Tuesday, December 29, 2009

Best Business Books of 2009

2009 has been a year of extreme turbulence in business and the world at large! How have authors addressed this turbulence and its effects on business, individuals and families? In this post I have selected 3 books that might be worthy of your attention, 2 that are making many "best" lists and a surprise selection on maintaining sanity in the workaday world.

The Financial Times and Goldman Sachs (yes, of the bailed out Investment banks) every year make an award for Best Business Book. They announced their 2009 award of 30,000 pound sterling ($48,000 U.S) to Liaquat Ahamed for his Lords of Finance -- The Bankers Who Broke The World. Included here is a video from the Finacial Times of the award to Ahamed.




The New York Times, Time Magazine have acknowledged Lords of Finance as one of the Year's best. Ahamed's book represents an indepth look at the forces behind the Great Depression that swept the world in the 1930s and bankers and others responsible for market collapse. He looks at the role of central bankers, the Federal Reserve, and speculators in gold, the gold standard, the role of bankers in United Kingdom, Germany, France, and the United States, from bubble boom to economic and social collapse. Ahamed's is one view of the Great Depression 70 years after the fact. John Galbraith's The Great Crash, 1929 is closer in time and Galbraith became a significant actor in United States economics in the aftermath of the Great Depression. Ahamed and Galbraith's book are worth a look.

Barry Ritholtz' Bailout Nation -- How Greed and Easy Money Corrupted Wall Street and Shook the World Economy, names names, shows suitable outrage over outrageous extremes, and writes a well researched up-to-the minute book. He puts the current situation into an historical context giving a prior history of bailouts, the founding of the Federal Reserve, and generally makes a case for the emptiness of free markets ideology, noting that large corporate structures are not permitted to fail when perhaps they should fail. This has enboldened unhealthly risk taking and the "too big to fail" syndrome. Ritholz' provides a lively, intelligent account in his book where many books are deadly dull and unresponsive to diverse ideas outside scope of their thesis. Ritholtz gives you the information, lets you know what he thinks, but you can beg to differ. He is responsible for providing a real perspective on the guts of the economic crisis. You know where he stands. Rithotz also writes a very successful daily blog, The Big Picture, where follows up on themes in the book and his current thoughts on economic trends.

Both Ritholtz and Ahamed are finance professionals. Ahamed is a consultant to hedge funds, amongt other things and a former investment manager. Ritholtz heads his own firm as CEO and Director of Equity Research at Fusion IQ. Each of their books will provide "food for thought" and will do so 10 years from now. Interviews with Ahamed and Ritholtz may be found on YouTube.

The 3rd book I have selected might well be called Surviving the ongoing economic decline. And it is that, but what it's really about is presenting a clear eyed view of getting and maintaining a job and weathering all kinds of offenses along the way. It's a refreshing account about getting along in the working world. Title of the book is The Amazing Adventures of Working Girl -- Real Life Career Advice You Can Actually Use. It's by Karen Burns, who by her count had 59 jobs over 40 years in 22 cities and 4 countries. Only problem with the book is its title, The Amazing Adventures of Working Girl, which is a euphemism for a prostitute. That's not Burns' intent here though she is aware of the implications of the term. Burns has learned from her experiences and wants to share what she has found out. Turn to any page and you will find revelation, revealed in concise often funny descriptions. And she hits the mark every time in every chapter. Burns claims she was only fired once of all the 59 jobs. Today she has a very active blog, and has career counseling columns at US News & World Report. She even has her gift shop and tips on marketing yourself. Burns also has an active Twitter account and a presence of Facebook.

While Karen Burns' book is The Amazing Adventures of Working Girl, any gender will benefit from it. She covers the territory, job search, interview, pay checks that bounce, what to wear, developing confidence, negotiating for raises, job changing to job hopping. There are hundreds of jobs books published every year, giving the same advice over and over. They are replaceable parts. Burns book is a keeper and so too is her blog. Check it out.

In fact you can check all these books out at the Berkshire Athenaeum or at your library.