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Forbes
5 days ago
- Business
- Forbes
What Leaders Can Learn From 50 Years Of Economic Insight
Almost everything we think we know about business is wrong. So argues Sir John Kay, one of Britain's most incisive economic thinkers. His latest book, The Corporation in the 21st Century, is a treasure trove of insights for leaders seeking to navigate volatility and uncertainty in today's markets. I recently had the privilege of participating in a conversation with Sir John Kay hosted by the University of Oxford's Kellogg College and Skoll Centre. Professor Joshua Getzler, Visiting Fellow Suzanne Schneider, and Professor Jonathan Michie OBE joined in the discussion of Kay's analysis of the transformation of business over the last half-century. His is a call to rethink not only what business is, but how we talk about it. Kay's reflections are both timeless and acutely relevant. What can today's leaders learn from his work? I offer three key takeaways. Kay reminds us that the dominant time horizons in business today – quarterly earnings, rapid investor turnover, short CEO tenures – are fundamentally at odds with the time horizons required to build the industries of the future. Supply chain resilience, energy security, and food security are but a few examples of the multi-generational challenges leading global businesses must solve to stay relevant. And yet, short-term incentives and flimsy governance mechanisms for long-term commitment continue to hamstring even the most forward-thinking companies. Part of the reason for this, Kay observes, is that corporate ownership has fundamentally shifted. Citing examples from airlines to Amazon, Kay points out that today's largest firms own little of the capital they deploy. Rather, capital is treated as a service, rendering the very concept of 'owning' a means of production outdated. This creates a fundamental mismatch between the investment horizons of businesses and the timelines on which the industries of the future depend. Kay's idea is this: If we are to build businesses that are truly resilient and trustworthy, we must reorient corporate governance around long-term value creation. In what I found to be the book's most compelling chapter, Ambiguity Is a Feature, Not a Bug, Kay addresses what he calls the need for 'moral imagination' in modern business. His comments call to mind the work of Elizabeth Anscombe, one of Oxford's most celebrated female philosophers, who argued, 'Our moral imagination is the ability to conjure what lies beyond our direct experience'. This is Kay's call to action for leaders: from scrupulously researched historical examples, he builds a compelling argument that stakeholders are not mere inputs to be managed, but ends in themselves. This reframes the conversation, inviting leaders to move from transactional to relational approaches to strategy. Rather than reducing debate to the tired binary of shareholder versus stakeholder capitalism, Kay invites us to ask a deeper question: 'How can a corporation create value in a way that is durable because it is mutual?' His conclusion is simple but profound: 'If the corporation is to flourish, it must contribute to the flourishing of the society in which it operates.' This is not sanctimonious. It is systems thinking, and it is smart. Perhaps Kay's most lasting legacy will be his insistence that today's business language – the metaphors, models, and assumptions leaders use daily – are anachronistic. The language of principal-agent, of command and control, of the firm as a machine – these no longer describe business well, if they ever did. In today's business landscape, they obscure as much as they explain. This matters because language shapes imagination. Imagination shapes action and innovation. If we want to build institutions that are fit for this century and the next, we must begin by speaking differently about what they are for and whom they serve. Kay's book is not merely a critique. It is an invitation to imagine better. In a time when the word 'capitalism' itself is often deployed as a rhetorical device rather than an analytical term, Kay calls for precision. His critique—that 'capitalism' means wildly different things in different contexts—is not pedantic. It is a vital insight. From the deregulated markets of the late 20th century to today's state-led capitalism to data-driven global economic giants, the realities of 'capitalism' differ starkly. So too should our analysis. Business has fundamentally changed since the last century. Remarkably, most of the vocabulary we use to describe it has not. And that, Kay argues, may be our greatest liability. Leaders must grapple with meaning. Today's leadership challenge is to build businesses that are not only efficient and competitive in the short term, but credible, trustworthy, and resilient over time. Sir John Kay's work is a masterclass in how to begin.
Al Etihad
08-04-2025
- Business
- Al Etihad
Artificial Intelligence Programme launches 6th cohort in partnership with University of Birmingham
8 Apr 2025 13:22 DUBAI (WAM) The UAE National Programme for Artificial Intelligence has launched the sixth cohort of the Artificial Intelligence Programme, aimed at supporting the UAE government's strategic vision and efforts to build a future that enhances the UAE's leadership in the global technology is achieved by empowering exceptional national talent, equipping them with the latest tools and knowledge, and providing opportunities to explore key global trends in artificial intelligence and generative by the National Programme for Artificial Intelligence in collaboration with the University of Birmingham in the UK, the sixth cohort will run from May to September programme focuses on deepening technical expertise and targets employees from government entities, semi-government organisations, and the private sector. It aims to empower participants in the field of AI by refining their skills in advanced technology of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar Sultan Al Olama, emphasised that the UAE government's vision is focused on shaping the future with the expertise and innovation of its distinguished national workforce. This talent pool is skilled in advanced and emerging technologies, with artificial intelligence being a core foundation in the UAE's digital Olama emphasised that the UAE's Artificial Intelligence Programme is a key component of the nation's strategy to drive future growth. This initiative is a testament to the UAE's commitment to empowering its talents to take the lead in shaping the digital future. By nurturing innovation and forward-thinking, the programme strengthens the UAE's position ahead of global technological trends and fosters groundbreaking solutions for the challenges programme aims to introduce participants to the concepts of artificial intelligence and generative AI, along with their rapid global advancements. It addresses future challenges and opportunities relevant to participants' roles and areas of work, highlights trends in AI adoption, explores the application of large language models, and outlines mechanisms for developing solutions to security-related programme's five modules include an introduction to artificial intelligence, generative AI, data strategies for machine learning, studies on generative models, and the implementation of generative AI technologies. It aspires to empower a generation of innovators capable of designing the digital future, steering the course of global technological progress, embracing forward-looking visions, and enhancing the readiness of top talent to meet the demands of the Fourth Industrial sixth edition of the programme includes a distinguished group of global experts as part of its academic faculty, including Professor Nigel Mehdi, BSc MA MSc PhD FRICS FBCS Fellow of Kellogg College, University of Oxford; Professor Kashif Rajpoot, MSc, DPhil, SFHEA Deputy Head of Computer Science, University of Birmingham; Dr. David Johnson, BSc MSc PhD Associate Professor of Information Systems, Uppsala University, Sweden; and Dr. Farah Shamout, BSc DPhil Assistant Professor of Computer Engineering, NYU, Abu Dhabi. Employees from government, semi-government, and private sector entities interested in joining the programme can register through the following link: The AI programme has graduated over 370 employees from more than 100 government and private sector organisations across previous cohorts. These graduates hold leadership roles, including the Chief AI Officer role, which was established recently by the UAE government. Graduates also contributed to the development of innovative AI projects. The programme has provided participants with the opportunity to strengthen their skills and enhance their performance across different sectors, leveraging the UAE's advanced technological infrastructure.
