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In the 4th episode of 10 Minutes with Dr. Deming, Tripp Babbitt provides a follow up on Wells Fargo. He starts with his frustration after listening to the CEO’s testimony to congress, and again hearing about the need for more regulation, and even talk about breaking up the bank.
The remainder of the episode is devoted to Dr. Deming’s thoughts on monopolies. He speaks of two worlds, one where the aim is to stay in business for the long term, be a part of a bigger system and provide maximum benefit to everyone and a second world where the aim is only for short term profit.
Hear Dr. Deming talk about monopolies, and how a monopoly has the best chance to be of maximum service to the world and has a heavy obligation to do so. He cites the contribution of the Bell Telephone Laboratories. But as he says it’s not enough to be a monopoly, you must have an aim and be managed as a system to be beneficial. Here he cites the big three automotive companies in the 60’s and the Public Schools System to see where monopolies have fallen short due to short term thinking. Instead of regulation maybe it’s time for education!
The W. Edwards Deming Institute
10 minutes with Dr. Deming
Business | Business Administration, Management, and Operations | Management Sciences and Quantitative Methods
Babbitt, Tripp, "10 Minutes with Dr. Deming - Are Big Banks Bad?" (2016). The W. Edwards Deming Institute Podcast. 39.