The Man Who Broke Capitalism by Edith B. Gelles

How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy

An indictment of the shareholder-first revolution sparked by Jack Welch’s tenure at General Electric, it shows how relentless cost-cutting, mass layoffs, offshoring, and financial engineering became the corporate norm, hollowing out communities and long-term innovation. Following GE’s rise and unraveling, it traces the wider ripple effects across American business and the economy. It closes by outlining reforms and leadership models aimed at rebuilding a fairer, more sustainable form of capitalism.