Super hubs: How the financial elite and their networks run the world
Super-hubs: How the financial elite and their networks rule the world (English title Super-hubs: The Financial Networks that Rule the World ) is an economic non-fiction book by the financial market expert , management consultant , lawyer and publicist Sandra Navidi . She wrote the book in English and subsequently translated it into German. The German version was published on January 18, 2016 by FinanzBuch Verlag (Münchner Verlagsgruppe). The original English version of the book has been translated into Korean , Japanese , Chinese , Portuguese, and Ukrainian .
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After a foreword by Nouriel Roubini , Sandra Navidi explains the international financial world through the people at its head with the help of network theory over 12 chapters .
The first chapter provides a look behind the scenes at the World Economic Forum in Davos and introduces the key figures in the financial system and their networks. It sheds light on their power, their interdependencies with industry and politics, and their potentially negative effects on society. This is followed in the next chapter by an analysis of the financial system with the help of network theory. It explains the principles that make a few top managers the best networked people in the world, the super hubs. Their status, access and social capital give them a central network position (examples: George Soros , Anthony Scaramucci ).
The third chapter deals with the things that such super hubs exchange with one another, such as capital, information and social capital . These “network currencies” open up valuable business opportunities for them (examples: Larry Fink , Nouriel Roubini). Chapter 4 sheds light on the often extremely pronounced character traits, personal peculiarities, characteristics and abilities that one must possess in order to become a super hub (examples: Steve Schwarzman , Jamie Dimon , Bill Gross , Ray Dalio ).
Then the driving force behind the uniformity of the elite is addressed: homophilia, i.e. the preference to surround oneself with similar people and the "rich-get-rich-richer" phenomenon after those who already have the most and having the best relationships automatically attract a disproportionately large number of people. Globalization , technologization and financialization have created a homogeneous elitist microcosm. (Examples: Paul Tudor Jones, various.) Chapter 6 deals with the work of networking. It explains the theory of why “network” is synonymous with “network value” and how super hubs use relationship capital in order to achieve the highest possible return on relationships (examples: Klaus Schwab , Steve Schwarzman).
The following chapter reports on the exclusive meeting places of the global super-elite, where they exchange information and do business. The reader receives personal insights into the World Economic Forum in Davos, the meetings of the International Monetary Fund , other exclusive conferences and meeting places (examples: George Soros, various). Chapter eight looks at the personal sacrifices that being a super-hub requires. Super-hubs are married to their job, so that private life and, above all, family are often neglected. Constant availability, long distance travel and an exceptionally competitive work environment cause great stress, burn-outs and illness (examples: Charles Dallara , Josef Ackermann , Lloyd Blankfein , Jamie Dimon, Bob Diamond , Paul Calello , Pierre Wauthier , Vikram Pandit ).
Chapter nine explains the reasons for the lack of women at the forefront of finance. Among numerous other factors, one of the main reasons for this is the lack of involvement of women in influential networks. The dynamic of social homophilia creates a homogeneous male working environment. The following chapter is devoted to the close links between the financial sector and politics and the resulting dangers for society. The revolving door, lobbying, and election donations create a tight web of relationships with which the super hubs influence the system to their advantage (examples: Bill and Hillary Clinton , Robert Rubin , Tony Blair ).
Chapter eleven examines the resilience of the elite networks and comes to the conclusion that rarely anyone falls through the mesh. Super hubs are only dropped in exceptional cases, e.g. B. if they seriously violate ethical, social or legal norms (examples: Richard Fuld , Larry Summers , Michael Milken , Dominique Strauss-Kahn , Buddy Fletcher , Ellen Pao , Michael Klein / Citigroup ). The final chapter analyzes the stability of the financial system due to the connections between the people at the top. The risk analysis of personal networks is difficult because of the limited measurability and predictability of human relationships. But even the homogeneity of the decision-makers represents a stability risk. The super-hubs have a special responsibility to give the system greater stability through a cultural change in the sense of sustainable values and diversity (example: John Meriwether ).
Prizes and awards
- Bloomberg's Best Books of the Year, 2016
- Silver Medal at the Axiom Business Book Awards in the Business Commentary category, 2018
Web links
- Interview on Focus online : Networks - bank advisor warns: "Humanity would fall back into the Stone Age." , from January 22, 2016,
Individual evidence
- ↑ Süddeutsche Zeitung: Let's talk about money with Sandra Navidi: "Money is a benchmark for the ego from February 4, 2016, accessed on February 5, 2016
- ↑ Tagesanzeiger: These networks represent a kind of supergovernment from January 20, 2016, accessed on February 5, 2016
- ↑ bloomberg.com: The Best Books of 2016, December 8, 2016, accessed June 5, 2018
- ↑ axiomawards.com: Axiom Business Books Awards 2018 Results of 2018, accessed June 5, 2018