Ricardo Semler

to its no lay-offs promise. This promise is only made possible through the past organizational culture practices that resulted in strong sustainability, especially, financially. • Southwest CEO Gary Kelly, noted that they are always building a “supportive, active and fun” culture. The importance of this culture is evident in the creation of its Local Culture Committees and a Corporate Culture Committee .The success of this culture is evident since Southwest has received the least customer complaints since 1987. In 2005, the Department of Transportation's "Air Travel Consumer Report." ranked Southwest first in customer satisfaction. In 1982, Ricardo Semler, age 24, took over Semler and Co from his father, the founder of the company. At 20 years old, Ricardo graduated as one of the youngest MBA graduate from Harvard. Ricardo literally revolutionalized the company through his strategy: The Semco Era. He believes that; • he needs to minimize hierarchy and bureaucracy. He started his first day as Chief Executive Officer by firing almost 75 percent of the corporate staff. • he believes that the best way of re-investment of profits is sharing it with employees to ensure their satisfaction with work and self. A democraticly elected committee was set up to foresee this. One quarter of each department’s net profits were shared. • he believes everyone desires excellence in life and this is only possible if they are happy with their life in all aspects, especially work…

Developed in the late 18th century, classical economics contains the idea of economists who hold various theories regarding how society works under the backgrounds of emerging capitalism. Though with occasional theoretical variations, each classical economist shared similar thoughts and advanced these hypotheses of former writers. Discussed by the most influential classical economists Adam Smith and David Ricardo, one specific distinctive of classical economics is its theory of wages in which…

Karl Marx is one figure held central to economic theory and practise, born in 1818, his two most popular books, The Communist Manifesto and Das Kapital. (The History Guide. 2008) Marxism more recently is the term attributed to Karl Marx, it can be visually observed to compose the substratum of communism. David Ricardo another central figure in economic theory, born much before Marx in 1772, he was an adherent of Adam Smith’s work, his key theory, the labour theory of value developed in the 19th…

The poster child of Latin American countries, when it comes to the Millennium Development Goals, Chile, which seemed to have surpassed all eight goals before the goals were popular in 2000. Chile looks great on paper and excels in many areas like the global partnership, eradicating poverty, and gender equality. A brief look at Chile’s rich history paints a picture like a roller coaster full of ups and downs economically, socially and institutionally. This article will look to examine each of the…

Since the beginning of the Industrial Revolution in England, many historians and economists, such as David Ricardo, Thomas Malthus, Karl Marx and other contemporary thinkers tried to figure out how to improve living standards of the working poor in a capitalist Industrial system. Though there are some disagreements about the effects of Industrialization on living conditions, it is safe to say that the industrial revolution was made possible through the sacrifice, dehumanization and sufferings of…

Though the ideas of Smith and Marx are often seen as polar opposites, many similarities can be found in the basis of their respective theories. Adam Smith believed that the value of any good or commodity was best measured in labor. “If among a nation of hunters, for example, it usually costs twice the labour to kill a beaver which it does to kill a deer, one beaver should naturally exchange for or be worth two deer” (SMITH, 41). Smith continues by noting that it is natural for a…