The first edition of Managing Quality sold well and the second and third editions sold even more
copies which, according to the publisher, is unusual for a book of this type. The fourth edition
builds on the success of these previous editions.
In the book the term total quality management (TQM) is used to describe the process of transformation
by which all parts of the organization have a focus on quality with the ultimate objective
of customer satisfaction and delight.
The content of this book has become ever more relevant after the recent 2007–2009 and 2011 financial
crises, one consequence of which was greatly increased scepticism among investment professionals about
the received wisdom drawn from standard finance, modern portfolio theory and its later developments.
The greatest triumph of microfinance is the demonstration that poor households can be reliable
bank customers. The received wisdom at the start of the 1970s held that substantial subsidies
were required to run financial institutions serving poor households in low-income countries.
Government banks often shouldered the task of serving the poor, usually with a focus on
farmers. However, most state-run banks were driven by political imperatives, and so they
charged interest rates well below market rates and even then collected loan repayments only half-
We received more than 320 submissions and spent many hours culling those down to the ones featured in this report. Once again, we were amazed by the time and effort that marketers put into their submissions. And boy, did our readers cover the gamut of marketing: segmentation, blocked images, traditionnal DM and pay per click.
Business leaders can put aspiration into practice when they pursue their vocation, motivated
by much more than ﬁnancial success. When they integrate the gifts of the spiritual life, the virtues and
ethical social principles into their life and work, they may overcome the divided life, and receive the
grace to foster the integral development of all business stakeholders. The Church calls upon the business
leader to receive—humbly acknowledging what God has done for him or her —and to give—entering into
communion with others to make the world a better place.