This story is exceptionally well told in the book Breakthroughs! by P. Ranganath Nayak and John M. Ketteringham (one of the best casebooks written on innovators who defied the odds), which describes Smith’s culture of mutual commitment as the true breakthrough.

The Corporation in the 21st Century- John Kay

PART 1: The Background

1: Love the Product, Hate the Producer

“Some of these billionaire executives are no superstars: individuals such as Philip Green, who extracted nine-figure sums from retailer BHS before selling the company to multiple bankrupt Dominic Chappell for £1, Mike Ashley, the domineering boss of the retailer Sports Direct, and Eddie Lampert, who inflicted similar destruction on Sears, for a century America’s leading store chain. The lifestyle of these executives contrasts with the fate of their businesses. The 90-metre yachts of Green and Lampert make good newspaper pictures. Green’s is moored in the harbour of the tax haven of Monaco, where he is resident, while Lampert’s is named Fountainhead, after Ayn Rand’s turgid paean to individualism.

Appendix

“But I also have to give some credit to a class called Organizational Behavior—mostly because they made us read The One Minute Manager by Ken Blanchard and by Spencer Johnson.

Micheal Jackson’s Creative Problem Solving (John Wiley, 1991) is probably the one read if you really fancy having a go at applying management cybernetics to a real-world consulting assignment, although many friends swear by The Fractal Organization by Patrick Hoverstadt (John Wiley, 2011). Of course, Eden Medina’s Cybernetic Revolutionaries (MIT Press, 2011) is the definitive account of what really happened in Chile.

If you’re only familiar with the modern form of capitalism and management, it’s very worth reading As I See It (Prentice-Hall, 1976), the autobiography of J. Paul Getty, to see that things really did used to be different.