The essential feature of democratic capitalism is creative destruction–put simply, constant innovation in the products and services we produce and how we produce them. My book gives a history of electricity and demonstrates the wide-angle lens we must use to fully understand this sort of innovation. The books I recommend here are among the absolute best in this regard. Importantly, in Cold War II, China is challenging America with state capitalism and creative destruction is at the heart of the battle. I have a Ph.D. in Economics and founded a consulting company that assessed new technologies in the energy sector for over 30 years.
I love this book because of the compelling answer it gives to one of the most fundamental questions: why are some nations rich and others poor? The answer is that it depends on the political and economic institutions in place, with wealth accruing to nations with “inclusive institutions.” Put simply, nations with intellectual and economic freedom are richer.
Why does freedom matter? Because freedom opens the stage to Schumpeter’s creative destruction! The authors prove this, remarkably, through examples from around the globe, and they even use examples thousands of years apart in history. This is a must read to understand the way in which creative destruction drives prosperity both today and historically.
Shortlisted for the Financial Times and Goldman Sachs Business Book of the Year Award 2012.
Why are some nations more prosperous than others? Why Nations Fail sets out to answer this question, with a compelling and elegantly argued new theory: that it is not down to climate, geography or culture, but because of institutions. Drawing on an extraordinary range of contemporary and historical examples, from ancient Rome through the Tudors to modern-day China, leading academics Daron Acemoglu and James A. Robinson show that to invest and prosper, people need to know that if they work hard, they can make money…
Yergin is a master at weaving together geopolitics, economics, science and technology, policy, and culture to teach us about the critical role energy plays in defining the world around us. He is one of the few experts who puts energy at the center of his work, and he uses his understanding of history to inform his interpretation of the present.
Among other things, this book reveals the role global climate change plays in geopolitics today and will play in the future, and it reveals fascinating insights into the emerging Cold War between China and America. The nations with the most innovative technology in the energy sector are poised to remain dominant world powers in the future.
A Wall Street Journal besteller and a USA Today Best Book of 2020
Named Energy Writer of the Year for The New Map by the American Energy Society
"A master class on how the world works." -NPR
Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future
The world is being shaken by the collision of energy, climate change, and the clashing power of nations in a time of global crisis. Out of this tumult is emerging a new map of energy and geopolitics.…
Social Security for Future Generations
by
John A. Turner,
This book provides new options for reform of the Social Security (OASI) program. Some options are inspired by the U.S. pension system, while others are inspired by the literature on financial literacy or the social security systems in other countries.
An example of our proposals inspired by the U.S. pension…
I love this book because it expertly describes the differences between American democratic capitalism and Chinese state capitalism. Jin’s life has been spent straddled between these two worlds, and she is in a unique position to explain the fundamental differences between these two societies and what this means for the future. The most significant differences center on the nature and pace of creative destruction.
America currently leads in revolutionary (zero to one) innovation and China is succeeding in evolutionary (one to N) innovation. Jin’s work shows how China is looking to create a new model for entrepreneurship within the control of the government.
A revelatory, myth-dispelling exploration of China's juggernaut economy
Although China's economy is one of the largest in the world, Western understanding of it is often based on dated assumptions and incomplete information. In The New China Playbook, Keyu Jin burrows deep into the mechanisms of a unique system, taking a nuanced, clear-eyed, and data-based look inside. From the far-reaching and unexpected consequences of China's one-child policy to the government's complex relationship with entrepreneurs, from its boisterous financial system to its latest push for technological innovation, Jin reveals the frequently…
Artificial intelligence, or AI, is the hot topic in the news today, but seldom do we see pundits try to explain it by drawing parallels to other communications or technological revolutions. Wheeler focuses, amongst others, on two paradigm-shifting revolutions: the invention of movable type (printing press) in the 1400s and the invention of the telegraph in the 1800s.
These two technologies upended the world and provided the foundation for massive changes brought forth by other events, including globalization, the Renaissance, scientific revolutions, and more. Wheeler does a great job of revealing the impact of these revolutions on all levels of society and provides a template for how to better understand the technological revolutions we are in the midst of today.
Network revolutions of the past have shaped the present and set the stage for the revolution we are experiencing today
In an era of seemingly instant change, it's easy to think that today's revolutions—in communications, business, and many areas of daily life—are unprecedented. Today's changes may be new and may be happening faster than ever before. But our ancestors at times were just as bewildered by rapid upheavals in what we now call “networks”—the physical links that bind any society together.
In this fascinating book, former FCC chairman Tom Wheeler brings to life the two great network revolutions of the…
Social Security for Future Generations
by
John A. Turner,
This book provides new options for reform of the Social Security (OASI) program. Some options are inspired by the U.S. pension system, while others are inspired by the literature on financial literacy or the social security systems in other countries.
An example of our proposals inspired by the U.S. pension…
I love this book, first published in 1942, because it coins the now famous term “Creative Destruction”–the constant innovation in the economy’s means of production that drives capitalism’s prosperity.
In the process the book gives us an alternative to the too-often-deployed Keynesian policy of deficit spending. And, still, provocatively Schumpeter explains how socialism may undermine capitalism in the long run if we are not careful.
“Joseph Schumpeter’s classic Capitalism, Socialism and Democracy explains the process of capitalism’s 'creative destruction' — a key principle in understanding the logic of globalization." — Thomas L. Friedman, Foreign Policy
In this definitive third and final edition (1950) of his prophetic masterwork, Joseph A. Schumpeter introduced the world to the concept of “creative destruction,” which forever altered how global economics is approached and perceived. Now featuring a new introduction by Pulitzer Prize-winning Schumpeter biographer Thomas K. McCraw, Capitalism, Socialism and Democracy is essential reading for anyone who seeks to understand where the world economy is headed.
This book brings to life the 250-year history of electricity through the stories of the men and women who used it to transform our world: Benjamin Franklin, James Watt, Michael Faraday, F.B. Morse, Thomas Edison, Samuel Insull, Albert Einstein, Rachel Carson, Elon Musk, and more.
In the process, it reveals the essence of creative destruction by marshaling, in fascinating detail, the full range of factors that shaped the electricity business over time—science, technology, law, politics, government regulation, economics, business strategy, and culture. In so doing, itprovides a road map for entrepreneurs and policymakers pursuing creative destruction in any forum.
