Capitalism without Capital

By Stian Westlake

The Rise of the Intangible Economy. Princeton University Press, 2017.

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16 mins read

14 Key insights

A brief summary of Capitalism without Capital

A research-based test on the rise of intangible investments, their effect on global economies, the benefits and drawbacks of intangible societies, and what we can expect from them in the future.

Key insights in Capitalism without Capital

What do you get from this book? Learn how the modern-day economy has evolved from tangible to intangible

Capitalism is when private businesses try to make money; valuation includes both tangible and intangible assets

The economy has shifted from producing physical goods to providing intangible services that include long-term assets

The creation of the “GDP” was a challenge spurred on by the great depression and is still argued today

Scalability, spillover, sunkenness, and synergies are the four components of an intangible society

“Secular stagnation” is the result of several factors that prevent the economy from growing like it should

There are three types of economic inequality that have grown in recent decades: income, wealth, and esteem

Intangible infrastructures are replacing physical ones as the digital age continues pushing economies forward

Investors are reluctant to put money into intangible companies, causing some people to claim our financial systems are outdated

Firms that produce intangible assets face challenges involving investments, competition, and management

Policymakers must create new rules, regulations, and laws to coincide with the new economy

Summary of the key insights

Selected critiques in brief

Final Word

Who should read Capitalism without Capital

Entrepreneurs • investors • bankers • economists • executives • anyone who owns a business

About the author of Capitalism without Capital

British economist Jonathan Haskel teaches at the Imperial College Business School while serving on the Bank of England’s Monetary Policy Committee. Stian Westlake earned his master’s degree in Finance from the London Business School and joined the National Endowment for Science, Technology and the Arts (NESTA), a charity that promotes innovation, in 2009.

Stian Westlake

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