A new foundation for economics and management that is more broadly based than the Division of Labor is badly needed for the 21st century. The rise and continuing spread of the internet has brought about change in almost an eyeblink by making the world a far smaller and more connected place than ever before. Division no longer rules; unity does.
Moreover, socialism and communism are dysfunctional 19th Century concepts that are simply not relevant any longer in a 21st Century world. In addition, global enterprises (both political and economic) search for political power and economic resources to further or achieve their aims.
These and other such developments underscore the importance of a new way of seeing and understanding our world.
One such way involves what is termed as ‘the Enterprise’, the basic form of organization used to accomplish tasks, the engine that drives economic activity, and indeed the form of all organized human activity. Such a viewpoint has only gained prominence since its creation – and rightfully so, because it is the way the real world works.
The groundbreaking book “The Wealth of Enterprises†is one of those books that recognizes this development and its implications for the way we see our world today. Written by seasoned investment banker and CEO William T. Nolan, it offers a definition of the Enterprise as well as a framework to analyze, manage, and govern it.
The book has both practical and theoretical uses. It can help economics and management students better understand both the concept of the Enterprise and the many Enterprises in which people live and work so that we can all be more productive both for ourselves and the good of our fellow men and women. It is equally ideal for managers, directors, students of economics and management and especially the individual entrepreneur.
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