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The Future of Success, by Robert B. Reich
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From Robert B. Reich-political economist, distinguished public servant, and author of The Work of Nations, Locked in the Cabinet, and other acclaimed and best-selling books-a brilliant analysis of the new economy and how it is affecting our lives, for better and for worse.
The dizzying exuberance of the Internet-driven marketplace offers unprecedented opportunities and an ever-expanding choice of deals, products, investments, and jobs-ranging from the merely attractive to the nearly irresistible-for the people with the right talents and skills. The technology that is the motor of this transformation relentlessly sharpens competition. When consumers can shift allegiance with the click of a mouse, sellers must make constant improvements by cutting costs, adding value, and creating new products. This is a boon to us as consumers, but it's wreaking havoc in the rest of our lives.
Reich demonstrates that the faster the economy changes-with new innovations and opportunities engendering faster switches by customers and inves-tors in response-the harder it is for people to be confident of what they will be earning next year or even next month, what they will be doing, where they will be doing it. In short, those fabulous new deals of the fabulous new economy carry a steep price: more frenzied lives, less security, more economic and social stratification, the loss of time and energy for family, friendship, community, and self.
With the clarity and insight that are his hallmarks, and using examples from everyday life, Reich delineates what success is coming to mean in our time-the pitfalls and downturns hidden in the apparent advantages and advances-and suggests how we might create a more balanced society and more satisfying lives. The trends he discusses are powerful indeed, but they are not irreversible, or at least not unalterable.
The Future of Success is a stunning, timely book, certain to galvanize the nation's attention and transform the way we look at our future.
- Sales Rank: #2065916 in Books
- Published on: 2001-01-09
- Released on: 2001-01-09
- Original language: English
- Number of items: 1
- Dimensions: 1.11" h x 6.53" w x 9.54" l,
- Binding: Hardcover
- 304 pages
From Publishers Weekly
From his dual perspective as former Clinton administration secretary of labor and academic social scientist, Reich (bestselling author of Locked in the Cabinet) offers a knowledgeable overview of the pros and cons of today's economy for the average worker. New ways of doing business spurred by digital technology, he states, have led to "eye-popping deals and bargains, opportunities never dreamed ofAexactly what you want, from anywhere, at the best price and value" for consumers. At the same time, the ease with which potential buyers can switch to any better new deal puts all producers under intense competitive pressure. Reich argues that the choice between innovation or death that producers now face has filtered down to workers in the form of reduced loyalty from employers and sharply curtailed retirement and fringe benefits. Those who suspect that they are working harder over longer hours will find confirmation here that they are in good company, as well as a keen analysis of the impact of our new working arrangements on marriages, children and how we enjoy our lives. Then Reich pops the $1 million question: Would we willingly accede to the new demands of the workplace if we fully appreciated the consequences for our family lives? Sensing a growing dissatisfaction across the nation, Reich offers tantalizing proposals for moderating the more disruptive influences that have arrived along with the blessings of the emerging economy. (Jan. 15) Forecast: Reich's personal, engaging approach to the hot button topic of worker burnout in the new economy, combined with his high visibility in the traditional media, should raise the profile of this title, which has an announced 100,000-copy first printing, as well as a simultaneous audiobook release from Random.
Copyright 2000 Reed Business Information, Inc.
From Library Journal
The former secretary of labor, author of best sellers like The Work of Nations, analyzes the benefits and stresses of the new Internet-driven economy.
Copyright 2000 Reed Business Information, Inc.
From Booklist
The erstwhile secretary of labor says he loved that job like no other he ever had. He spent long hours at it--so long that his small son asked his father to wake him when he came home, even though the boy would be sleeping, because then he would know for sure that his father was around. Reich decided shortly after to resign and to make the ever longer hours Americans are working the stuff of a new book. The first section of his tripartite essay describes the radical deracination of work during the last three decades as standardization gave way to personalization because new technologies, crucially including the computer and its myriad applications, allow narrowly targeted marketing to thrive and prosper. The second homes in on the new ways of life and success under the constant-growth economy, which include working forever, selling yourself constantly, outsourcing the functions of the family, and regarding all social attachments (i.e., "communities") as just so many disposable or tradable goods. In the last section, consisting of two chapters on choice (choice is, by the way, supposed to justify the personalized economy that requires the additional working hours), Reich concludes that you can either be successful or have a life but, for the foreseeable future, not both. Despite the fact that most of what he says will strike many as dreadfully probable and some few as utterly ghastly, Reich is ebullient. Ray Olson
Copyright � American Library Association. All rights reserved
Most helpful customer reviews
89 of 91 people found the following review helpful.
The Paradox of Success
By Donald Mitchell
This book clearly deserves more than 5 stars. It is Professor Robert Reich's best book, and the first to go beyond Professor Peter Drucker's thinking about the future of "knowledge" work. It is well written, and designed to stir a debate and self-examination . . . rather than answer all of the questions in an opinionated way. Nicely done!
In sharing an epiphany that he had, Professor Reich describes the trap of success that he ran into as Secretary of Labor for President Clinton. "My problem was that I loved my job and couldn't get enough of it." Sounds okay so far, doesn't it? Well, read on. " . . . [A]ll other parts of my life shriveled into a dried raisin." He quit after calling to tell his children that he would not be home before bedtime for the sixth night in a row, and he son begged him to wake the son during the night simply for the comfort of knowing his father was in the house. As a result of having had that experience and happily changing his life balance, "I am writing here about making a living and making a life . . . [and it's] geting harder to do both."
The book is an excellent summation of the reasons why the most successful people typically work the longest hours and the most intensely. Trends suggest that this imbalance is likely to get worse.
Basically, the current economy puts a huge premium on finding new, creative solutions whether as a technologist, designer of new business models, new product conceptualizer, or marketer. Most people cannot synthesize all of those roles into one person -- the perfect entrepreneur. Those who can are even more valuable. The digital society vastly increases the rewards for these innovations by making them available to more people faster. Much of this new work is "creative" rather than "knowledge" work. I think that distinction is a useful one that should be retained in examining the subject.
Some of the consequences of this situation are that personal lives are disappearing under the waves of career. Loyalty to anything but the current assignment is modest. Family life is shriveling. Naturally, that may be what you want. Or is it?
The book culminates in suggesting that each person more consciously consider the personal choices of how to allocate time. In addition, there is a choice that society must make about how hard to pursue economic opportunity versus creating a more balanced connection among people. The ultimate strivers tend to hang out and live with each other, and have less and less contact with those who are not the top performers. It is a new form of elitism that can undermine many of our social mores. He suggests that we think about this choice in both economic and moral terms.
In both cases he finds, "It's a question of a balanced society."
My own experience is that it's good to step back from concentration, even if your goal is only to achieve economically. That seems to give your subconscious time to come up with better solutions.
I also suspect that many people end up overcommitted to work because they do not have the skill to insulate themselves from work. That isn't taught anywhere. You have to learn it on your own. Unfortunately, many people have to crash and burn first . . . sometimes taking their families with them. That's the hard way. I'm sure we can find easier ways. With people living longer, it's even less reasonable to expect that everyone will want to or be able to keep up these enormous paces for many years. The most intense field (like investment banking) have always been mostly handled by the young. But what do you do for an encore?
However you decide what balance should mean for you, I do hope you will consider the question. You and those you love will be much better served by your conscious decisions as a result.
May you enjoy a wonderful balance of health, happiness, peace, and prosperity!
61 of 62 people found the following review helpful.
Why work is getting harder, and life more lonely. . .
By ConsultantsMind
Reich (personal bio covered by other reviewers) covers
some of the mega-trends that are affecting our lives.
The book follows this train of thought, if only roughly.
1) Technology and globalization is breaking down barriers for competition. With so many suppliers, buyers have more choice. There are better deals everywhere and switching costs are going down. You can change (your house, job, lifestyle) easier than ever before.
- Every year 17% of American��s change residences, and 20% of them change jobs.
2) It is a buyers market and sellers are forced to innovate. Everything must be better, faster, and cheaper. The innovators are increasingly independent, and networked free agents (rather than a vertically-integrated conglomerate). These free agents seek market visibility by associating with large recognized brand portals: Disney, Dell, Harvard, and AOL.
- 90% of the 7,000 entertainment firms in Los Angeles have fewer than 10 employees.
3) Loyalty? Companies are constantly trying to cut costs and looking for cheaper suppliers (and employees). "The underlying cause isn��t a change in the American character. It is to be found in the increasing ease by which buyers and investors can get better deals, and the competitive pressure this imposes on all enterprises. As the pressure intensifies, institutional bonds are loosening.�� (page 71)
4) The nature of work has changed. There is more emphasis on the individual; they must provided for themselves, and constantly define their value. It is an opportunity, but also a great source of insecurity.
The gap in wealth is increasing.
- In the US, the top 1% of people hold 18% of the wealth.
- CEO pay (as a % of typical worker��s salary) has risen from 40x (1980) to 85x (1990) to 419x (2000)
5) Americans are working longer hours. The opportunity cost of not work is very high: people are compelled to work for that marginal income. The free agent culture: People take their work home with them
- Americans work 350 hours a year more than Japanese and Europeans
- 30% of families are supported by single parents
6) As free agents, we sell ourselves constantly. (Not just when applying for a job) ��Individuals now blaze their own career paths by making reputations in their fields, not in their organizations.�� (page 143)
7) Families are shrinking, as both women and men feel compelled to work more. Many of the functions for the family are being outsourced: meals, childcare, shopping.
- The percentage of unmarried people with no children is 32% (1998)
- In Massachusetts, more babies are born to women over thirty (than under thirty)
- Spending on take-out & restaurants exceeds the spending on groceries.
8) Although technology is making our lives easier, more efficient, we are very alone. As a result, we are paying for attention: spas, clubs, counseling, childcare, and brokerage. Companies are segmenting their markets by their customers�� ability to pay for service (or attention). Invariably, this trend will continue as more people work longer hours and spend less time at home and with their families.
9) Communities are becoming commodities. People are more mobile. We choose our location, neighbors and lifestyles. Friendships start and end easier. We choose the communities that offer the best return on investment: lifestyle, schools, and real estate value. Society is becoming more segregated as people bargain for something better; no one wants to subsidize anyone else.
10) Leadership is about attracting and keeping talent; governance is salesmanship (section title pg. 209).
Finally, Reich discusses the choices we must make in light of the world we live in. Overall, it is an insightful and organized view of the hectic life we live.
63 of 65 people found the following review helpful.
Excellent, comprehensive overview but...
By JackOfMostTrades
What Former Labor Secretary Reich does say, he says with insight and clarity: the transformation of society into one that is obsessively "bottom line" driven, whether it be a company seeking highest profitable returns or an on-line customer seeking the quickest delivery time for an item. However the result of this thinking, according to the author creates two major problems: it widens the income gap between economic classes and it makes "time is money" the paradigm of the new millenium--at the expense of personal and family relations, self-reflection and understanding, enjoyment of life outside of work. The well-off have access to service (massage, personal trainers, limousines,); as for the poor: let them do stretching exercises, jog, and take the bus. The author insists that as the more affluent become more insular, they do not intentionally separate themselves from the needy or disadvantaged; it's just that they follow the dictates of common sense that says why not get the best bang for the buck (for example, not caring or acting on the fact that low prices of computers is at least due in part to woefully low wages among foreign workers who produce the chips). We need to reassess our values, according to Reich, and ask ourselves whether indeed do we really want to live overworked if pampered lives with less and less time for those things which traditionally display our humanity. All in all, a very inclusive, incisive book with such disparate citations as Oscar Hammerstein and brain chemistry research to promote the thesis. Two small issues I have though: 1) I wonder if we really aren't so aware of the injustices around us and simply have a "that's life" attitude; and 2) I believe the author might have included a bit more regarding the role of the media in influencing opinion, especially given that other opinion forums are not much examined or respected. Nevertheless, anyone who is concerned about the future of work, American culture, and "family values" should enjoy and receive insights from this book even if he or she doesn't totally agree with it.
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