Patchy...could have been so much better
I bought David Landes' "Dynasties" expecting alot more than I finally got from reading what might best be described as potted histories of some of the most illustrious business families in the world. With the exception of Toyota, the others were not surprisingly either American or European. The highlights and most memorable stories were about the rise (and fall ?) of the business empires of Rothschild (merchant banking), Ford (automobile), Toyota (automobile) and Rockefeller (resources). The others were either too cursorily handled or laden with anecdotally tantalizing bits that otherwise lacked substance or more weighty research that may reasonably be expected of a book such as this. Inevitably, most of these stories would start promisingly but start to diffuse midway before sliding all too quickly to their unsatisfactory end.
In writing these chapters, Landes seem to think that the genesis of these business empires is all that would intrigue us readers. Why do I believe that ? Because more often than not in these stories, he would race through the last 50 years suggesting that this must be the most ordinary of times when nothing could be further from the truth. Surely, the dynamics and changes in global business trends in the past two decades must make this among the most tumultuous of times and how these empires have coped or not coped with these external forces surely deserve more page space than they are given. For this reason, the stories feel incomplete, which is a shame because "Dynasties" could have been a far better book than what we've got.
Powerful, successful family businesses that grew into dynasties
You know the names: Rothschild, Rockefeller, Ford, Toyota, Guggenheim. Yet, economists rarely analyze the impact of family enterprises. Bestselling author and scholar David S. Landes corrects this imbalance with his study of 11 enduring, influential dynasties. He defines a dynasty as a successful business held within one family's control for at least three generations. Family companies, even immense ones, often follow a predictable pattern: First, an ambitious, clever, hard-working patriarch, and, perhaps, his children, found a big, profitable business. Then, the following generations spend the accumulated wealth instead of adding to it. Yet, there are fascinating anomalies within this model - from amazing philanthropy to bad apples. The dramas behind family ties that unravel (or knit more strongly) in the face of big money make each chapter read like an absorbing novel. Sometimes Landes' attempt to track every branch of a family tree can leave the reader out on a limb, yet getAbstract warmly recommends this entertaining work to anyone with an interest in history, economics or family dynamics.
I, on the Other Hand, Liked it
Contrary to the other reviewers, I thought this was a worthwhile and interesting read. The subject matter is compelling given that, as Landes points out, many of the great companies of the world start out as family run and were handed down within the family for at least two more generations.
Landes rather convincingly shows that while long term adaptation requires shifting to professional management, the family-run model holds unique advantages that explains the critical early success of the enterprise. Loyalty, passion for the business, esprit de corps, willingness to re-invest in the business, and long-term thinking are all characteristics of the family-run business. Professional management tend to think in more short-sighted ways and the shift from the family as well as the alientation brought on by the big money paid professional managers can seriously erode morale.
All of which raises the issue of why we tolerate the compensation structures of professional managers. It would seem preferable to restructure financial incentives to reward long-term thinking. Perhaps we should think about lower salaries that don't completely alienate the rest of the workforce as well as stock options or deferred compensation tied to long-term corporate performance.
Landes is thoughtful and entertaining and has wonderful anecdotes. The portrayals of Henry Ford, J.P. Morgan, and John D. Rockefeller are all very striking and amusing.
I recommend it.
Uhhh, Ohhhh, Ehhhh, In a word? Disappointing!!!
David Landes has written one - not only in my opinion, I believe - of the "must read" book of all times: ''The wealth and poverty of Nations'' . Based on this, You can tell the amount of expectation on every single line he writes, and "Dynasties" unfortunately does not help at all. The book is too long, too superficial, and some times it was really hard to keep on reading. If you are looking for something to chat on cocktails and/or with your colleagues at the cafeteria - there are some interesting stuf in here. In the other hand, if you are looking for some analysis on the familiar enterprises and their evolution (organizational, structural, etc.) - search somewhere else.
Struggled to get through!
I had a hard time finishing this book. I kept thinking the book would get more interesting but nothing kept my attention. Part two on automobiles was probably the most interesting part but I still nearly put the book away to read others. I was not impressed with the author's style of writing. He seems to have a fascination with one or two words sentences which became very annoying. I would not recommend this book.
(6 reviews)