Masters of Management

October 15, 2011
A welcome update of a business classic. In 1996, Wooldridge (God Is Back: How the Global Revival of Faith is Changing the World, 2010, etc.) co-authored The Witch Doctors, a brilliant analysis of the cult and culture of business management. The various global meltdowns of the 21st-century have necessitated a wholly updated edition, and this revised incarnation should overtake its predecessor as the most bracing and relevant discussion of the world created by MBAs. Today, the author is largely concerned with the ways in which a group of management mavericks—trained at some of the world's most elite institution—have been given free reign to shape the economy. While Wooldridge concedes the many positive contributions management "gurus" have had on American enterprise, he is ultimately damning. He calls the industry to task for its lack of intellectual rigor; love of novelty for novelty's sake; propensity to obfuscate through meaningless neologisms; and refusal to acknowledge criticism. In sharp, direct prose, he looks at examples in which entire industries have been reshaped—often with catastrophic results—by this coterie's theoretical whims. In an increasingly volatile world in which the public demands more for less and resources that were once plentiful have become more and more scarce, CEOs and politicians have made themselves easy targets for millionaire prophets promising salvation. Simultaneously smart, insightful, terrifying and humorous.

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Starred review from October 15, 2011

Wooldridge and John Micklethwait's 1996 history of management theory, The Witch Doctors, became a best seller lauded for its open-eyed analysis of prevailing methodology. Wooldridge (management editor, the Economist) has completely revised and updated the book to include events from the dot-com bubble of the late 1990s to the current recession. The core of the book is a solid examination of the effects of entrepreneurship, globalization, and the free-agency economy on corporate governance. Wooldridge offers a balanced look at how business schools have spawned a guru industry that offers a gamut of theories on learning, innovation, and strategy. Peter Drucker, Tom Peters, and the "Journo-Gurus" (Thomas Friedman, Malcolm Gladwell, and Chris Anderson) receive focused attention as the main influences in contemporary theory. VERDICT This is one of the best overviews of management theory in the 20th century. It is written in a clear and accessible style that will appeal to both MBA students and the general reader. Highly recommended.--John Rodzvilla, Emerson Coll., Boston

Copyright 2011 Library Journal, LLC Used with permission.

November 1, 2011
The coauthor of The Witch Doctors (1996) expands and revises that book, defining management theory as the study of business. These three principles remain unchanged: Management gurus are the power behind the throne as they continue to shape the thinking of the global elite; management is an immature industry, prone to fads; the good that management produces outweighs the negative. The management industry includes notable gurus (the late Peter Drucker, Tom Peters, etc.), business schools, management consultancies, and much of the business press. Its reach is global, it has generated enormous financial success, and it directly or indirectly affects all of us as it reinvents companies, careers, even government entities. Wooldridge confirms the importance of management theory today as executives face rising Internet challenges, emerging markets, and increasing social entrepreneurshipthat is, the harnessing of business techniques to solve social problems. This excellent book encourages thoughtful analysis of the growing management revolution; the combining of knowledge, learning, and innovation; the real meaning of globalization; and boardroom implications.(Reprinted with permission of Booklist, copyright 2011, American Library Association.)