Keen On America

Episode 2233: John Kay on why (almost) everything we are told about business is wrong

Feb 10, 2025
John Kay, a Scottish economist and author of "The Corporation in the 21st Century," challenges the notion that big tech firms are paragons of capitalism. He argues they operate as 'capital as a service' companies with minimal physical assets. Kay shares insights on the temporary nature of corporate dominance, using historical examples like U.S. Steel. He critiques a focus on individual leadership and shareholder value, advocating for trust and collective capabilities in business. He also expresses skepticism about Trump’s tariffs and Musk's government involvement.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
ANECDOTE

Cisco's Decline

  • Cisco was the most valuable company in the world in 2000.
  • Investing in Cisco at that time would have yielded a small loss by 2025.
INSIGHT

Temporary Dominance

  • Corporate dominance is often temporary, not permanent.
  • Companies like U.S. Steel, IBM, and General Motors were once dominant but declined over time.
INSIGHT

Tech's True Impact

  • Tech's impact is often overestimated in the short term and underestimated in the long term.
  • The internet's transformative effects took 25 years to become largely apparent.
Get the Snipd Podcast app to discover more snips from this episode
Get the app