# Saving Capitalism from Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future - Hardcover

by **Alfred Rappaport** (Author), **John Bogle** (Author)

PRAISE FOR SAVING _CAPITALISM FROM SHORT TERMISM_

"As Rappaport keeps on speaking out for the realities surrounding investment and speculation, our society will profit as it builds on his keen insights."  
**\--from the Foreword by John C. Bogle, founder of the Vanguard Group**

"Al Rappaport brings insight and wisdom to the short-termism debate, fully demonstrating the way perverse incentives are undermining public companies and capital markets."  
**\--John Plender, _Financial Times_**

"In this rigorous, useful, and delightful book, Rappaport undresses short-term financial incentives for what they are: parasites that draw the value-creating innovation out of companies. And he shows how executives can align long-term value-creating investments with the right investors' expectations."  
**\--Clayton Christensen, Harvard Business School**

"How to make managers focus on the long-run is one of the most consequential and difficult questions in corporate governance and is the subject of much debate and disagreement. Professor Alfred Rappaport's insightful book is a valuable contribution to this important debate."  
**\--Lucian Bebchuk, Professor, Harvard Law School, and coauthor of _Pay Without Performance_**

"_Saving Capitalism from Short-Termism_ insightfully exposes the contradictions by which we incentivize money managers to require short-term focus by company managers. Again and again in rereading this book, I am struck with the author's felicitous style in raising subject after subject in which I have long been interested--but, until this read, have not been able to resolve. Buy it, read it, and enjoy."  
**\--Robert A.G. Monks, founder ISS (Institutional Shareholder Services), Lens Governance Advisors, and The Corporate Library**

"Capitalism fails when corporate managers and professional investors prefer their own interests to those the true owners of businesses. In _Saving Capitalism from Short-Termism_, Al Rappaport shows how new incentives schemes can deliver shareholder value for the 21st century."  
**\--Edward Chancellor, author of _Devil Take the Hindmost: A History of Financial Speculation_ and member of GMO's Asset Allocation team**

**About the Book**

Business leaders today obsess over quarterly earnings and the current stock price--and for good reason. Corporate incentives typically focus on short-term profits rather than long-term value creation. Nothing is more harmful to businesses--and to the broader economy.

Few business thinkers in recent decades have contributed more to this subject than Alfred Rappaport. As an author and educator, Rappaport is a pioneer in developing the principles of values-based management and is an acknowledged authority on how to make long-term shareholder value the essential driver of corporate strategy. His latest work, _Saving Capitalism from Short-Termism_, is a clarion call for conquering the addiction to short-term profit--and getting on the path to building long-term value.

Rappaport's solution to short-termism is simple but profound: business leaders must align the interests of corporate and investment managers with those of their shareholders and beneficiaries. His plan includes:

-   Gaining the commitment of senior management and the board to long-term value creation as their governing objective
-   Incentives that reward CEOs, operating-unit managers, and front-line employees for delivering superior long-term value
-   A major overhaul of corporate financial reporting that provides more relevant and transparent information to investors and other financial statement users
-   Performance fees that align the interests of investment managers and shareholders
-   Actively managed funds with concentrated holdings and long investment horizons that tilt the odds in favor of better long-term shareholder returns

If corporate and investment leaders do not address the problem of short-termism, more financial crises may be in store--and they are likely to be more severe and broader than the meltdown in 2008.

The trade-off is clear: We can continue to pursue short-term profit at the expense of economic vitality, individual financial security, and perhaps even the dominance of the free-market system itself. Or we can take the responsible path outlined in this book and generate innovation, quality, growth, and value over the long term.

### Author Biography

**Alfred Rappaport** is the Leonard Spacek Professor Emeritus at Northwestern University's J. L. Kellogg Graduate School of Management. He is the author of the business classic _Creating Shareholder Value_ and coauthor with Michael Mauboussin of Expectations Investing. Rappaport has been a guest columnist for _The Wall Street Journal_, _The New York Times_, _Fortune_, and _BusinessWeek_. He created the _Wall Street Journal Shareholder Scoreboard_, an annual ranking by total shareholder returns of the 1,000 most valuable U.S. corporations, published annually from 1995 to 2008.

**Number of Pages:** 256

**Dimensions:** 1.1 x 9.1 x 5.9 IN

**Illustrated:** Yes

**Publication Date:** August 11, 2011

## Details

- **Price:** 36.0 USD
- **Vendor:** Books by splitShops
- **Type:** Books
- **Tags:** Books by splitShops, Shopify Collective

## Variants

| Variant | Price | Available |
|---------|-------|-----------|
| Default Title | 36.00 USD | In stock |

## Images

- Saving Capitalism from Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future - Hardcover
- Saving Capitalism from Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future - Hardcover

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