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Dynasties: Fortunes and Misfortunes of the World's Great Family Businesses
A lively survey of the families at the head of major companies from the past two centuries focuses on three areas, including banking, automobiles, and raw materials, in a historical account that includes coverage of the Ford, Guggenheim, and Rockefeller dynasties.
384 pages, Hardcover
First published December 1, 2006
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600 people want to read
About the author
David S. Landes
25 books101 followersDavid S. Landes was a professor emeritus of economics at Harvard University and retired professor of history at George Washington University. He is the author of Revolution in Time, The Unbound Prometheus, The Wealth and Poverty of Nations, and Dynasties. Such works have received both praise for detailed retelling of economic history, as well as scorn on charges of blatant Eurocentrism, a charge he embraces explicitly, arguing that an explanation for an economic miracle that happened originally only in Europe must of necessity be a Eurocentric analysis.
Landes earned a Ph.D. from Harvard University in 1953 and an A.B. from City College of New York in 1942.
-Wikipedia
Landes earned a Ph.D. from Harvard University in 1953 and an A.B. from City College of New York in 1942.
-Wikipedia
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Displaying 1 - 27 of 27 reviews
March 9, 2014
Meh. The good thing about the book is that the author has nailed a poolside reading reading style, so I was able to read it quickly - I wouldn't have finished it otherwise. I don't feel I learned much more than I would have from Wikipedia, maybe a few more anecdotes from family memoirs. But it saved me from having to read the Wikipedia version. If you're really interested in this topic, this book would drive you nuts, because every time he gets to substance he glosses over. Read the works cited instead. Flaws: Although this is what makes it so readable, it's written like college lectures by a long-standing professor who is used to having all hang on every word. Many gratuitous historical and cultural observations, just tossed in with no cite or support. Sometimes confusing, as he skips around in the generations and you're not always sure whom he's talking about. Also, he doesn't always explain the point he is trying to make, and relies on lingo instead of explanation. Personal stylistic peeve for writing - strings of questions, fine in a lecture setting. Also, the edition I read had several typos and grammatical errors. Bottom line: Don't bother unless your level of desire is to know the Wikipedia version plus some anecdotes and you are looking for a non-demanding read that is not a romance or mystery novel.
February 5, 2019
This was a frustrating book.
The author has exceptional knowledge, and appears to have the ability to make well-reasoned arguments supported by robust analysis. Further, he writes reasonably well and is writing about what should be an interesting subject. However, the book itself is not insightful, informative or engaging.
I think I would have enjoyed the book if there had been a clearer focus on either the pros and cons of the family business structure compared to a corporate/managerial structure, or on the development of the various industries profiled in the book with analysis of the role of family firms in their development.
The book provides limited analysis about these issues. Rather, the bulk of the content involves a series of case studies of particular families. These case studies seek to cover long timespans (ie. in some cases several hundreds of years) in 30 pages or less, and include personal "colour" and anecdote with commercial descriptions. The result are a series of potted histories that can be difficult to follow and which provide limited insight about how the family business structure affected outcomes, or the implications for family business structures into the future.
I gave up reading the book before the end which is rare for me.
The author has exceptional knowledge, and appears to have the ability to make well-reasoned arguments supported by robust analysis. Further, he writes reasonably well and is writing about what should be an interesting subject. However, the book itself is not insightful, informative or engaging.
I think I would have enjoyed the book if there had been a clearer focus on either the pros and cons of the family business structure compared to a corporate/managerial structure, or on the development of the various industries profiled in the book with analysis of the role of family firms in their development.
The book provides limited analysis about these issues. Rather, the bulk of the content involves a series of case studies of particular families. These case studies seek to cover long timespans (ie. in some cases several hundreds of years) in 30 pages or less, and include personal "colour" and anecdote with commercial descriptions. The result are a series of potted histories that can be difficult to follow and which provide limited insight about how the family business structure affected outcomes, or the implications for family business structures into the future.
I gave up reading the book before the end which is rare for me.
May 17, 2013
I was very unimpressed with this book for a lot of different reasons. I guess much effort was put in the research to complete this novel, too bad the same amount of effort wasn't put into the delivery. I cannot be sure about the books faults in this department though, since I didnt read it in its original language. The Swedish translation was horrible.
The book was written in a way that sometimes confuses the reader and it skips back and forth in time in a way that makes you unsure exactly where you are in the history of each of the ”dynasties”. Furthermore it seems that the writer has trouble keeping his own opinions at bay and in almost every chapter there is some kind of smug remark that seems to have little, or no, substance to it.
To be honest i was expecting quite a lot, and the book just didn't live up to that.
The book was written in a way that sometimes confuses the reader and it skips back and forth in time in a way that makes you unsure exactly where you are in the history of each of the ”dynasties”. Furthermore it seems that the writer has trouble keeping his own opinions at bay and in almost every chapter there is some kind of smug remark that seems to have little, or no, substance to it.
To be honest i was expecting quite a lot, and the book just didn't live up to that.
May 28, 2017
The story of dynasties interests me highly, and the book is very informative, picking a dozen of family-owned business around three themes (banking, automobile, natural resources).
If i only gave this book 2 stars, it is not to deny its qualities : it is entertaining and full of anecdotes.
But i somehow felt the families were dealt with too quickly, and not evenly: the banking families are much more well-studied than the other ones. And with some other families, very little is said of the other generations (the rockefellers for example). Also, concerning the banking families, the author avoid the technical parts - he throws some big words but without explaining what they mean, and i had to do my own research.
And the final conclusions were rather too evident.
It is a light reading, entertaining, but not quite fulfilling.
If i only gave this book 2 stars, it is not to deny its qualities : it is entertaining and full of anecdotes.
But i somehow felt the families were dealt with too quickly, and not evenly: the banking families are much more well-studied than the other ones. And with some other families, very little is said of the other generations (the rockefellers for example). Also, concerning the banking families, the author avoid the technical parts - he throws some big words but without explaining what they mean, and i had to do my own research.
And the final conclusions were rather too evident.
It is a light reading, entertaining, but not quite fulfilling.
September 15, 2013
Considering the author and his towering reputation, I was shocked on finding this a very poor book. The writing is often superficial, the tone hovering between sophomoric and condescending, and exhibiting the arks of a hastily put together book. Simply don't understand how the author's achievements and historical strengths are absent from this book. While the subject is interesting, almost no effort is expended aside from a few thin sentences on how, for example, the Rothschilds made their fortune; i.e. what financial mechanisms did they use that escaped their competitors. Rather one treated to more detail on familial relationships that often become quite tedious. What a disappointment.
March 22, 2025
I was very disappointed in this book - it was just trite and mediocre - I thought it would have something new or interesting to say about family run, as against, corporate businesses - but honestly there was nothing - you might as well read a good well written history of the robber barons and the gilded age and wallow in the fun of such gross extravagance and people you can piously condemn - this book is neither fish nor fowl - just a waste of time.
August 27, 2025
BANKING
The Barings: The Rise of Modern Banking
The Rothschilds: Persistence, Tenacity, and Continuity
The Morgans: From Family Dynasty to the Partnership of Strangers
AUTOMOBILES
Ford: Wheels for Everyone
The Agnellis and Fiat: The Latin Pattern
Peugeot, Renault, and Citroën: French Car Dynasties
Toyoda: Toyota and the Rise of Automobiles in Japan
TREASURES OF THE EARTH
The Rockefellers: Luck, Virtue, and Piety
The Guggenheims: Treasures of Earth and Sky
The Schlumberger Saga: Brains, Luck, and Good Timing
The Wendel: Nobility and Industry
In some ways, all dynasties are alike. They are structures of blood relationship, often reinforced by marriage ties and adoption. The essence of the relationship lies in the nature of paternal governance: father, later grandfather, rests his authority on age, love, the habit of accepted power, the advantage of experience, the legal possession and control of assets. In dynasties that work well, these considerations make for a system of reciprocal trust, duty, habit, and affection transcending legal and even personal obligations, surpassing time and cultural environment, and surmounting generations. As we have seen, however, such systems don't always work well, and can run into emotional difficulties. These emotional clashes seem to be almost unavoidable, gaining force from both success and failure (ya can't win and can't afford to lose!), and it is the family's ability to deal with such clashes within the structure of the business that helps determine their success.
The Barings: The Rise of Modern Banking
The Rothschilds: Persistence, Tenacity, and Continuity
The Morgans: From Family Dynasty to the Partnership of Strangers
AUTOMOBILES
Ford: Wheels for Everyone
The Agnellis and Fiat: The Latin Pattern
Peugeot, Renault, and Citroën: French Car Dynasties
Toyoda: Toyota and the Rise of Automobiles in Japan
TREASURES OF THE EARTH
The Rockefellers: Luck, Virtue, and Piety
The Guggenheims: Treasures of Earth and Sky
The Schlumberger Saga: Brains, Luck, and Good Timing
The Wendel: Nobility and Industry
In some ways, all dynasties are alike. They are structures of blood relationship, often reinforced by marriage ties and adoption. The essence of the relationship lies in the nature of paternal governance: father, later grandfather, rests his authority on age, love, the habit of accepted power, the advantage of experience, the legal possession and control of assets. In dynasties that work well, these considerations make for a system of reciprocal trust, duty, habit, and affection transcending legal and even personal obligations, surpassing time and cultural environment, and surmounting generations. As we have seen, however, such systems don't always work well, and can run into emotional difficulties. These emotional clashes seem to be almost unavoidable, gaining force from both success and failure (ya can't win and can't afford to lose!), and it is the family's ability to deal with such clashes within the structure of the business that helps determine their success.
May 22, 2019
difficult not to be intrigued by the stories of great business families such as the Rothschilds, Morgans, Rockefellers, Toyodas and Agnellis. They have helped to shape the world as we know it, enjoyed wealth beyond imagination and often lived highly colourful lives, whether by virtue of extraordinary frugality (JD Rockefeller) or flamboyant luxury (Gianni Agnelli).
David Landes defines dynasties as three successive generations of family control. But in his 13 case studies, there are rather different typologies, from continuing family control of the private banking firm for more than 250 years in the case of the Rothschilds, to the many threads of business that comprise such histories as Peugeot, to those families such as the Rockefellers who long ago relinquished control of Standard Oil and its successor companies, and used their huge wealth in the pursuit of philanthropy, politics and the arts.
David Landes defines dynasties as three successive generations of family control. But in his 13 case studies, there are rather different typologies, from continuing family control of the private banking firm for more than 250 years in the case of the Rothschilds, to the many threads of business that comprise such histories as Peugeot, to those families such as the Rockefellers who long ago relinquished control of Standard Oil and its successor companies, and used their huge wealth in the pursuit of philanthropy, politics and the arts.
July 11, 2024
This could have been special, given the knowledge and intrigue with the numerous dynasty families, but it isn't. I was hoping it was a more condensed version of Fortune's Children, which is excellent. It isn't. While each chapter highlights a family, the stuff within the chapters remains schizophrenic and disjointed. It is more a history than telling an interesting story. There is little commentary on why one family succeeds and another doesn't - other than later generation's unwillingness to work. And while that is a noteworthy takeaway, it could have been done so much better.
I think Landes would call his chapters case studies, but that is overly generous. I was hoping this was a condensed version of a family history, in the mold of Paul Johnson. It isn't. It is just bad and not an enjoyable read. And because of how Landes skips around, it isn't easily skimmable either.
I think Landes would call his chapters case studies, but that is overly generous. I was hoping this was a condensed version of a family history, in the mold of Paul Johnson. It isn't. It is just bad and not an enjoyable read. And because of how Landes skips around, it isn't easily skimmable either.
December 26, 2021
A fascinating little book that is a lot of fun to read but has serious points to make about the business and economics. Landes clearly knows his subjects well - and what a fascinating source of anecdote they are. If you are looking for a deep dive into one of these companies this is not the book for you but if you are looking for an introduction into this subject and it fits into the woder study of business this is a great place to start.
August 9, 2024
The book offers a captivating exploration of iconic family empires, illuminating their paths to success and the pitfalls of power. While the book excels at chronicling the management history and impact of external forces on these dynasties, it leaves room for deeper exploration of family dynamics and succession planning. Nonetheless, it remains a valuable read for those interested in the intersection of business, history, and family legacy, reminding us that even the most powerful empires are built on a foundation of human ambition and frailty.
November 29, 2025
This book is outdated now, but the historical aspect doesn’t change. It’s a good introduction to some of the most famous dynasties, how they came to be, if they stayed “in the family” (and what that actually meant to each family) and where they were as of the writing of the book. It’s succinct and pretty well done.
February 13, 2020
A nice book to read about families and their effect and legacy in business with entertaining reviews of some of the lost influential families, their origin stories and how they progressed through the generations.
July 28, 2020
It took me so long to finish this book but gave me a framework for maintaining my family's dynasty.
September 13, 2020
Great book about family dynasties. I learned a lot about the various families from now to the 17th century.
January 20, 2021
Really enjoyed reading this book.
July 23, 2021
meh. too much skimming. it's like a bunch of blinkist essays on the subjects. none of the subjects are presented with depth. lightweight pop lit.
September 3, 2022
Good book- quick history of some of the most well known family companies of the past century. One-third of Fortune 500 companies today are family owned. Recommended!
October 27, 2024
Some interesting anecdotes and crazy characters, but dragged on and was ultimately a long slog to get through. Reads like a much older book than 2006.
February 23, 2008
This is a neat history book about family dynasties that have dictated the course of the world.
I have long been fascinated with the Rockefellers and Guggenheims, but I learned a lot from the chapters on automobile tycoons such as the flamboyant Agnellis (of Fiat), the Peugeot, and the bizarre Ford clan. (For instance, I knew patriarch Henry Ford was a rabid anti-semite; I did not know he went so far as to by his own printing press to publish a monthly newspaper denouncing Jews -- and this during the crucial World War II years).
The rich have habits and eccentricities the rest of us can learn from, as this book makes clear.
Familial dynasties intrinsically have their perks - and their terrible liabilities. (For instance, the necessities, for these old-timers, for sons to be born. Daughters had no place in the business world. And what if the much longed-for son had no head for business, as in the case of Henry Ford's son, Edsel.)
With its concentration on bankers (Rothschilds, Baring) automobile makers, and those who made their fortunes in natural, raw materials, (i.e., steel and oil), this is very interesting cross-section of stories.
I have long been fascinated with the Rockefellers and Guggenheims, but I learned a lot from the chapters on automobile tycoons such as the flamboyant Agnellis (of Fiat), the Peugeot, and the bizarre Ford clan. (For instance, I knew patriarch Henry Ford was a rabid anti-semite; I did not know he went so far as to by his own printing press to publish a monthly newspaper denouncing Jews -- and this during the crucial World War II years).
The rich have habits and eccentricities the rest of us can learn from, as this book makes clear.
Familial dynasties intrinsically have their perks - and their terrible liabilities. (For instance, the necessities, for these old-timers, for sons to be born. Daughters had no place in the business world. And what if the much longed-for son had no head for business, as in the case of Henry Ford's son, Edsel.)
With its concentration on bankers (Rothschilds, Baring) automobile makers, and those who made their fortunes in natural, raw materials, (i.e., steel and oil), this is very interesting cross-section of stories.
March 18, 2015
I had the happy accident this week of watching the movie "Sabrina", which illuminated Landes' book. As Harrison Ford and Greg Kinnear, the rich brothers, traded barbs about who worked too much and who worked not at all, "Dynasties" came to life.
Landes writes about famous-name family businesses (think Rothschilds, Fords, Guggenheims) and how they fare from generation to generation. Truthfully, much of the book was out of my depth as he talked about joint stock capitalization and Vichy France. But I got glimpses of personality here and there:
If Grandpa starts a bank, or invents a car, or strikes oil, who among his sons and grandsons will possess the talent AND the interest to keep the enterprise going? Just like in the movie, plenty of descendants would rather use all that wealth just for playing.
Would be a lovely temptation, no?
Landes writes about famous-name family businesses (think Rothschilds, Fords, Guggenheims) and how they fare from generation to generation. Truthfully, much of the book was out of my depth as he talked about joint stock capitalization and Vichy France. But I got glimpses of personality here and there:
If Grandpa starts a bank, or invents a car, or strikes oil, who among his sons and grandsons will possess the talent AND the interest to keep the enterprise going? Just like in the movie, plenty of descendants would rather use all that wealth just for playing.
Would be a lovely temptation, no?
October 5, 2013
Landes wrote a great book about family dynasties, it gave the reader a good view of how the family enterprise functioned and the contributions of an individual or a group of family members involved in the firm. The only drawback is that on some chapters the author dors not follow the 'timeline' and it can be quite a bother. However this book is great and I recommend it to all who are interested in the businesses/family firms in this book.
November 11, 2011
Lots of good things to learn. Alot of research went into this book. But the delivery was a bit boring.
He jumped back and forth a lot to make comparisons. I think if you read this book it is better to read the book than the audio version so you can keep track of the names.
If you are open minded and don't find history boring it is a good read but requires a good attention span.
He jumped back and forth a lot to make comparisons. I think if you read this book it is better to read the book than the audio version so you can keep track of the names.
If you are open minded and don't find history boring it is a good read but requires a good attention span.
October 2, 2013
Interesting to see how many famous families started and have continued their businesses over generations. The anecdotes can be a bit confusing at times as Landes skips around between characters. However, the main points of the book can be easily taken in and there are tons of lessons to learn from these famous businessmen that created and innovated industries.
July 19, 2014
Certainly has lots of cute anecdotes, but the style seems fragmented and the narrative disjoint. Some tidbits were jarring, placed in the text apparently to show off -- e.g. The aside where the author tells us that graduates of ENA are calked "enarques" in France. Really? We needed to know that? I guess we needed to know the author knows that.
November 4, 2016
A lot of entertaining stories about well-known family businesses which make it fun to read, but rather sloppy and shallow analysis. Clearly no truly original research was done and the families selected seemed to be for their star value as much as anything. More effort in the research of family firms could have yielded many more substantial examples of business building.
March 6, 2015
adequate. no new ground covered here. examples chosen are all the most obvious ones. no counterexamples are shown. some interesting trivia, but nothing worth the time it takes to read.
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