John Kay on the corporation in the 21st century

We’ve been taught that a capitalist elite dominates the business world, leveraging their amassed riches to govern the tools of production, and that possessing these tools is the primary root of economic influence. This is incorrect. In the 21st century, the nature of products and production has shifted to the intangible. The offerings from today’s top firms are digital, portable, or conceptual—existing on your device, in your hand, or in your mind. The non-physical aspects of production, such as the organizational strengths that define contemporary businesses, cannot be owned by any single entity.

The disparity between the compensation of corporate executives and the income of their workers and clients has escalated to a level that endangers societal stability. The pharmaceutical sector develops critical vaccines that save lives, yet it has lost public confidence due to avaricious practices. Tech giants like Facebook and Google boast unprecedented customer numbers, yet they face widespread disdain. There’s a dichotomy where we despise the creators while cherishing their creations.

John will explore how the obsession with ‘shareholder value’ led to the downfall of some prominent 20th-century companies. His sharp reevaluation of business concepts transforms our perspective on what constitutes successful commercial endeavors and corporate identity. This work stands out as a profound and innovative contribution from one of the foremost economists.

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