FRANKFURT, GERMANY--(Marketwire - October 7, 2010) - A detailed account of how companies should respond to the Great Recession, written by two senior partners at The Boston Consulting Group, was a winner of the prestigious getAbstract International Book Award at the Frankfurt Book Fair yesterday.
Accelerating Out of the Great Recession, by David Rhodes and Daniel Stelter, combines comprehensive and big-picture analysis of the global economic meltdown with in-depth management advice on how to win in an era of greater competition. Published by McGraw-Hill in January 2010, the book is being translated into other languages, with a German-language edition published this week.
In its citation, getAbstract said that the BCG authors "go beyond just diagnosing economic problems." It added, "They supply concrete, evidence-based solutions for executives who are trying to generate profits in a rigorous fiscal environment."
Hans-Paul Bürkner, president and CEO of The Boston Consulting Group, said, "We are proud that David Rhodes and Daniel Stelter have been honored with this prestigious award. Their prescription for how companies can not only survive but also actually thrive in the wake of the worst economic downturn since the 1930s has generated significant interest among our clients, our alumni, and our broader business network."
He added, "In Accelerating Out of the Great Recession, we see how companies can draw specific lessons from the Great Depression, the 1970s period of 'stagflation,' and Japan's 'Lost Decade' and turn the Great Recession into a once-in-a-lifetime opportunity to change the pecking order of their industries and win competitive advantage. It is an inspiring message."
A Sign of Continuing Relevance
"Both David and I are honored to be recipients of this award," said Stelter at the awards ceremony in Frankfurt. "We consider it a sign of the continuing relevance of our message to companies today."
Although economists may have declared the Great Recession over, Stelter explained, the global economy still faces a situation of fragility and uncertainty. And the fundamental causes of the Great Recession -- excess debt along with trade imbalances between the developed and developing world -- have yet to be resolved. By way of example, Stelter pointed out that total U.S. debt as a percentage of GDP is actually higher today than it was before the financial crisis -- mainly due to the large increase in public debt as a result of the federal government's economic stimulus program.
"The new economic environment poses new challenges that the current generation of business executives have not seen in their lifetime," he noted. Among the challenges he enumerated were a prolonged period of below-average economic growth, the prospect of increased instability in prices (in the form of deflation or inflation or both), a shift in capital market dynamics away from stock price appreciation and toward direct payouts to investors in the form of dividends, and increased government intervention in the economy.
The most successful companies will be those that learn not only how to protect themselves from these trends but also how to exploit them to create new forms of competitive advantage. "Downturns are the time for adroit strategic moves," said Rhodes. "This was true during the depths of the Great Recession when we were writing our book. It remains true today."
For more information about Accelerating Out of the Great Recession or to arrange an interview with the authors, please contact Katarina Wenk-Bodenmiller at +1 212 255 8386 or Katarina@sommerfield.com.
About the Authors
David Rhodes is a senior partner at The Boston Consulting Group and global leader of the firm's Financial Institutions practice. Since joining BCG in 1985, he has worked primarily on projects involving major strategy and organizational change in large financial institutions, advising clients in Europe, Asia-Pacific, the Middle East, and the United States.
Daniel Stelter is a senior partner at The Boston Consulting Group and global leader of the firm's Corporate Development practice. He is also a member of BCG's executive committee. During his 20 years with BCG, he has participated in and directed many projects throughout Europe with a focus on corporate finance (including M&A, IPOs, due diligence, strategic alliances, and joint ventures) and strategy (including portfolio strategy and value management).
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 70 offices in 41 countries. For more information, please visit www.bcg.com.
About the getAbstract International Book Award
Founded in 1999, getAbstract is a Swiss company dedicated to providing executives worldwide with the best in business knowledge. The company delivers this knowledge in concise summaries, available in English, German, and Spanish, of some 10,000 non-fiction books each year.
Since 2001, the company has awarded the getAbstract International Book Award to those books that the company considers to have the greatest potential for impact on the global business agenda. Previous authors to win the award include NYU professor and former trader Nassim Nicholas Taleb, Yale economist Robert J. Shiller, Wired magazine editor-in-chief Chris Anderson, and the mathematician Benoit Mandelbrot.
To learn more about previous getAbstract International Book Award winners, visit www.getAbstract.com and click on the link "Book Award" at the bottom.
Contact Information:
Contact:
Katarina Wenk-Bodenmiller
Sommerfield Communications, Inc.
(212) 255-8386
Katarina@sommerfield.com