After 300 years of breathtaking innovation, people aren’t massively unemployed or indentured by machines. But to suggest how this could change, some economists have pointed to the defunct career of the second-most-important species in U.S. economic history: the horse. For many centuries, people created technologies that made the horse more productive and more valuable—like plows […]
Nick Leiber
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Why Big Food Is Feasting on ‘Natural’ Startups
Fortune writer Beth Kowitt reports on the packaged-food industry’s response to an existential crisis: Shoppers are seeking alternatives they deem healthier and more authentic than legacy brands. In addition to selling fruit and veggie drinks, Bolthouse grows and packages fresh carrots—an old-fashioned, weather-sensitive farming business that Morrison suspected would be a turnoff for any packaged-goods […]
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A Business Journalism Classic: Inside the Multibillion-Dollar Takeover Battle for RJR Nabisco
Everyone in the room knew about leveraged buyouts, often called LBOs. In an LBO, a small group of senior executives, usually working with a Wall Street partner, proposes to buy its company from public shareholders, using massive amounts of borrowed money. Critics of this procedure called it stealing the company from its owners and fretted […]
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Trouble in the Bloomberg Solar System
The Bloomberg was often seen inside the company it built as a sort of heavenly body. Dan Doctoroff likened it to the sun, a “life-giving force” that sustains its orbiting planets of business and media ventures. The CEO kept a model of the solar system near his desk, with a tiny replica of The Bloomberg […]
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How the World’s Biggest Food Chain Got Its Start
Subway debuted as Pete’s Super Submarines in Bridgeport, Conn., in the summer of 1965, when a Brooklyn-born 17-year-old named Fred DeLuca borrowed $1,000 from a family friend, a doctor named Peter Buck. DeLuca, an aspiring doctor who is now worth $2.6 billion, hoped slinging sandwiches would help him pay his way through medical school. The duo […]
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Inside the Secretive Industry That Makes Junk Food Addictive
The companies that make up the flavor industry — including international manufacturers such as Givaudan, Firmenich and Sensient — are not household names. But they make their money by selling flavors to big food companies such as Kellogg, Kraft and Nestlé. Last year, Switzerland-based Givaudan reported 4.4 billion Swiss francs (roughly $4.8 billion) in sales of flavor […]
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Why (and How) the U.S. Overthrew Iran’s Democratic Government
In 1953 the United States was still new to Iran. Many Iranians thought of Americans as friends, supporters of the fragile democracy they had spent half a century trying to build. It was Britain, not the United States, that they demonized as the colonialist oppressor that exploited them. Since the early years of the twentieth […]
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The Bestseller That Warned Us About California’s Water Problem
When most of us think of California’s irrigated acres, we visualize lush fields growing tomatoes, artichokes, strawberries, and grapes. But in California, the biggest user of underground water, more irrigation water is used for feed crops and pasture than for all these specialty crops combined. In fact, 42 percent of California’s irrigation goes to produce […]
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What It Was Like Working with the Junk Bond King
Mark Attanasio: The day started at 5, not 5:01. …You got in between 4:30 and 5 and got yourself situated. … Often clients would show up early to man up and show Mike, “Hey, I’m here, too.” G. Chris Andersen: We financed Ted Turner. We financed John Malone. Mark Attanasio: Within a year I was […]
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The U.S., China and the ‘Financial Balance of Terror’
This month, Britain, Germany, France, Italy, South Korea, and a handful of other U.S. allies announced plans to join the new China-led Asian Infrastructure Investment Bank, despite American pressure not to. The multilateral fund is essentially China’s answer to the World Bank and the Asian Development Bank, organizations where the U.S. has long had more influence than China. China has […]