The Financialization of America
In 1981, Jack Welch was appointed CEO of General Electric. In just five years, Welch laid off more than 100,000 workers, according to Business Insider. Before Welch’s appointment, GE developed light bulbs, jet engines and power systems; however, within a few years of Welch’s position, many of these projects were outsourced or ended. Despite this, Welch led the company to become the most valuable corporation in the world by 1997. He turned layoffs into a sign of strong leadership and spread this strategy to each subsequent acquisition.