This book is written for all those with an interest in building successful enterprises and a prosperous society, including users and providers of capital, stakeholders, educators and citizens. It comes at a
time when, after one of the most serious banking crises in modern history, many people are asking what useful purpose some major financial institutions serve, and all are urgently seeking solutions.
The book describes the rich inheritance of enterprises and the financial systems which support them in the major market economies. It also looks at some serious problems which affect many of them, from small and medium-size firms to major companies, providers of public services and diverse enterprises like mutuals and non-profits. It shows
that the key to many such problems lies in the link between the ownership of enterprise and the provision of the risk capital it needs.
This book makes the case for addressing these problems with a fresh approach. It shows how to raise risk capital while retaining ownership, and without borrowing; in short, how to hire risk capital, rather than be hired by it. It proposes royalty funding, a system grounded in proven and familiar practice, to provide solutions and enable more
successful enterprises to enrich society.
Acknowledgments Preface Introduction PART I. A RICH INHERITANCE 1. Enterprise and its Origins 2. Ownership, Control and Governance 3. Capital and Credit Systems 4. Risk Capital 5. Aspects of Capital Structures PART II. SOME PERSISTENT PROBLEMS 6. Private Enterprises and the Equity Gap 7. Major Public Companies and Governance 8. Public Service Enterprises and Legitimacy 9. Diverse Enterprises and Capital 10. Seeking a Solution PART III. A ROYALTY FUND SOLUTION 11. Introducing the Royalty Fund 12. Royalty Fund Building Blocks 13. Creating a Royalty Fund 14. Operating a Royalty Fund 15. The Royalty Fund Experience Bibliography References Index