Good Read
My business (book) reading this week is Good Profit: How Creating Value for Others Built One of the World’s Most Successful Companies by Charles G. Koch. The author is the chairman and chief executive officer of Koch Industries, Inc., a $100 billion company. I have read other titles about the Market-Based Management® system in use at Koch Industries which seeks to create internal markets to align incentives and actions within the company with the external marketplace in which the company must compete. I am trying to learn more about the MBM approach to aligning resources and opportunities.
This book picks up where Koch’s last book left off by addressing, in greater detail, how to create a company culture that brings forth the best contributions from all employees while ensuring that they are working on the right initiatives. Good Profit also advances a moral defense of capitalism which, despite the occasional market failure, is the best known system for creating wealth and improving human welfare. I highly recommend this book.