Capitalism without Capital
By Stian Westlake
The Rise of the Intangible Economy. Princeton University Press, 2017.
Summary of Capitalism without Capital book by Stian Westlake
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.
Chapters in Capitalism without Capital book summary
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Investors are reluctant to put money into intangible companies, causing some people to claim our financial systems are outdated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
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Capitalism without Capital — Book Summary Snapshot
Who should read Capitalism without Capital book
- Entrepreneurs
- anyone who owns a business
About the author of Capitalism without Capital
Stian Westlake
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.
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