John Kay's The Corporation in the 21st Century: Why (Almost) Everything We Are Told about Business Is Wrong (Yale UP, 2025) is an accessible and entertaining reappraisal of what business is for and how it works.

Full of history and written in a compelling narrative style, this book describes a shift in the underlying assumptions of the relationship between capital & labor. Kay describes how and why we have come to "love the product" as we also "hate the producer".

Kay discusses areas of particular change such as the relationship between business & finance, the concept of the "hollow" corporation, what we mean when we say "growth", and the motivations and standards of industry leaders.

Old ideas of owning the means of production are redundant as workers are increasingly the means of production. Capital is now often a disconnected service contracted from a specialized supplier, and businesses are run by professional managers whose main skill is exerting authority.

Author recommended reading:

Good Strategy, Bad Strategy by Richard Rumelt

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SHORTCUTS #205 - Scheer and Loathing