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Product Description
Review
paragraphs, he makes more sense of macro-economic policy than most life-time specialists.
Financial Times
'..his boldest book...the range is breathtaking'
The Independent
'...Drucker, the most enduring management thinker of our time.'
Business Week
Product Description
With penetrating insight Peter Drucker describes the changes that are affecting politics, business and society itself.
It is vital that we are aware of and understand these changes in order to benefit from the opportunities that the future has to offer.
Written by the management guru's guru
Describes the changes that are affecting politics, business and society
Described as 'his boldest book' by The Independent
Browse and search another edition of this book.
WITHIN ONE HUNDRED FIFTY YEARS, from 1750 to 1900, capi and the technology conquered the globe and created a world civilization. Read the first page
Concordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Capital is not as important as knowledge. Capital by itself does not create wealth, innovation, or increases to productivity. Knowledge produces ideas, innovations, efficiency, and productivity.
A knowledge worker can create a idea without capital, knowledge is brain power. Once the idea is realized, funders provide capital floods transforming the idea into process or product. Knowlege provides an incredible economic company potential. Remove the knowledge worker and growth stops, systems and processes stagnate. Reduce the number of service workers and operations become more efficient. Historically, as service workers number decrease their tasks and output have increased proportionate to their numbers. Basically, the service worker were expected to "Do More with less".
Knowledge represents the whole expertise in domains of finance, information, policy, management, etc.. The knowledge worker generates the "Ideas". Ideas are transformed into processes and systems. Its principles of creativity and credibility which provides trust in the idea. Drucker concludes that knowledge itself is profitable. In the post capitalistic society knowledge produces wealth. Knowledge increase productivity. The sum of knowledge in a domain increases productivity and growth exponentially. Its this radically breakaway phenomenia which knowledge produces providing wealth and growth to an organization.
Like the transformation from the Middle Ages to the Renaissance, the transformation from a Capitalist Society to the Information Age is profoundly altering Worldview and values, political, and social structures, as well as key institutions and economic realities. This transformation will probably not be complete until 2010 or 2020, says Peter F. Drucker, a professor of Social Sciences at Claremont Graduate School. While we do not know yet what a post-capitalist society will look like, Drucker has tried in this book to chart out some of the ways that organizations and economics are changing now.
In the capitalist society, there are two social classes that dominate society, those who own and control the means of production, and the "workers" who make and move things. However, not very many people make and move things anymore, and their number gets fewer every year. This does not mean that the total production in developed countries has declined. In fact, total production of products and services has risen dramatically, but the number of people required to create these products has declined steadily. The capitalist factors of production, (capital, resources, and labor) are being superceded by the most basic economic resource; knowledge.
Value is now created by improving productivity and by innovation, tasks that require the application of knowledge to work. The leading social class of the future, says Drucker, will be knowledge workers who can put knowledge to practical use and work in organization with others on common goals. Improving productivity also depends on concentrating on tasks that increase the performance of specific goals. This means that tasks not central to the goals of an organization will be increasingly outsourced to specialized companies that can perform those tasks better.
The thesis of the book is that Marx was wrong. The major owner of capital and thus companies are now pension and mutual funds. Thus workers - primarily knowledge workers now are the main owners of companies. There are a couple of flaws in his argument though.
The biggest winners in the current US stock market system aren't the pension funds - its managers and people who start companies or take them public. There is the rise of hidden perks to senior managment - stock options that are essentially free for the managers.
Drucker argues that this is all small peanuts compared with Morgan or Rockefeller.
Other points he makes:
1) Agriculture declined to 2-3% of the workforce. Manufacturing will see a similar declining to 10-15% of the workforce
2) Knowlege workers are more like members of an orchestra. The conductor could never replace the viola players.
3) He forecasts the decline in the Nation state. Governments are driven by pork barrel politics.
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