When you hear the term horse race, you may think of a close competition between a political candidate or an organization’s leadership. But the word’s meaning has also extended to any contest with a clear winner and loser. In the business world, the classic succession “horse race” pits two or three senior executives in a competition for control of a company. While this method can be effective in some cases, it is important to consider the company’s culture and organizational structure before implementing an overt leadership contest.
In the wild, horses love to run fast. But winning a race is a human construct that forces them to sprint-often under the threat of whips and illegal electric-shocking devices-at speeds so high that they suffer injuries, often fatal ones like hemorrhages from their lungs.
Even so, the sport’s proponents defend it, saying that its billions in profits stimulate a multibillion-dollar equine economy from breeders to trainers to farmers who grow carrots and hay. Then there are the purses, which draw in investors with “both fists full of money,” according to Joe Faraldo, president of the Standardbred Owners Association of New York. These millions pay for a sport that, like every other gambling enterprise, is subject to enormous government subsidies.
One problem with the race system is that it can create a situation in which one senior executive takes all the resources and the limelight, leaving little room for other high performers to advance. To combat this, the industry pioneered a financial arrangement in which horses are now sold to an unlimited number of individual investors. This has increased the number of owners and expanded racing’s audience, which in turn has strengthened its political constituency.
Another problem with the race system is that it can discourage people from voting. A study of voter turnout found that, when the media features probabilistic forecasting (which shows how likely a candidate is to win), this increases voters’ cynicism and can lead them to believe that their vote is not going to make a difference. This is particularly true for young people who have limited experience with democratic processes and could develop deep mistrust toward political elites that will persist throughout their lives.
Some critics of horse race reporting suggest that news outlets refocus their coverage on candidates’ qualifications and policies rather than on who is most likely to win. They may also incorporate the results of informal vote tallies held at events or online to give readers a more complete picture of the public’s choices. Others advocate that news organizations use more polling data in their horse races. Still, the practice remains popular in many places.
