appearing in Chrysler commercials and in an episode of
; even achildren’s play was written about his amazing story.
Americans not only know who Lee Iacocca is; they also know why he is sofamous. He is, as the dust jacket reminds us, “a self-made man . . . [who]saved the Chrysler Corporation from financial ruin [and] masterminded thecreation of the minivan.” Iacocca is renowned because, when America wasdown, he was a business leader who exemplified the best of the Americandream and personified all the archetypes of the automotive industry captainsof old. Iacocca seemed to combine Henry Ford’s vision, Billy Durant’s “streetsmarts,” Alfred Sloan’s marketing genius, and Walter Chrysler’s flair. He became, in many ways, the last great automotive entrepreneur—a businessleader for the ages.I examine two issues concerning our understanding of Iacocca and hisrole in saving Chrysler. First, exactly how did Iacocca “save” Chrysler giventhe broader implications of what the bailout meant to Iacocca himself, thecompany, and the American automotive industry?
Second, what wasIacocca’s role in the Chrysler bailout within the broader automotiveentrepreneurial community? Where does Iacocca fit within the historio-graphical and biographical sweep of the auto industry? Does he deserve aplace alongside Ford, Sloan, Durant, or Chrysler? I examine whether Iacoccafundamentally changed how automotive management operated in Detroit, or whether his actions in saving Chrysler remain an isolated, unique case withinauto business history.
Michael D. Fox, “Lee Iacocca: The Man, the Myth, the Corporation: Iacocca’sDevelopment as an American Western Mythical Hero and the Exploitation of thisCondition in Chrysler Television Commercials, 1981-85” (M.A. thesis, MiamiUniversity, 1988); James V. Catano, “Entrepreneurial Masculinity: Re-tooling theSelf-Made Man,”
Journal of American & Comparative Cultures
23 (Summer 2000):1-9; Albert Lewis Linel and Darlene E. R. Resling,
Lee Iacocca: A Play
(Baltimore,Md., 1997); Jim Siress, “Lessons from the Great Leaders from Hannibal to Iacocca”(Shawnee Mission, Kansas, 1987).
For contemporary views on the Chrysler bailout, see Robert Reich and John D.Donahue,
New Deals: The Chrysler Revival and the American System
(New York,1986); Reginald Stuart,
Bailout: America’s Billion Dollar Gamble on the ‘New’Chrysler Corporation
(South Bend, Ind., 1980); Michael Moritz and Barrett Seaman,
Going for Broke: Lee Iacocca’s Battle to Save Chrysler
(New York, 1983); SteveJefferys,
Management and Managed: Fifty Years of Crisis at Chrysler
In exploring Iacocca, his role in the bailout and its wider meaning, I situate theproject on which I based this paper within three streams of vibrant automotivehistoriography. First, I build on our understanding of the Chrysler Corporation by sharpening the focus on the bailout. Works such as Charles K. Hyde’s
Riding theRoller Coaster: A History of the Chrysler Corporation
(Detroit, 2003) have by necessity only briefly examined this issue. Second, I attempt to distinguish theChrysler episode in automotive business-government relations by providing acontrasting approach to that of works such as Stan Luger’s
Corporate Power, American Democracy, and the Automobile Industry
(New York, 2000). Finally, I
Dimitry Anastakis//Lee Iacocca Saves Chrysler, 1978-19862