Summary of Revolutionary Wealth by Alvin and Heidi Toffler

The Toffler's conduct a brief synopsis of the wealth creation development through the ages. They explore the different elements of the wealth equation including the underlying fundamentals, speed of economic advances, synchronization industry, flexible and irregular economic patterns, and new concepts of time usage in society, business and culture. Chapter 3 begins with a quick history of wealth systems. These wealth systems are described as three distinct waves, beginning with the First Wave and the related agrarian structure of production over hunting. The first wave additionally divided labor by creating a need of exchange. These first wealth waves are primitive and many exist today in less developed areas of the world. The second wave was ushered in by way of the Industrial Revolution. This wave is constructed through common notions of standards, specialization, central management, and advantages of scale. These economies are considered developed and comprise the second wealth wave. According to the Toffler's, today's advanced economies have entered the Third Wealth Wave. This wave is marked by challenging the institutions and processes of traditional factors of production that existed in previous generations. The third wave recasts production, markets and societies. The functions of manufacturing are simplified into a low value added activity. In contrast, ethereal functions like designing, planning, managing and similar roles are more complex, but add greater value and produce more profit then raw muscle power. This is the profound change we are witnessing through globalization and its accompanying philosophies that are shaking the very core of society by radically altering the traditional order of the family structure, and relationships between opposing sectors of the economy. The end result of all this fundamental upheaval is a reordering of the lives of the people who function in these disparate wealth systems. What type of future are we headed toward under this revolution? Chapter 4 is about the deep fundamentals that are undergoing evolution of definition. The ideas of time, work, job, and division of labor are all under radical mutations as tasks become super-specialized and refined they become complicated to integrate in an innovation-driven, highly competitive economic system. Other fundamentals are also changing (collapsing?) including the family structure, which is a microcosm of society. These high-speed changes shake at the core of everyday life and have real consequences to people's lives. Chapter 5 describes the clash of speeds in which virtually all facets of life are affected by the differing rates of change by which they operate. Business is operating at a 100 mph, while the systems of support rush to keep up. Right behind is civil society moving along at 90 mph, represented by the collective institutions that embody the divergent views of civil society. In third place at 60 mph is the American family that is currently being altered in many ways, and is driving much of the upheaval in other organizational structures. Stuck in the past at thirty miles are labor unions, followed by government and regulatory agencies at 25 mph, and the American School System at 10 pathetic mph. How can such a backwards system prepare students for the 100 mph jobs they will be competing for? Also, in single digits are the IGO's, U.S. political institutions, and American legal systems. These disparate ratios highlight the problem of desynchronization.Which leads to chapter 6, the Synchronization Industry, which is currently in embryonic form. This industry is addressing some of the problems outline in the last chapter. SAP and other companies sell software that enables greater synchronization across the value chain and increases performance and profits. This industry will continue to thrive as the need for synchronization becomes greater through rising competitive forces make demands on existing supply chain models. Chapter 7, The Arrhythmic Economy, outlines the asynchronous nature of the economy and how the "ecology of time" effects organizations in the high speeds of change. The fluctuation of synchronization in the economy carries a "time tax", an additional cost of doing business due to delays in product of service delivery. In this third wave of wealth, we must learn to better comprehend time's effect on wealth creation or we will face a massive competitive disadvantage, along with amplified costs. In chapter 8, the New Timescape, more implications of the changing nature of time are presented with examples. Our main institutions are out of synchronization with one another, acceleration is continuing, along with this timing irregularity come increased tensions, productivity that is not directly linked to time, such as with factory work, and each unit of time potentially worth more than the last unit. All of these factors converge to revolutionary thinking about the creation of wealth. Finally, Chapter 15, The Edge Of Knowledge, gives an overview of what comprises knowledge and its very nature. The use, dissemination, and management of knowledge are another deep fundamental that is transforming wealth creation. All of the concepts discussed give an idea about the relationships between time, space and knowledge. Overall, there is a revolutionary wealth system that is transforming the very nature of our existence. But does it conform to the inherent dignity of the human person, and will it lead to the true end of mankind, God?