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• Case | HBS Case Collection | November 2003 (Revised September 2018)

  Ivar Kreuger and the Swedish Match Empire

  Geoffrey Jones and Ingrid Vargas

  Taught in Evolution of Global Business. Globalization and corporate fraud are the central themes of this case on the international growth of Swedish Match in the interwar years. Between 1913 and 1932, Ivar Kreuger, known as the "Swedish Match King," built a small, family-owned match business into a $600 million global match empire. Despite the economic and political disruptions of the interwar period, Swedish Match owned manufacturing operations in 36 countries, had monopolies in 16 countries, and controlled 40% of the world's match production. Kreuger companies lent over $300 million dollars to governments in Europe, Latin America, and Asia in exchange for national match monopolies. Relying on international capital markets to finance acquisitions and monopoly deals, by 1929 the stocks and bonds of Kreuger companies were the most widely held securities in the United States and the world. After Kreuger's 1932 suicide, forensic auditors discovered that Kreuger had operated a giant pyramid scheme. His accounts were ridden with fictitious assets, the truth hidden in a maze of over 400 subsidiary companies. Swedish Match's deficits exceeded Sweden's national debt.

  Keywords: History; International Finance; Globalized Firms and Management; Crime and Corruption; Ethics; Monopoly; Business and Government Relations; Sweden;

  Citation:

  Jones, Geoffrey, and Ingrid Vargas. "Ivar Kreuger and the Swedish Match Empire." Harvard Business School Case 804-078, November 2003. (Revised September 2018.)  View Details

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• Working Paper | HBS Working Paper Series | 2018

  Sustainability and Green Business in Latin America During Globalization Waves

  Geoffrey Jones

  This working paper examines the impact of modern business enterprise on the natural environment of Latin America during the globalization waves between the 19th century and the present day. It argues that although global capitalism created much wealth for the region, this was at the cost of massive ecological destruction in Latin America. During the first global economy considerable wealth was created from the exploitation of natural resources for the land-owning elite in Latin America, at the cost of large-scale ecological destruction. During the Great Reversal in the mid-20th century, public policies aimed at “catching up” resulted in the co-proliferation of hydro-electric schemes and resulting co-creation of ecological damage by firms and governments. In the new global economy since 1980, renewed economic growth and consumerism resulted in mountains of waste in increasingly polluted mega-cities. Biodiversity and the natural environment have been challenged across the subcontinent. However, there were interesting positives as these ecological horrors also created opportunities for a surprising cohort of green businesses across sectors ranging from beauty and health to ecotourism. In the 21st century, both business and governments in the region needed to address sustainability issues far more seriously, before a point of no return was reached.

  Keywords: Globalization; Natural Environment; Outcome or Result; Business History; Pollution and Pollutants; Environmental Sustainability; Green Technology Industry; Beauty and Cosmetics Industry; Tourism Industry; Latin America;

  Citation:

  Jones, Geoffrey. "Sustainability and Green Business in Latin America During Globalization Waves." Harvard Business School Working Paper, No. 19-009, August 2018.  View Details

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• Teaching Plan | HBS Case Collection | July 2018

  Joan Bavaria and Multi-Dimensional Capitalism

  Geoffrey Jones and Valeria Giacomin

  This Teaching Plan accompanies the case HBS No. 317-028, “Joan Bavaria and Multi-Dimensional Capitalism.” It provides guidelines for class discussion, as well as a board plan. The case traces the origins of sustainable finance and investor activism through the career of Joan Bavaria, who created Trillium Asset Management in 1981, and went on to found the Social Investment Forum and the Ceres Principles. Ceres launched the Global Reporting Initiative in 1997. The case enables a critical discussion of Socially Responsible Investment and certification for corporate social and environment responsibility.

  Keywords: Corporate Social Responsibility and Impact; Investment; Social Entrepreneurship; Personal Development and Career;

  Citation:

  Jones, Geoffrey, and Valeria Giacomin. "Joan Bavaria and Multi-Dimensional Capitalism." Harvard Business School Teaching Plan 319-008, July 2018.  View Details

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