Completing Capitalism

Chapter 1

The Expanded Meaning of Capital

All truth passes through three stages. First it is ridiculed. Second it is violently opposed. Third it is accepted as being self-evident.

—Arthur Schopenhauer, German philosopher

We can’t solve problems by using the same kind of thinking we used when we created them.

—Albert Einstein

When we started our new business model research in 2007, more than a year before the 2008 global economic crisis, our intuition was that the financial capitalism approach of Milton Friedman would soon reach its limits and needed to be reformed and made more complete in order for the economy and business to continue to create value.

The 2008 crisis wake-up call and a growing sense of urgency

In the years since the 2008 crisis, ...