Building Wealth: The New Rules for Individuals, Companies, and Nations in a Knowledge-Based Economy - Softcover

Thurow, Lester C

3.62

48 ratings by Goodreads

9780887309526: Building Wealth: The New Rules for Individuals, Companies, and Nations in a Knowledge-Based Economy

Softcover

ISBN 10: 0887309526 ISBN 13: 9780887309526

Publisher: Harper Paperbacks, 2000

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There is no doubt that we are in the middle of a transition to a knowledge-based economy. Breakthrough technologies in microelectronics, biotechnology, new materials, telecommunications, robotics, and computers are fundamentally changing the game of creating wealth. While these new industries are growing explosively, existing industries such as banking and retail are being transformed beyond recognition. As a result, a new global economy is emerging to replace existing national economies.

What will it take for individuals, companies, and entire countries to succeed in the new economics of the twenty-first century? Rather than focusing on spending, Lester C. Thurow argues that we must emphasize investment in basic knowledge, education, and infrastructure. Only by committing ourselves to building communal wealth can we maximize opportunities for building personal wealth as well. Building Wealth is an indispensable guide to surviving -- and thriving -- in the economies of the twenty-first century.

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Review:

The world is on the verge of another industrial revolution, driven by knowledge this time, not the steam engine or electricity, according to noted MIT economist Lester C. Thurow. In his book, Building Wealth: The New Rules for Individuals, Companies and Nations, Thurow writes that "Knowledge is the new basis for wealth. This has never before been true. In the past, when capitalists talked about their wealth, they were talking about their ownership of plant and equipment or natural resources. In the future when capitalists talk about their wealth, they will be talking about their control of knowledge." This means that the Bill Gateses of the world will be on top, not the Rockefellers, Carnegies, or Morgans.

To ready themselves for this new economy, companies and nations need to build what Thurow calls a "wealth pyramid," using building blocks such as a solid social organization, entrepreneurial skills, and education that encourages creativity and curiosity. The United States is better positioned than Europe or Japan to do well in the new economy, Thurow contends, but he warns of weaknesses even here. He puts companies like Intel on top in the knowledge-based global economy and places a question mark next to firms like Wal-Mart. Will the traditional retailer fall to the onslaught of lower-priced Internet competitors, or will it survive because people's herding instincts make them still want to drive to a Wal-Mart store? Bulding Wealth is a worthwhile read for anyone concerned about the wealth of nations and individuals, by the author of such economic bestsellers as Head to Head and The Zero Sum Society. --Dan Ring

About the Author:

Lester C. Thurow is the Lemelson Professor of Management and Economics at the Massachusetts Institute of Technology, where he has taught since 1968. From 1987 through 1993 he was dean of MIT's Sloan School of Management. His previous books include the New York Times bestsellers The Zero-Sum Society and The Future of Capitalism.

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