In 1996, having completed a two-year research study, longtime Economist journalists and editors John Micklethwait and Adrian Wooldridge published The Witch Doctors, an explosive critique of management theory and its legions of evangelists and followers. The book became a bestseller, widely praised by reviewers and devoured by readers confused by the buzzwords and concepts the management “industry” creates. At the time, ideas about “reengineering,” “the search for excellence,” “quality,” and “chaos” both energized and haunted the world of business, just as “the long tail,” “black swans,” “the tipping point,” “the war for talent,” and “corporate responsibility” do today.For decades, since the rise of MBA programs on campuses across the country, the field of management has operated in a dubious space. Many of its framers clamor for respect within the academy while making millions of dollars pedaling ideas, some brilliant and some nonsensical, in speeches, consulting arrangements, and books.Although The Witch Doctors was a damning critique (“a scalpel job,” according to the Wall Street Journal), it also argued that much of management theory is valuable—making companies more effi-cient and productive, improving organizational life for workers, and providing sound ways for companies to innovate while defending more entrenched plans. Building upon all that made the original such a phenomenal success, this fully revised and updated edition, Masters of Management, takes into account the rise of the Internet, the growing power of emerging markets, the Great Recession of 2008, and the more recent developments in management theory. The result is an indispensable volume for any manager.

"At last some common sense in the arena dominated by shark-swimming, chaos-seeking, megatrending, one-minute managing, highly effective people." -- New York Times Book Review "At last some common sense in the arena dominated by shark-swimming, chaos-seeking, megatrending, one-minute managing, highly effective people." -- Chicago Tribune "Brings clarity, humor, and historical perspective to a field that rewards gibberish, pomposity, and revolutionaries who want to throw away the pase (and the people that go with it)." -- Wall Street Journal "Micklethwait and Wooldridge have done the near impossible: written a book about management-management-that is lively, engrossing, skeptical, fair-minded, and steeped in a rich sense of history." -- Joseph Nocera "Read it before buying any other business book." -- Rosabeth Moss Kanter "A gem of debunking." -- The Times (London) "Simultaneously smart, insightful, terrifying and humorous... this revised incarnation should overtake its predecessor as the most bracing and relevant discussion of the world created by MBAs." -- Kirkus Reviews "This excellent book encourages thoughtful analysis of the growing management revolution; the combining of knowledge, learning, and innovation; the real meaning of globalization; and boardroom implications." -- Booklist "Without some failures, companies can't ride the crest of the next wave of innovation. If you don't seize opportunity, someone else will...Wooldridge uses the stories of small and large companies to drive home his "how to make it work" advice." -- Biz Books "Skillfully written and sprinkled with interesting observations." -- Wall Street Journal