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The recent economic crisis was not just caused by a failure of regulation or economic policy; it was a story of the failure of management in a fundamental sense — a deeply flawed approach to management that encouraged bankers to pursue opportunities without regard for their long-term consequences, and to put their own interests ahead of those of their employers and their shareholders. And looking more widely, there is a creeping disenchantment with management as a profession: surveys show that managers generate less respect than lawyers and bankers in the eyes of the general public, and there are few if any positive role models for management.

Praise for Reinventing Management

“Reinventing Management is a must read for managers who want to build an organization that’s truly fit for the future.”
Gary Hamel, bestselling author of The Future of Management

“Change isn’t just for the rank-and-file anymore; it’s coming for you. Instant access to information and global resources have changed the world we live and work in. Julian Birkinshaw shows that 19th century industrial management won’t work in a 21st century fluid workplace. Read this, or prepare to be ‘game-changed’ by someone who has.”
Jack Hughes, CEO, TopCoder

“Technological and social changes are having an enormous impact on the world of business, and on the way companies are managed. In this book, Julian Birkinshaw provides a roadmap for making sense of how the world of management is changing, and he provides useful advice for companies who want to harness the potential that Web 2.0 has to offer.”
PV Kannan, CEO, 24/7 Customer

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The investment banking industry officially ceased to exist on September 21, 2008. That was the day the last two remaining investment banks, Goldman Sachs and Morgan Stanley, converted themselves into deposit-taking commercial banks. With Lehman Brothers filing for bankruptcy a week earlier, Merrill Lynch sold to Bank of America the same week, and Bear Stearns sold to JP Morgan back in March 2008, the independent broker-dealer investment bank was no more.

Many books and articles have now been written to explain the causes of the credit crisis of 2007–2008 and the broader upheaval in the financial services industry that followed. We know there was a failure of regulation, a failure of macro-economic policy, perhaps even a failure in the way our entire market system worked. And all institutions involved in the financial services sector — ratings agencies, regulators, central bankers, as well as law firms, accountants, and business schools — have taken their share of the blame. But what has attracted far less attention so far is that the demise of traditional investment banking was also a spectacular failure of management.

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