New Books in Business, Management, and Marketing

Of what use is history, particularly for economists and people in finance? If you’ve ever wondered about this, you should read Daniel Peris‘s book Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (McGraw-Hill Education, 2018). Before he became a portfolio manager, Peris was a professional historian. He was trained as such, wrote books about such, and taught such. In Getting Back to Business, he brings his background in this regard to a little considered question: Why, historically speaking, do we invest money the way we do? The “we” here is your financial advisor and, if you invest your own money, you. And you use something called “Modern Portfolio Theory” or MPT. That theory—like any theory—has a history. It was created by particular people in a particular historical context for a specific historical purpose. It was a tool fit for that specific historical purpose. Peris masterfully traces how it was invented, disseminated, and eventually reached (pardon the expression) “market saturation” among financial advisors. It’s a fascinating story, really an intellectual-institutional history of modern investment thought.

But Getting Back to Business more than an academic exercise because Peris is no longer an academic; he manages 20 billion dollars. And his historical exploration has led him to the conclusion that the tool we call “MPT” is no longer fit for purpose. It used to work, but times have changed (partly because of the widespread adoption of MPT itself) and it no longer does, at least in its standard form. Peris has some suggestions about how we might design a new tool, one better fit to modern conditions.

This books is a rare beast: applied, relevant, meaningful, news-you-can-use history. Were that there were more books like it.

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As Reader in Industrial Management in the Adam Smith Business School at the University of Glasgow, Rob Dekkers is well positioned to survey the currents of the vibrant systems tradition in the United Kingdom. In his book, Applied Systems Theory, out in its second edition from Springer in 2017, Dekkers...

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How can we learn from large system failures? In their new book Meltdown: Why Our Systems Fail and What We Can Do About It (Penguin Press, 2018), Chris Clearfield and András Tilcsik explore system failures and what we can learn from them. The book takes readers through a diverse set of experiences and accidents that may not appear on the surface to be related, but that all have similar problems and potential solutions. From DC Metro Train accidents to Three Mile Island, Clearfield and Tilcsik provide background and analysis on each issue, stringing together recurring issues within systems failures. Highlighting the works of Sociologists and other researchers and journalists throughout the text, this book is engaging and connects real world examples to real, usable tips for preventing system failures.

This book will be of interest to a wide audience, including sociologists, business leaders, and anyone interested in changing organizations for the better. This book would be accessible for an undergraduate class in sociology or business and would be an interesting addition to a graduate course where the studies highlighted in the book could be linked and discussed.

Sarah E. Patterson is a postdoc at the University of Western Ontario. You can tweet her at @spattersearch.

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American healthcare is in crisis. It doesn’t have to be. Dr. Toby Cosgrove‘s The Cleveland Clinic Way: Lessons in Excellence from One of the World’s Leading Health Care Organizations (McGraw-Hill Education, 2014) is a blueprint for fixing what’s wrong with healthcare―and is a must-read for every leader seeking to transform his or her organization.

There’s a revolution going on right now. On the frontiers of medicine, some doctors have developed an approach for treating people that is more effective, more humane, and more affordable. It’s an approach to healthcare that has captured the attention of the media and business elite–and the President of the United States.

It’s all happening at Cleveland Clinic, one of the most innovative, forward-looking medical institutions in the nation.

In this groundbreaking book, the man who leads this global organization, Cosgrove reveals how the Clinic works so well and argues persuasively for why it should be the model for the nation. He details how Cleveland Clinic focuses on the eight key trends that are shaping the future of medicine. Readers will learn:

• Why group practices provide not only better–but cheaper–care

• Why collaborative medicine is more effective

• How big data can be harnessed to improve the quality of care and lower costs

• How cooperative practices can be the wellspring of innovation

• Why empathy is crucial to better patient outcomes

• Why wellness of both mind and body depends on healthcare, not sickcare

• How care is best provided in different settings for greater comfort and value

• How tailor-made care treats a person instead of a disease

At its core is Cleveland Clinic’s emphasis on patient care and patient experience.

A refreshingly positive and practical vision of healthcare, The Cleveland Clinic Way is essential reading for healthcare and business executives, medical professionals, industry analysts, and policymakers. It gives leaders lessons they can apply to their own organizations to achieve results and empowers average Americans to make more informed healthcare decisions.

Jeremy Corr is the co-host of the hit Fixing Healthcare podcast along with industry thought leader Dr. Robert Pearl. A University of Iowa history alumnus, Jeremy is curious and passionate about all things healthcare, which means he’s always up for a good discussion! Reach him at [email protected].

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In this highly engaging, thoroughly persuasive book, Dr. Halee Fischer-Wright presents a unique prescription for fixing America’s health care woes, based on her thirty years of experience as a physician and industry leader. The problem, Fischer-Wright asserts, is that we have lost our focus on strengthening the one thing that has always been at the heart of effective health care: namely, strong relationships between patients and physicians, informed by smart science and enabled by good business, that create the trust necessary to achieve the outcomes we all want. Drawing from personal stories and examples from popular culture, supported by scientific studies and rock-solid logic, Back to Balance: The Art, Science, and Business of Medicine (Disruption Books, 2017) shows how the business and science of medicine are combining to strangle the creative, compassionate, human side of medicine—what Dr. Fischer-Wright calls the “art of medicine.” She then details the three questions necessary to guide us toward true solutions and the five paradigm shifts crucial to bring the art, science, and business of medicine back to balance. . . before it’s too late. Irreverent and funny, steeped in storytelling but allergic to policy-speak, this is a wholly new brand of health care book—one that makes common sense transformational and that will appeal to anyone who has experienced the tribulations and indignities of American health care.

Jeremy Corr is the co-host of the hit Fixing Healthcare podcast along with industry thought leader Dr. Robert Pearl. A University of Iowa history alumnus, Jeremy is curious and passionate about all things healthcare, which means he’s always up for a good discussion! Reach him at [email protected].

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In From Head Shops to Whole Foods: The Rise and Fall of Activist Entrepreneurs (Columbia University Press, 2017), historian Joshua Clark Davis offers an unconventional history of the 1960s and 1970s by uncovering the work of activist entrepreneurs. These activists offered alternatives to conventional profit-driven corporate business models by opening up their own small businesses. It’s a fascinating account that challenges the mistaken idea that activism and political dissent are inherently antithetical to participation in the marketplace.

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In his new book The Age of Sharing (Polity Press, 2016), the sociologist and media scholar Nicholas A. John documents the history and current meanings of the word sharing, which he argues, is a central keyword of contemporary media discourse. John interrogates the rhetorical work that sharing does as a practice, a form of communication and a business model. He argues that in the last decade, sharing has come to dominate the way we think about our online activities, and indeed, the way we live. He demonstrates, how the therapeutic culture that defined the twentieth century, now shapes how we perceive and discuss our personal and economic interactions both online and offline. Moreover, it was the therapeutic discourse that informed and energized the shift from sharing as a distributive practice of material objects to the ethos of sharing as caring. John combines a close analysis of social media sites such as Facebook and businesses such Airbnb with a linguistic analysis of the genealogy of the concept of sharing, the unknown history of Alcoholics Anonymous, and the subculture of hackers to explain the ascent of sharing as a daily practice and coveted social currency. Nicholas A. John is Assistant Professor in the Department of Communication and Journalism at the Hebrew University of Jerusalem.

Tal Zalmanovich is a historian of modern Britain and media. She’s currently researching the Anti-Apartheid Movement in Britain, and the impact its activists had on domestic politics in Britain. Prior to being an academic, Tal was a journalist. Podcasting is the fruitful convergence of the two. You can contact Tal at [email protected].

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One of the most commonly used words right now in education is “innovation.” It seems to be part of any response to our collective anxiety over the fact that the way we educate children does not seem to have changed as quickly as the ways we access information, communicate with each other, or travel from place to place. Of course, before innovation was an education buzzword, it was a buzzword in Silicon Valley. It is easy to list examples of companies that are innovative — Google, Apple, Uber, etc. — but it is much harder to define. This leaves us to wonder, is innovation in schools just integrating more apps and touchscreens? If not, what is it? And if we want innovation in schools, how do we get there? In The Innovator’s Mindset: Empower Learning, Unleash Talent, and Lead a Culture of Creativity (Dave Burgess Consulting, 2015), George Couros, provides a framework evaluating whether school practices are truly innovative as well as a guide for leaders interested in fostering changes in their schools that are both original and positive.

Couros joins New Books in Education for the interview. To share your thoughts on the podcast, you can connect with him on Twitter at @gcouros.

Trevor Mattea is an educational consultant and speaker. His areas of expertise include deeper learning, parent involvement, project-based learning, and technology integration. He can be reached by email at [email protected] or on Twitter at @tsmattea.

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Video games have become an important cultural and economic force in our media environment. In his new book, The Video Game Business (British Film Institute, 2014), scholar Randy Nichols provides an overview of the increasingly diverse global market for video games. Nichols locates the origins of the video game industry back to the dawn of the computer age in the 1960s. He then explores the emergence of an industry around video games, noting the interdependence of hardware and software across a number of key “epochs”: from consoles to computer gaming to the explosion of mobile gaming. Throughout the book, Nichols explores key moments of transition in video games by providing institutional profiles of key industrial players in the industry. His critical analysis of power in the video game industry also explores the role of labor and audiences.

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Lee Drutman is the author of The Business of America is Lobbying: How Corporations Became Politicized and Politics Became More Corporate (Oxford UP 2015). Drutman is a senior fellow at New America.

How do corporations seek influence in Washington? And should we be worried? Drutman’s book moves beyond simple notions of how money and politics intertwine with nuanced writing and a bundle of new data analysis. He finds that corporate interest in politics has grown enormously since the 1970s, and now represents the vast majority of lobbying in Washington. But rather than simply placing money into a political “vending machine”, Drutman shows a much more complex and muddled political process. Corporations win as often as they lose, and the growth in lobbying has to be understood in more sophisticated than simple “pay-to-play” descriptions. Drutman is worried, but not for the exact reasons you might expect, and he ends his book with ambitious proposals to reform lobbying and national policy making.

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