In This Review
Six Capitals, or Can Accountants Save the Planet?: Rethinking Capitalism for the Twenty-First Century
W. W. Norton & Company, 2015, 304 pp.
What is a company worth? On its latest balance sheet, Apple showed assets of $261 billion, including $8.7 billion of “intangibles,” such as the positive views of the company held by consumers and investors. In recent months, the U.S. stock market has valued Apple at around $720 billion; the reasons for the gap between the company’s balance-sheet valuation and its market capitalization are intangible, too, in a sense. Coca-Cola has one of the world’s most valuable brands and counts $26 billion of the $91 billion in assets on its balance sheet as intangible; that, too, is far exceeded by the company’s
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