Rebecca Henderson is the McArthur University Professor at Harvard University (the highest honor that can be awarded to a faculty member), where she teaches the acclaimed course on "Reimagining Capitalism." Henderson spent the first twenty-one years of her career at MIT's Sloan School where she was "teacher of the year" and where her research focused on the economics of innovation and on the question of how large organizations can reinvent themselves.. Inducted in to the American Academy of Arts and Science in 2018, Henderson is also a Research Fellow at the National Bureau of Economic Research and the recipient of a number of academic prizes, including most recently the Viipuri Prize for strategy research and a recent election to the British Academy. Henderson's academic career is complemented by a deep engagement with the practice of management. She has been on the boards of Amgen, a Fortune 200 company, for eight years, and Idexx, an S&P 500 company, for fifteen. She has also consulted with a wide variety of companies including IBM, Motorola, Cisco, Nokia, Eli Lilly, BP, ENI, Unilever, P&G, and many smaller firms, and is routinely invited to speak to executives across the world.
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This powerful and readable book is a clarion call for reimagining and remaking capitalism. The market economy, which used to generate rapid productivity growth and shared prosperity, has done much less of that over the last four decades. The shifting balance of power in favor of large companies and lobbies, the gutting of basic regulations, the increasing ability of corporations and the very rich to get their way in every domain of life, and the unwillingness of the government to step up to protect its weakest citizens are likely responsible for low productivity growth and ballooning inequality in the US economy. Rebecca Henderson argues that the market system can be reformed and this can be done without unduly harming corporations. We can have a more moral and more innovative capitalism. There is hope! Daron Acemoglu, coauthor of Why Nations Fail
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