Creating Wealth Book

Lester Thurow, an economics professor at MIT and former head of the Sloan School of Management, is master of the extended metaphor. In his 1996 work The Future of Capitalism, he used the image of tectonic plates grinding against each other to explain the rapid, sometimes violent, changes occurring in the global economy. In Creating Wealth he employs the trope of the Pyramid, borrowed appropriately from the back of the U.S. dollar bill, to explain the structures needed for success in the new "knowledge- based economy". He described how the different building blocks--social organisation, entrepreneurial skills and a highly educated workforce--need to be combined for economic success. His insights are always sharp, but the most illuminating section of the book is where he analyses the different weaknesses of the three major economic powers--Europe, the U.S. and Japan--none of whom, argues Thurow, have got all their building blocks in place. The U.S. has a major problem with its sub-standard education system. Japan is still sorting out the crash of the early 1990s and has an education system that stifles creativity. Europe, which is well educated, has high savings and a strong technological base, is in danger of stifling the growth of its knowledge-based economy by its interventionist social democrat polices which limit the mobility of labour and capital. Written with panache and pace, Thurow crams every page with a wide sweep of supporting evidence, provocative insights and fascinating new theories. He explains with great lucidity how individuals, companies and countries can make themselves competitive in the new industrial era. Its a cracking and informative read for policy makers, corporate planners and anyone interested in their future personal future. --Alex BenadyRead More