Book Review

With this new book, Competing in the New Capitalism, EBBF member Larry Miller seeks to redefine the entire process of capitalism in the emerging global economy. This book is about the self-initiated, free enterprise transformation of capitalism into something that responds better to the rapidly changing world of business and economics. Capitalism as we have known it in the past is transforming, not because of the external force of regulation, but because of the internal exertion of virtuous self-interest.

Today, every organization is struggling to create the new “currency” of competition. In the early days of capitalism, financial capital mattered most. Today, Mr. Miller argues, we have entered a new phase of capitalism and the rules have changed. To be a winner in the tomorrow’s economy, companies must create and build five forms of capital or wealth: social, human, spiritual, financial  and process or technology. These are the keys to survival in the new economy. However, most organizations have not yet learned to recognize and manage these new forms of capital.

These new forms of capital reside at three levels: the organization, team and individual. This book defines the most important disciplines that unify energy and effort toward common winning business strategies. The pursuit of all five forms of capital will define not only an organization’s success, but also that of your team, and your personal net worth.

Mr. Miller has enlarged and broadened our understanding of wealth and given us a roadmap to achieving it.  The workplace of today and the markets of tomorrow are different because of the competitive urge to produce innovative and high quality goods and services. Creativity and commitment are the fuel of commercial competition and they only come from people who are fully engaged. We, the business community, will transform capitalism again, not because of compliance to external regulation, but because we must, to compete.

Mr. Miller has brought new insights and unity to the concept of wealth. He has provided a roadmap for creating personal wealth, effective teams, and successful organizations that ennoble the human spirit.
 

View this and all other EBBF publications here.