Wisdom from the Robber Barons: Enduring Business Lessons from Rockefeller, Morgan, and the First Industrialists

Rating:
Summary: A Slender Volume of Abundant Value
Review: I really enjoyed reading this book, especially because there are so many quotations included which I had not encountered previously. Smith and Dalzell identify "enduring lessons from Rockefeller, Morgan, and [others among] the first industrialists." The term "Robber Barons" suggests criminal monarchs. No doubt it has some direct relevance to those discussed, at least at some point in their respective business careers. The material is organized as follows: an excellent Introduction ("Why Robber Barons Matter") followed by four chapters (Venturing, Competing, Managing, and Leading). Then there is a handy section called "Chronology: Business and World Events, 1870-1929,'" followed by recommendations for "Further Reading."

Why do the Robber Barons matter? "During the golden age of industry, running from the midnineteenth century through 1930 or so, the Robber Barons commercialized risky high technologies and figured out how to build radically new organizations from the bottom up. They identified the great entrepreneurial and management issues of the world's first big corporations, and they devised surprisingly durable solutions to the basic business problems of modern civilization." Here are a few of the quotations which caught my eye:

"There could be no progress until enough people could be made dissatisfied -- and this could be done only when they were brought to think beyond the limits to which they were accustomed." (Thomas Edison)

"If you have an idea, that is good. If you also have ideas as to how to work it out, that is better." (Henry Ford)

"Every executive has to recognize sooner or later that he himself cannot do everything that needs to be done. Until he recognizes this, he is only an individual, with an individual's power, but after he recognizes it, he becomes, for the first time, an executive, with control of multiple powers." (Alfred Sloan)

The authors have done an excellent job of selecting and distributing quotations such as these throughout the text. They include their own insightful comments, correlating them with key points previously introduced in their Introduction. Is there a great deal that is "new" in this slender volume? No. Is there much of value to be learned or have reaffirmed? You bet.