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Book synopsis

Capitalism has resulted in stupendous growth and prosperity in the Western world, underlining its importance as an engine for creation and innovation. Communism arose to counter capitalism's ills as a method of wealth distribution, as manifested through the increasing gap between the rich and poor even in the most prosperous nations. Yet no country is either truly capitalist or communist, and the simplistic polarization of the world into two camps ignores the vital importance of systems that promote both innovation and equitable distribution. This book offers an insightful discussion on the ills that capitalism and communism have meant to address, and the pitfalls of the two approaches, most importantly with regards to the misconceptions of profit, the misfit child of economics and accounting. Analysis is also extended to consider behavioral theories from a needs perspective, including marginal theory and behavior based on fear. Finally, the concept of the new, middle way of entrepreneurism is advocated, in which the voices of all stakeholders (including the environment and the earth itself) are considered in any endeavor, thereby addressing the iniquities in distribution, while emphasizing the creative and innovative needs of all individuals.

Book details

Book category Books in English Economics, finance, business & management Economics Economic systems & structures

• Full title: Residual
• Subtitle: A Distributive System in the Market Economy for Sustainability
• Author: Raymond W. Y. Kao, Rowland R. Kao
• Language: English
• Binding: Hardback
• Number of pages: 150
• EAN: 9789814304511
• ISBN: 9814304514
• ID: 05070113
• Publisher: World Scientific Publishing Co Pte Ltd
• Weight: 18 g
• Date of publishing: 31. May 2015

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