Fleshing out the invisible hand
For Profit offers thrilling tales of commercial endeavour. Corporations often start out with the public good in mind; it doesn’t last
For Profit By William Magnuson; Basic Books; 368 pages; US$32 and £25
THERE is no mention of Elon Musk in William Magnuson’s magnificent history of corporations, which stretches from the societas publicanorum of ancient Rome, through Renaissance Florence, the Age of Discovery and the might of American industrial capitalism to Silicon Valley. Yet reading it makes clear why the pioneer of electric cars, private rockets – and now, via Twitter, controller of part of the public sphere – commands attention. For more than 2,000 years, corporations such as his have produced some of humankind’s greatest achievements. But usually the most dazzling overstep the mark, leaving a trail of debris and distrust behind them.
The contention of the book is that private enterprises often have public interest in mind. They are, as Magnuson sees it, orchestrators of the invisible hand of Adam Smith’s The Wealth of Nations. Selfish individuals, looking out solely for themselves, co-operate with each other to the benefit of society as a whole.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Lifestyle
Former Zouk morphs into mod-Asian Jiak Kim House, serving laksa pasta and mushroom bak kut teh
Massimo Bottura lends star power to pizza and pasta at Torno Subito
Victor Liong pairs Aussie and Asian food with mixed results at Artyzen’s Quenino restaurant
If Jay Chou likes Ju Xing’s zi char, you might too
Mod-Sin cooking izakaya style at Focal
What the fish? Diving for flavour at Fysh – Aussie chef Josh Niland’s Singapore debut