by Don Tapscott and Alex Tapscott · 9 May 2016 · 515pp · 126,820 words
smaller firms in terms of revenue or impact. To the contrary, we’re talking about building twenty-first-century companies, some that may be massive wealth creators and powerful in their respective markets. We do think enterprises will look more like networks rather than the vertically integrated hierarchies of the industrial age
by Kevin Kelly · 14 Jul 2010 · 476pp · 132,042 words
it also generates a maximum of ideas and inventions. Stewart Brand notes in the “City Planet” chapter of his book Whole Earth Discipline, “Cities are wealth creators; they have always been.” He quotes urban theorist Richard Florida, who claims that forty of the largest megacities in the world, home to 18 percent
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. 177. 83 “bona fide legal title to their land”: Ibid., p. 198. 83 “half a dozen tents or shanties”: Ibid., p. 197. 84 “Cities are wealth creators”: Stewart Brand. (2009) Whole Earth Discipline. New York: Viking, p. 25. 84 “nearly 9 in 10 new patented innovations”: Ibid., p. 32. 84 “GNP growth
by Andy Kessler · 1 Feb 2011 · 272pp · 64,626 words
can see, a sea of red ink. Debt is being laid on to distribute to Have-nots today. We need more Makes, more Hackers, more wealth creators. I know, you know, we all know that much of that productive wealth is going to be redistributed, but don’t let that discourage you
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markets Prevailing wage laws Price, and horizontal integration Procter & Gamble Productivity defined jobs, eliminating with technology wealth accumulation with. See Productivity and wealth Productivity and wealth Creators of economic principles and efficiency and exceptionalism guaranteed profits and horizontal integration jobs, hierarchy of jobs, replacing with technology and money supply non-productive workers
by Mariana Mazzucato · 25 Apr 2018 · 457pp · 125,329 words
the ‘creative destruction' from which the jobs of the future come. These new actors, from Google to Uber to Airbnb, are often described as the ‘wealth creators'. Yet this seductive story of value creation leads to questionable broader tax policies by policymakers: for example, the ‘patent box' policy that reduces tax on
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returns. Policymakers' objectives should not be to increase the profits from monopolies, but to favour investments in areas like research. Many of the so-called wealth creators in the tech industry, like the cofounder of Pay Pal, Peter Thiel, often lambast government as a pure impediment to wealth creation.9 Thiel went
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so far as to set up a ‘secessionist movement' in California so that the wealth creators could be as independent as possible from the heavy hand of government. When Eric Schmidt, CEO of Google, was quizzed about the way companies control
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different type of narrative as to who created the wealth in the first place -and who has subsequently extracted it. If there are so many wealth creators in industry, the inevitable conclusion is that at the opposite side of the spectrum featuring fleetfooted bankers, science-based pharmaceuticals and entrepreneurial geeks are the
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and companies, dangling before them tax reductions and exemptions from the red tape that is believed to constrict their wealth-creating energies. The media heap wealth creators with praise, politicians court them, and for many people they are high-status figures to be admired and emulated. But who decided that they are
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outcomes of the prevailing story about value. We have stopped debating value - and, as a result, we have allowed one story about ‘wealth creation' and ‘wealth creators' to dominate almost unchallenged. The purpose of this book is to change this state of things, and to do so by reinvigorating the debate about
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billion people.8 So how does the alchemy continue to happen? A common critique of contemporary capitalism is that it rewards ‘rent seekers' over true ‘wealth creators'. ‘Rent-seeking' here refers to the attempt to generate income, not by producing anything new but by overcharging above the ‘competitive price', and undercutting competition
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income and wealth, has gone so wrong. To understand how some are perceived as ‘extracting value', siphoning wealth away from national economies, while others are ‘wealth creators' but do not benefit from that wealth, it is not enough to look at impediments to an idealized form of perfect competition. Yet mainstream ideas
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what forces produce it - the process. But it also looks at the claims around this process, which are often phrased in terms of ‘who' the wealth creators are. In this sense the words are used interchangeably. For a long time the idea of value was at the heart of debates about the
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in Figure 1 below - thereby establishing a conceptual boundary -sometimes referred to as a ‘production boundary' - between these activities.16 Inside the boundary are the wealth creators. Outside are the beneficiaries of that wealth, who benefit either because they can extract it through rent-seeking activities, as in the case of a
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show how entrepreneurs and venture capitalists have been hyped up to represent the most dynamic part of modern capitalism -innovation - and have presented themselves as ‘wealth creators'. I will unpick the wealth-creating narrative to show how, ultimately, it is false. Claiming value in innovation, most recently with the concept of ‘platforms
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different conversation about value creation, otherwise programmes for reform will continue to have little effect and will be easily lobbied against by the so-called ‘wealth creators'. This book does not try to argue for one correct theory of value. Rather, it aims to bring back value theory as a hotly debated
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, this in turn affects how we view government, how it behaves and how it can get ‘captured' easily by those who confidently see themselves as wealth creators. SOMETHING ODD ABOUT THE NATIONAL ACCOUNTS: GDP FACIT SALTUS! Apart from this curious view of government, the national accounts expose a number of other accounting
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look both at what exactly is being patented and at the structure of the patents themselves. The current dominance of the narrative of entrepreneurs as wealth creators has, I would contend, shifted the balance of the patent system away from an emphasis on the diffusion of knowledge towards private reward.26 Patents
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government value. If the state is seen as irrelevant, it will over time also become less confident and more easily corrupted by the so-called ‘wealth creators' - who can then convince policymakers to hand out favours which increase their wealth and power. Lazy assumptions about the role of public investment are misleading
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the world for years to come, has triggered myriad criticisms of the modern capitalist system: it is too ‘speculative'; it rewards ‘rent-seekers' over true ‘wealth creators'; and it has permitted the rampant growth of finance, allowing speculative exchanges of financial assets to be compensated more than investments that lead to new
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the theory of price that determines value. Along with this fundamental shift in the idea of value, a different narrative has taken hold. Focused on wealth creators, risk taking and entrepreneurship, this narrative has seeped into political and public discourse. It is now so rampant that even ‘progressives' critiquing the system sometimes
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the UK Labour Party lost the 2015 election, leaders of the party claimed they had lost because they had not embraced the ‘wealth creators'.1 And who did they think the wealth creators were? Businesses and the entrepreneurs leading them. Feeding the idea that value is created in the private sector and redistributed by
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wealth creation process? Such assumptions about the generation of wealth have become entrenched, and have gone unchallenged. As a result, those who claim to be wealth creators have monopolised the attention of governments with the now well-worn mantra of: give us less tax, less regulation, less state and more market. By
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Prime Minister, and Chuka Umunna, considered a rising star in the Labour Party, argued that the Labour Party needed to embrace business, calling them the wealth creators https://www.theguardian.com/commentisfree/2015/may/09/tony-blair-what-labour-must-do-next-election-ed-miliband and Chuka Umunna https://www.theguardian.com
by Don Watkins and Yaron Brook · 28 Mar 2016 · 345pp · 92,849 words
human ability. More often than not, those who condemn inequality don’t discuss ability. And when they do, it is usually to accuse the greatest wealth creators of being greedy exploiters. But the men and women of extraordinary ability aren’t exploiters—they are the great benefactors of anyone who is willing
by Nicholas Shaxson · 10 Oct 2018 · 482pp · 149,351 words
a narrative we’re fed by politicians and by the many players in the City of London: that the City is indispensable, full of brilliant wealth creators, and must be pampered. This narrative is underpinned by the ubiquitous idea of ‘national competitiveness’ which has emerged in a particular and malign form in
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be controlled and milked. While Karl Marx had focused on tensions between workers and factory owners, Veblen concentrated on a different but related struggle: between wealth creators and wealth extractors. Makers versus takers; producers versus predators. Imagine a group of old men in top hats, manipulating a Heath-Robinson-like contraption of
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least as far back as Adam Smith’s Wealth of Nations in 1776.5 The main problem, though, was that people disagreed about who the wealth creators were. A conservative tradition holds that they are the rich, the owners of money and capital, who build the factories, then get taxed by government
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in the fast-growing corporate tax haven of Ireland – the indefatigable, irrepressible Charles Haughey. He was also an evangelist for the need to ‘unleash the wealth creators’ with a ‘competitive’ economy, and to spend the bountiful proceeds – but with a difference. While Blair and Clinton waited until they had left office to
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stud farm and fly around in a helicopter. It’s important if I’m representing the nation, to be on the same level as these wealth creators.”’ And this attitude gives a clue to the deep connections between Haughey’s corruption, the corporate tax haven which Ireland aspired to become and the
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competition. ‘It’s Brazil’s time to be number one.’ The finance curse analysis will be anathema to many billionaires because it transforms them from wealth creators to wealth extractors, no longer advancing the patriotic cause of their nations, but potentially dragging them backwards. If you look at the Bloomberg Billionaires Index
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’t nakedly pursuing profit alone were ‘unwitting puppets of the intellectual forces that have been undermining the basis of a free society’. The money these wealth creators made, Friedman argued, would be reinvested somewhere else, and at the end of the day everyone would end up happy. Friedman’s freedom-laden arguments
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to control its moneyed elites?’8 Those elites, in the era of financialisation and the finance curse, are increasingly the wealth extractors instead of the wealth creators, and they are weakening our countries. I am reminded here of an advertising jingle for the Weebles: small egg-shaped children’s toys that you
by Peter W. Bernstein · 17 Dec 2008 · 538pp · 147,612 words
: The Story of Wayne Huizenga.” Even for Monte Carlo, the glitz level was high. In the audience was a pantheon of the world’s biggest wealth creators, more than one hundred entrepreneurs from nearly forty countries. It was all the more impressive, then, that Huizenga, a college dropout who started his business
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. (1995 net worth: $1.2 billion) LBO king and Revlon boss Ronald Perelman smokes five cigars a day. (1995 net worth: $4.2 billion) * * * As wealth creators, both Murdoch and Redstone sit atop gangly empires of mostly old media and entertainment (Murdoch in newspapers, TV, movies, and book publishing; Redstone in TV
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accounts for other clients and families. But as time-honored as they have become, trusts have their critics. Rod Wood, of Wilmington Trust, says that wealth creators who lay down rules that are too strict for future generations can run into trouble. “The more restrictive the request,” Wood says, “the worse they
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2006. 53. His goal, Murdoch says now: Peter Kafka, “Blue Sky,” Forbes, Feb. 12, 2007. 54. He realized from his exposure: Roy C. Smith, The Wealth Creators (New York: St. Martin’s Press, 2001), pp. 38–42. 55. Not coincidentally, the company: Carol J. Loomis, “Bloomberg’s Money Machine,” Fortune, Apr. 5
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, University of Pennsylvania Law School, and author, Icarus in the Boardroom (2005); Roy Smith, professor of entrepreneurship and finance, New York University, and author, The Wealth Creators (2001); Charles Taylor, National Venture Capital Association; David B. Williams, managing partner, Williams Trading LLC, Stamford, Conn. Also brief overview, Stephen Schwarzman (Forbes 400). One
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Geisst, Wall Street: A History (New York: Oxford University Press, 1997), p. 339; information about Carl Icahn and Texaco is from Roy C. Smith, The Wealth Creators: The Rise of Today’s Rich and Super-Rich (New York: St. Martin’s Press, 2001), p. 107. 23. Not all of his deals: Geisst
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. 469. 28. Drexel Burnham Lambert: Ibid., p. 470. 29. It was a surreal juncture: Ibid., pp. 509–10. 30. Carl Icahn laughed loudest: Smith, The Wealth Creators, p. 108. Also see transcripts.cnn.com/TRANSCRIPTS/0008/18/mlld.00.htm. 31. Milken pleaded guilty: Stewart, Den of Thieves, pp. 511, 536, 519
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.htm. 35. “If I wanted to”: Vanessa Grigoriades, “Billionaires Are Free,” New York, Nov. 6, 2006. 36. He invested most of that float: Smith, The Wealth Creators, pp. 140–58. 37. He added many more companies: Executive Jet data comes from Anthony Bianco, “The Warren Buffett You Don’t Know,” BusinessWeek, July
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. 61. Charges of insider trading: International Herald Tribune,www.iht.com/articles/2006/12/13/bloomberg/bxsoros.php. 62. But it also earned: Smith, The Wealth Creators, pp. 173–76. 63. He sometimes couldn’t walk: Jane Meyer, “The Money Man,” The New Yorker, Oct. 18, 2004. 64. In another gamble: Joshua
by Daniel Susskind · 16 Apr 2024 · 358pp · 109,930 words
the US population combined. An intuitive response to these trends is a wealth tax. But the idea is controversial for good reasons: some worry that ‘wealth creators’ would work less hard in response, others that they might even flee the country. And the combined effect – lower effort, higher risk of flight – suggests
by Alissa Quart · 14 Mar 2023 · 304pp · 86,028 words
pay this tax?’ They said, ‘I didn’t get any government help.’ They said, ‘Why are you punishing successful people? Why are you burdening the wealth creators with taxes?’” After Trump was elected, less than 0.1 percent of estates in the United States pay the tax: the limit for what estates
by John Mackey, Rajendra Sisodia and Bill George · 7 Jan 2014 · 335pp · 104,850 words
or products that make people in their communities and the world better off. What I will contend here is that in our modern world, the wealth creators—the entrepreneurs—actually travel the heroic path and are every bit as bold and daring as the heroes who fought dragons or overcame evil.”12
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