Book Review: Accelerating Out of the Great Recession
I must confess that dry economic topics make me switch off from a conversation. Yet, with China recently devaluing its economy, I inferred that this was the right time to read a book on economics. While the title ‘Accelerating Out of the Recession’ did not really catch my interest, it was the subtitle: ‘How to Win in a Slow Growth Economy’ which made a significant difference. Anchored firmly with exceptional research and outstanding advice, this book explains the magnitude and enduring nature of changes which have taken place in the global economy.
In a tone that provides both education and entertainment, the book is enhanced with engaging examples which are narrated in an appealing manner. Their research packages business and historical lessons from The Great Depression and how to apply them during the current Recession. It shows executives how to learn from the decisive actions taken by companies such as General Electric, IBM, P&G in order to accelerate out of past downturns. It also urges leaders to take the fight directly to their competitors by diversifying and expanding at a time when the markets are significantly affected by the economic turbulence. The book also spells out a vision which can help in shaking off conventional wisdom in order to protect and grow a company’s market share by developing a new managerial mindset for tough times.
In a concise manner, it is indeed commendable that the tone of the book is not dry. With occasional redundant examples, the writers seem to express their support for conservative fiscal politics. The writers highlight the shortfalls and downsides of administrative interventions championed by the Democrats in the United States and offer minimal criticism of deregulatory policies pursued by the Republicans. Despite trying to sound politically neutral, it is easy to infer that the political shades are present in undertones given that there is not much written about the role of Republicans in the securities crises, multi-level ponzi schemes and the mortgage market meltdown, three reasons which led to the economic meltdown in 2008.
This book, despite being placed in the economics section under the larger umbrella of non-fiction, is an enriching read. The authors diagnose economic problems by providing firm evidence based solutions for executives who are trying to generate profits in a rigorous fiscal environment. I would strongly recommend this book to anyone with an interest in economics. Corporate leaders, strategists and managers who wish to provide an impetus to their sales and generate a wave of excitement in a period of slow business growth will also benefit from reading this book.