Keen On

According to the Scottish economist Sir John Kay, author of The Corporation in the 21st Century, the Magnificent Seven tech companies that supposedly control the global economy aren’t quite as magnificent as we are led to believe. These corporations aren’t even really capitalist, he says, noting that companies like Amazon and Apple own surprisingly few physical assets and thus should be considered providers of “capital as a service”. Kay claims that today's big tech companies probably won’t maintain their dominance, citing historical examples like Cisco and U.S. Steel. He criticizes the contemporary corporate focus on individual leadership, deal-making and shareholder value, advocating instead for businesses built on trust and collective capabilities. And Kay expresses a deep skepticism about both Donald Trump's tariff policies and Elon Musk's recent involvement in government reform, suggesting that Musk’s success might have even undermined his sanity. Here are the 5 KEEN ON takeaways from this conversation w