BOOK REVIEW
POST CORONA : FROM CRISIS TO OPPORTUNITY
AUTHOR SCOTT GALLOWAY @ PROFGALLOWAY PROFESSOR OF MARKETING AT NYU STERN · FOUNDER OF L2 INC , RED ENVELOPE , AND PROPHET
PUBLISHER : 2020 PENGUIN RANDOM HOUSE
REVIEWED BY John J . Wernert , MD , MHA
I
enjoyed the two previous books written by Professor Scott Galloway – a feisty author and Professor of Marketing at the Stern School of Business at New York University . His two previous efforts - The Four and Algebra of Happiness – are deep dives of the global social impact of the “ Big Four ” tech brands , Apple , Facebook , Amazon and Google . He convincingly argues that these companies and brands have forever disrupted our lives in so many ways and are exploiting our economy and our personal information .
In his newest book Post Corona , Galloway provides his perspective of the impact of the COVID-19 crisis and our opportunities for the future . Galloway leads his discussion with some essential observations . His first point is that the pandemic ’ s most enduring impact will be as an accelerant of social change . Second , he notes that in any crisis is opportunity for the future . Patriotism used to mean sacrifice – now it means stimulus . One example is the financial markets , making bold bets about the post-corona environment . Though their price to earnings ratios would define them as very risky investments , we have seen huge gains in a small number of big tech companies . These tech high-flyers have valuations based on estimates of cash flows 10 years from now . That ’ s how Tesla ( producing 400,000 cars annually ) has market value that exceeds Toyota , Volkswagen , Daimler and Honda combined ( producing 26,000,000 cars annually ).
Galloway argues that companies have been skeptical of work from home cultures . Ideas need to “ flint and fight ” with one another and that best happens in person . However , statistics are telling .
Productivity is way up for people working from home . Also , 60 % of jobs paying over $ 100k can be done from home , compared to only 10 % of those that pay less than $ 40k a year . So , in Post Corona world , the benefits of increased flexibility will flow to the already well-off .
As a marketing professor and brand expert , Galloway sees that brands will be even more important in the future . In the workplace , he observes , “ If you spend a lot of your time at dinners with people who aren ’ t your family , you are selling a mediocre brand !” In other words , you are selling something inferior . In the past , we used to trade our time and attention watching ads to get free TV ( value ), where now we trade our privacy for the value ( looks , likes , swipes , screen time ).
The author then launches the next few chapters on his favorite axe to grind , now labeled the “ power of bigness .” Specifically bigger tech will bring on bigger problems post pandemic . The Big 5 ( Google , Amazon , Facebook , Apple and Microsoft ) make up 21 % of value of all publically traded U . S . companies . It is hard to push back on the Big 5 . Regulatory agencies and government oversight
18 LOUISVILLE MEDICINE