.

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0 of 0 people found the following review helpful.
Great, comprehensive introduction to Mexican history
By Library Lover
Great, comprehensive introduction to Mexican history, though the first few sections that focus on pre-colonial early colonial periods were a little slow and long for readers interested in learning about modern Mexico.

30 of 31 people found the following review helpful.
Excellent Insight into the Mexican Culture
By Ross Stephen Hardin
Having traveled and lived in Mexico most of my life, I was constantly exposed to certain aspects of every day life that just didn't seem to fit with my Anglo raising. Even though I spent forty five years immersed in the Mexican Culture there were certain things I just didn't understand. T.R. Fehrenbach's Fire and Blood answered most of my life long questions.

The book is a meticulously researched, chronological history of the country known as Mexico. The book gives a detailed account of why citizens of Mexico today think and act the way they do; their philosophy of life, their relationship with the Catholic Church and their attitude toward a centralized government. If you could choose one or two sentences from the book that explain one of the basic differences between the Hispanic Culture and that of the remainder of North America it is Fehrenbach's assertion that while the rest of North America was colonized by settlers and explorers, the men arriving in Mexico from Spain were "Conquistadors", conquerors. That difference is what makes Mexico the wonderful country it is today.

This book should be mandatory reading for anyone considering a business venture, or currently involved in business or trade with in Mexico. The insight you will receive can not be learned in a life time of living and working in the country. The same can be said for anyone interested in living or traveling in the country. It will help relieve some of the Anglo's misunderstanding and frustrations as to why the citizens of Mexico don't "do it" like we do.

0 of 0 people found the following review helpful.
Four Stars
By Einte-Karst Dijk
Reads like a novel and brings you up speed (to the 90ties) on Mexican history.

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Rabu, 12 September 2012

[E141.Ebook] Free PDF The Little Book of Valuation: How to Value a Company, Pick a Stock and Profit, by Aswath Damodaran

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The Little Book of Valuation: How to Value a Company, Pick a Stock and Profit, by Aswath Damodaran

An accessible, and intuitive, guide to stock valuation

Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, expert Aswath Damodaran explains the techniques in language that any investors can understand, so you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and pick stocks.

Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and use. Along the way, he covers various valuation approaches from intrinsic or discounted cash flow valuation and multiples or relative valuation to some elements of real option valuation.

  • Includes case studies and examples that will help build your valuation skills
  • Written by Aswath Damodaran, one of today's most respected valuation experts
  • Includes an accompanying iPhone application (iVal) that makes the lessons of the book immediately useable

Written with the individual investor in mind, this reliable guide will not only help you value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.

  • Sales Rank: #48711 in Books
  • Published on: 2011-05-03
  • Original language: English
  • Number of items: 1
  • Dimensions: 7.40" h x .95" w x 5.40" l, .63 pounds
  • Binding: Hardcover
  • 256 pages

From the Inside Flap

You buy financial assets for the cash flows you expect to gain. The price of a stock cannot be justified by assuming there will be other investors around who will pay a higher price in the future. That is the equivalent of playing an expensive game of musical chairs. As a prudent investor, you need to value the investment you are considering before buying it.

Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, financial expert Aswath Damodaran explains valuation techniques in everyday language so that even those new to investing can understand. Using this important resource, you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and select stocks for your portfolio.

Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and implement. He also makes the case that the two popular, and often divergent, approaches (intrinsic and relative) to valuation can be used in tandem. Damodaran discusses how both of these approaches can significantly improve your odds by helping you select stocks that are undervalued not only on an intrinsic level but also on a relative basis.

Once you become familiar with the techniques outlined in this book, you will be able to value a company with confidence. In addition, The Little Book of Valuation:

  • Includes illustrative case studies and examples that will help develop your valuation skills
  • Puts you in a better position to determine which investments are on track to add real value to your portfolio
  • Offers valuable valuation insights from one of the foremost experts in this field

Written with the individual investor in mind, this reliable guide will not only allow you to value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.

From the Back Cover

LITTLE BOOK BIG PROFITS®

Praise for
THE LITTLE BOOK OF VALUATION

"There is nothing 'little' about Damodaran's The Little Book of Valuation. The whole gamut of ideas that form the basis for all business valuations— covered in his many multi-hundred page classics-are all here, with the same rigor, clarity, pointedness, and wit."
—Professor Anant K. Sundaram Tuck School of Business, Dartmouth College

"The Little Book of Valuation is a great book that I will recommend to my students and friends. This book is an impressive synthesis of sound theory and best practice. It is completely accessible to the novice. It is also an important addition to the professional library of the finance specialist. Acquire it without hesitation."
—Pablo Fernandez, Professor of Finance IESE Business School, Spain

"Damodaran's fast read book offers valuable insights for both institutional and sophisticated individual investors. Within the confines of 'intrinsic' (income approach) and 'relative' (market approach) analysis, he identifies the 'value drivers' in several broad categories of stocks and the most important factors to look for, and how to treat them in valuation for each category."
—Shannon Pratt Chairman and CEO, Shannon Pratt Valuations

About the Author

ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU universitywide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. He has written or coedited numerous books, including Damodaran on Valuation, Investment Valuation, Corporate Finance, Investment Management, Investment Philosophies, and Applied Corporate Finance (all published by Wiley), as well as The Dark Side of Valuation, Investment Fables, and Strategic Risk Taking.

Most helpful customer reviews

52 of 53 people found the following review helpful.
Training Wheels for Valuation . . .
By D. CHEN
This book echoes some of the author's earlier works but whereas his other books are largely geared towards professional practitioners, The Little Book of Valuation is targeted at individual investors.

In my opinion, Damodaran has carved a unique niche among authors of this genre. As a professor at a respected university, his books always draw on a solid theoretical foundation. A lot of other authors do the same. Where I think he distinguishes himself is the ability to bring pragmatic, real world slant to these topics. I have found his publications to be very readable yet hardly "dumbed down". In fact, I think this particular volume would make a great introduction on valuation for aspiring MBAs and finance students.

The Little Book of Valuation starts by explaining the nuts and bolts of finance including topics such as time value of money and the concept of risk. A short explanation of financial statements is also included. Damodaran then goes on to describe intrinsic valuations including the subtle differences between cash flows to equity holders versus cash flow to the firm. Along with that the appropriate discount rates that apply to each are also explained. The book then quickly compares intrinsic valuation to relative valuation methodologies, stressing along the way the merits and disadvantages of each. When using multiples (price/earnings, price/book, price/sales) to do comparative valuations, he points out which financial metrics are the underlying drivers for each multiple.

From there, the book delves further into subtopics such as valuing companies at different stages in their life cycles: early stage companies, mature companies and declining companies. There are also separate chapters that discuss valuation issues/techniques for banks and other financial entities, cyclical/commodity companies and a final chapter on valuing companies with significant intangibles.

While the nature of the "Little Book" series means that they will be succinct and perhaps a little light on mind-numbing detail, I think this particular volume provides a very readable, even-handed approach to the topic of valuing financial assets. Damodaran consistently provides examples after he makes a point. Furthermore, the examples are real life rather than hypothetical situations.

I struggled to get through the Copeland tome on Valuation. I wish Professor Damodaran had published his Little Book of Valuation years earlier . . . it would have been like having a nice set of training wheels to get me started . . . .

7 of 7 people found the following review helpful.
Good introduction, but lacks depth for the practitioner
By Nick
If you want a short and lightweight introduction to the subject and have basic compound interest and financial statement analysis this book is useful. If you are looking for more than an introduction/overview then the book lacks some depth. It is short, clearly written, and covers the ground with minimal mathematics. I do recommend it as an introduction and overview of the subject area. However, if you can't do basic compound interest or have not looked at basic financial statement analysis it would be helpful to brush up on these topics before using this book to get into valuation.

For knowledgeable readers the book is less useful. To much time is spent presenting an answer on the mechanics of valuing a company and not enough time is spent on the nuances, tradeoffs, and implications of various valuation assumptions. The mechanics are important, but the book does not really grapple adequately with some of the big difficulties in valuation, which include the selection of discount rates and estimation of terminal value. For example, there is no discussion on merits or otherwise of using the average weighted cost of capital (AWCC) for discounting or presenting any alternatives. I don't claim that the approach is wrong just that it carries certain implications that deserve discussion.

Risk is dealt with simplistically through the discount rate, which is not inherently bad, but alternative actuarial approaches exist that I personally think deserve discussion, if only to inform the reader of the scope of the subject matter. Finally, success is as much about managing risk as it is about placing a value on a business. I feel that this most important point is lost.

Is the book worth reading? Absolutely. However, if you are hoping for a tool kit that will provide you with crystal ball to gaze on the future then you are surely going to be disappointed, because none exists.

35 of 38 people found the following review helpful.
Too much theory, not enough practical value
By Ant Gara
The author is a noted valuation author with several other books, much more indepth than this one. As an introduction to security valuation, it's good enough to get the job done, but I take issue with some of his methods.

Pros:
- Explains with clarity the different types of discounted cash flows (annunities, perpetuity, etc).
- Gives good explanation as to the significant metrics behind valuation multiples (ROE in PE, etc, Net PM in P/S, etc).
- Details why you should use historical averages, and not simply the most recently available metric for these calculations.
- Financial institutions are notoriously hard to value, and his method here is probably the best I've come across.

Cons:
- My biggest complaint is his over-reliance on CAPM beta as a risk-metric. Numerous studies have shown that stocks with low betas routinely out-perform those with high betas, which is the exact opposite of what's supposed to happen, according to financial theory. In fact, the author even briefly glosses over why beta may not be a great metric to use, but then continues to do so through out the entire book. As Buffett says, any time you see finance use a Greek symbol, they're substituting theory for experience.
- Doesn't give any alternatives to beta (WACC is no better, as it also includes beta) towards measuring risk. Should ignore beta completely and simply use the average market return over the past 200 or so years of 8 - 10% (I typically use 9).
- The regression analysis part seems completely out of place in a book like this.
- Likewise, his over-reliance on DCF is borderline absurd. Again, numerous studies have shown that most PROFESSIONAL analyst fail to accurately predict a firm's earnings over a short-term horizon (David Dremen has published many of these studies), so to assume a non-professional investor can with even remote accuracy predict cash flows 10 years into the future is ridiculous.

Overall, it's good for an introduction on discounting cash flows and being able to value a financial institution, but his use of beta and 10 years worth of forecasting is what holds this down.

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Jumat, 07 September 2012

[T877.Ebook] Ebook Download GRE Premier 2016 with 6 Practice Tests: Book + Online + DVD + Mobile, by Kaplan

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Always study with the most up-to-date prep! Look for GRE Premier 2017, ISBN 978-1-5062-0322-5, on sale June 7, 2016.

  • Sales Rank: #11891 in Books
  • Published on: 2015-05-05
  • Released on: 2015-05-05
  • Original language: English
  • Number of items: 1
  • Dimensions: 10.88" h x 1.30" w x 8.37" l, 2.91 pounds
  • Binding: Paperback
  • 600 pages

About the Author
Celebrating 75+ years as the world leader in the test prep industry, Kaplan Test Prep (www.kaptest.com) is a premier provider of educational and career services for individuals, schools, and businesses. With a comprehensive menu of online offerings as well as a complete array of print books and digital products, Kaplan offers preparation for more than 90 standardized tests, including entrance exams for secondary school, college, and graduate school, as well as professional licensing exams for attorneys, physicians, and nurses.  Kaplan also provides private tutoring and graduate admissions consulting services.

Questions about what you’re studying?
Ask us on Facebook: facebook.com/KaplanGradPrep
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Most helpful customer reviews

116 of 120 people found the following review helpful.
Below average GRE guide
By Vince Kotchian
I'm a long-time GRE tutor, and I review GRE books to help self-studiers with their prep. Kaplan's latest version of their GRE prep guide, like its previous versions, is a basic primer for the test, but not what I'd recommend. I think it is inferior to its competition in several important ways.

1. First, this book is a one-size-fits-all book. But kind of like a one-size-fits all hat, it's not going to work as well for people who are below or above average. If you're starting from a high or low point, this may not work well for you: high scorers need more depth; lower scorers need more technique options.

2. Practice question realism is poor, especially for verbal questions. It's so important to practice with questions that capture the nuances and complexities of the real GRE. Kaplan, like most companies, doesn't duplicate these nuances well. In general, these questions are simpler and easier than real questions. So even if this book included access to a million Kaplan computer tests, I would avoid it.

3. The book does not adequately cover all the concepts the GRE will present. I am surprised to see there is still no treatment of logic or "critical reasoning" verbal questions, and that not all math concepts are covered. Again, bad for you if you want a competitive score.

4. The level of depth for math concepts will, in my opinion, not get people to competency in many cases, let alone mastery.

5. The techniques offered for math are fine, but verbal techniques are fairly fluffy - they may work on Kaplan-written questions, but I don't think for many they'll work well on more difficult ETS GRE questions.

The thing that gets me worked up about this book is not that it's mediocre. It's that it's marketed as the best, most comprehensive GRE prep option. I guess it sells more books to say your book is an easy one-stop solution than to tell people that you may need multiple books and that hard work is required. Also, Kaplan books have a funny way of garnering tons of 5-star "reviews", and as a result, millions of people buy them. Whatever prep materials you choose, I suggest researching them in detail.

95 of 103 people found the following review helpful.
Great Value for Money
By Greprep Club
I have GRE score of 323 and I am one of the founding members of the GRE Prep Club online community. Here is what I think about this book:
~~~ PROS~~~
1. Great Value for Money: The combined package, i.e. the book + CD + Online Materials, form a very exhaustive library of GRE Questions created and Compiled by Kaplan.
2. Its greatest merit lies in its Chapters on AWA Sections. The topics and responses are discussed in great detail. There is an immaculate Foundation and Content review chapter under the AWA section as well, which is probably the best feature of this product. It also discusses the pacing strategy (writing the essay within 30 min) and nuances of Scoring.
3. The Foundation and Content Review Chapters under both, Quant and Verbal sections are very detailed and beginner friendly. The theoretical coverage on the topics is fairly detailed.
4. The answers to the practice questions, in the book, are very detailed and insightful.
5. Practice test are of paramount importance for test prep. The six tests equip the user to perform SWOT analysis and monitor progress from time to time. The test analysis report is a lifesaver!

~~~ CONS ~~~
1. Difficulty level of questions, specifically in the Quantitative section, could have been better. The practice test set questions are not at par with the Questions by ETS.
2. The section named: “Kaplan Method of Problem solving” has a much better alternative that can be found in the book by ETS. Since ETS books contain actual GRE questions hence it is much more effective to emulate problem solving strategies presented in the Book by ETS.
3. The questions on the Tests by Kaplan seem to lack the quality that we have come to Expect from ETS and Manhattan.
Overall it is a well-balanced book and good value for money. However, it is not sufficient by itself, if the user wants to score more than 315 points. If you are looking to score higher on the GRE you must consider other books. It is highly advisable that you look into ETS GRE as they have actual GRE Questions.

~~~ Some other Frequently asked Questions:

~ What are some of the other study options that I have?
Some students, in the past, have bypassed Kaplan completely and started more specialized books such as the ETS or Manhattan GRE. For example, Manhattan GRE Set of eight strategy guides come with 8 books that target specific math and verbal areas. You would have a much better shot at scoring 315+ using this (not guaranteed), however they require 2-3 months to complete. ETS has a similar collection of 3 books (general + quantitative + verbal). They also have four tests on CD rom enclosed along with the package.

~ What is a good study plan using Kaplan Premier?
Since it is a good book for beginner’s, I would recommend that you could start with Kaplan and finish it within a month, then evaluate which are your areas of strength/ weakness. Based on your analysis you can invest in a book by Manhattan/ ETS to bolster your weaknesses.

~ Will this get me to 315+?
This book alone, probably, won’t get you to 315+ score but for people out of college it would refresh the math and verbal fundamentals. You should seriously consider investing in ETS as they provide you with questions that have appeared in GRE before.

~ How do I get to 315+ with this book?
• You can review your concepts using this book and take a Mock test to perform SWAT analysis.
• Based on your SWAT you can invest in a book that targets your weakness. (see the other books I should know about Section below)
• Retake a Mock test and see the changes in your results.
• If you have a bit more time you can consider investing it in a Book series like the ETS or Manhattan. This will, most likely, take your score to a higher level but it would also cost more in terms of time and money.

Other Books I should know about?
Make sure you have the Official Guides (at least one of them). The Manhattan GRE series are pretty good as well but require a lot more time to go through them.

Best of luck with your test prep.
Sandy, GRE: 323, GREPrepClub

PS: I reply to comments on Amazon.

40 of 44 people found the following review helpful.
Makes you enter the exam like you'll be in the 90 percentile but you won't
By Kindle Customer
I have gotten the last 3 versions of the KAPLAN book from a friend to take the exam. In the combined 10 quantitative exams that I had in these books I was getting 18 or 19 out of 20 on every exam. I entered the GRE thinking I was golden & boy was I wrong. The easiest question on the actual math GRE is harder than the hardest question in any of those GRE books. The Kaplan book sounds great but if you use this you will not be leaving the exam so happy because you spent a month taking multiple exams where you are at worst getting 3 wrong out of 20 questions, you get to the exam and it seems like jibberish compared to what KAPLAN had you studying.

See all 219 customer reviews...

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Senin, 03 September 2012

[T176.Ebook] PDF Ebook New Capitalism in Turkey: The Relationship Between Politics, Religion and Business, by Ayse Bugra, Osman SavasKan

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New Capitalism in Turkey: The Relationship Between Politics, Religion and Business, by Ayse Bugra, Osman SavasKan

'This theoretically informing book provides one of the strongest analyses of Turkish political economy. Bu ra and Sava kan decisively dispel myths regarding the new, allegedly self-made and 'small' entrepreneurs who form the backbone of Turkish success. Drawing on original documents, interviews, and statistics, they demonstrate that politics (as practiced by regimes, parties, and associations) has 'made' the Turkish pious business class. No one can think of markets and market actors in the same way after reading this book.'
- Cihan Ziya Tugal, UC Berkeley, US

'This impressive work places Turkey firmly on the map of comparative politics and political economy. It adds intriguing facets to what we know about the relationship between the state, democracy and capitalist development in an age of neoliberalism. It also sheds new light on the role of religion in economic change and class formation in emerging countries on the periphery of contemporary capitalism. Moreover, in emphasizing the role of business associations in the politically sponsored rise of a post-Fordist model of globalized national capitalism, the book provides exciting new insights on a subject that has been regrettably neglected in recent years.'
- Wolfgang Streeck, The New School for Social Research, US

'Power has shifted in Turkey over the last decade, both within business and the state, towards groups with religious-conservative rather than Kemalist-secular sensibilities. This book goes deep inside this transformation to analyze the role of Muslim business networks and their relationship with the state. You will not find a better guide to Turkey s emergent new capitalism.'
- Dani Rodrik, Institute for Advanced Study, US

New Capitalism in Turkey explores the changing relationship between politics, religion and business through an analysis of the contemporary Turkish business environment.

This book focuses on the developments that have transformed the economic, political and cultural coordinates of business activity; led to new forms of interest representation; and changed the relationship between government and business in Turkey in the post-1980 period. Ay e Bu ra and Osman Sava kan argue that political action plays a crucial role in shaping the configuration of the business community, influencing the patterns of business development, and informing the emergence of rival models of capitalist development and political change endorsed by different groups of entrepreneurs. Moreover, the book explores the idea that whilst the use of religion as a strategic resource by some business associations serves to create bonds of trust and solidarity among their members, it also contributes to the polarization of the business community.

This interdisciplinary book will be an invaluable resource for academics, graduate students and researchers interested in political economy, political science, sociology, economic history, and organization studies. It will also appeal to journalists and business people, especially those investing or planning to invest in Turkey or the Middle East.

Contents: Introduction 1. Economic Development and Cultural Modernization in Republican Turkey: A Brief Overview 2. The Changing Place of the Economy and Religion in Turkish Society Since 1980 3. The New Political Economy of Capital Accumulation 4. Business Associations as Political Actors 5. Polarization at the Local Level Conclusion Index

  • Sales Rank: #2248337 in Books
  • Published on: 2014-06-30
  • Original language: English
  • Dimensions: 9.25" h x 6.25" w x .75" l,
  • Binding: Hardcover
  • 224 pages

About the Author
Ayse Bugra and Osman Savaskan, Bogazici University, Turkey

Most helpful customer reviews

0 of 0 people found the following review helpful.
How Turkey moved from state control to free market.
By B. Wolinsky
In the 1970’s, a Turkish film director made Seytan, a campy, micro-budget movie about a little girl possessed by the devil. Do you think it was based on the Exorcist? Well you’re wrong, it was an outright ripoff of The Exorcist! Ismael Metin Erksan, creator of Suzuz Yaz (Dry Summer) made this cardboard piece of junk, using a copy of the script, smuggled from the USA. Turkey’s government had this insane program to bar American movies from the country, then make their own plagiarized version in Turkey, so that 100% of the revenue would stay domestic. There was a Turkish Exorcist, a Turkish Superman, and I’m told there was a Turkish Jaws. How they filmed the shark scene, I don’t know, and the Superman ripoff features four different stuntmen holding on to a (slowly) speeding car. The bad guys run so slowly that Superman has time to grab them and throw them through the cardboard wall of their hangout.

This is essentially what Turkey’s economy was until the 80’s; low-quality domestic products, protected by tariffs. Years earlier, Ataturk started a policy of government intervention in the economy, mainly to increase industry and agriculture. The problem was, it made the economy dependent on the government. I guess Turkey was a lot like Britain and Argentina, with lots of state-owned enterprises, rather than a free market. At the same time, it wasn’t easy to get loans to start businesses, nor were there a lot of people willing to buy bonds or buy shares. It wasn’t until the 1980’s that a lot of modern economies would take off running.

In the second chapter, the authors credit the removal of protectionism with bringing the economic transformation. I shouldn’t say they blame the old tariffs for the problem, because a lot of small countries like Britain and Italy had tariffs. It was their only way to keep their farms in business and prevent the country from becoming dependent on cheap produce from the USA. However, there’s a point when a country needs to make the farmers compete, so I guess 50 years should’ve been long enough. The chapter also brings Islam into the argument, particularly the religious political parties. How they changed the economy isn’t clear, but I suspect that by having a multiparty state, the “old guard” loses power and becomes more receptive to new thinking.

One thing that isn’t discussed much in this book is the diaspora funding. How much of Turkey’s money comes from Turks living abroad, I have to wonder? There are sizeable Turkish communities in Germany and Australia; do they send money home? Prior to the 1980’s, did money sent home by Turks living abroad contribute to the economy? Bugra and Osman make it clear that foreign investment, heavy tourism, and bond sales would come around much later, so once again we see that funding was scarce in pre-1980’s Turkey. Also, there was a high level of socialism to the economy, similar to the John Maynard Keynes model. The country wasn’t exactly mineral-rich, so there wasn’t much to export, and they didn’t get into light manufacturing the way Japan did. Would that have strengthened their economy earlier?

I guess the main point of the book is that a government can’t prop up the economy forever, and at some point you need to get rid of the tariffs and make the business “leave the nest.” Britain did it in the 80’s, and so did Israel, South Korea, and many other small nations. From reading this book, I think Turkey made a great decision not to go on the Euro. It would’ve left the economy worse than that of Greece. Now that the Eurozone is a shambles, maybe Turkey’s currency will rise in value? I wonder.

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