Sociology Index

Karaoke Capitalism

Karaoke Capitalism refers to the philosophy of imitation, engrained into the corporate mindset by such popular concepts as benchmarking. karaoke capitalism is institutionalized imitation, where copycat firms dominate. "Competing in a world of karaoke capitalism is about daring to be different, it is about writing the songs of the future and not focusing on the tunes of the past," Dr. Jonas Ridderstrale. "No matter how talented you are in a karaoke bar, you are going to end up being a pale copy of an original," Jonas Ridderstrale told CNN. The corporate world is now under siege from "karaoke capitalism" or institutionalized imitation, where copycat firms dominate. Karaoke capitalism cuts through the hyperbole surrounding the economy. Karaoke capitalism which challenges individuals and business to create originals is based on the realization that we all belong to a world dominated by markets, and live in a society where money is everything.

Dr. Jonas Ridderstrale and Dr. Kjell Nordstrom are the authors of international bestsellers "Funky Business," ‘Urban Express, and now "Karaoke Capitalism: Talent makes capital dance." According to Tom Peters, If you loved Funky Business as much as I did, then you love Karaoke Capitalism.

Jonas Ridderstrale and Kjell Nordstróm who wrote the book ‘Karaoke Capitalism’ say; the philosophy of imitation is engrained in the corporate mindset. The only way to survive is to chuck convention, to embrace your company’s individual personality and promote it through everything you do, constantly honing what works and abandoning what doesn’t… But even here there is still a sense of uneasiness that ‘playing it safe’ could just be another phrase for ‘heading toward business oblivion.’ State Capitalism merely substituted bureaucratic domination by the state officials for that of owners of capital.

Spirit of Capitalism is methodical and calculating in the pursuit of profit. Karaoke Capitalism is institutionalized imitation, where copycat firms dominate. Crony Capitalism arises when political cronyism extends into the business domain. "There is an innovation economy, and there is 'karaoke' capitalism," Gref said. "If we want to get an innovation product, then economic freedom is inevitable, but if we want to produce 'karaoke' then administrative resources can be used."

The karaoke capitalism economy is dominated by individuals with endless choice. Karaoke capitalism club is also home to institutionalized imitation. Only imagination and innovation place societies, organizations and individuals center-stage. Nordstrom criticised 'karaoke capitalism' as the pursuit of 'best practice', arguing that it merely encourages businesses to become more like their competitors, rather than unique or better.

Books On Karaoke Capitalism

Karaoke Capitalism: The World's New Economic Theme Song
By Crainer, Stuart. New Zealand Management.
Our economic and business landscape is changing, and faster than we think, say Swedish best-selling business authors Jonas Ridderstrale and Kjell A Nordstrom. Their predictions are contained in their book, Karaoke Capitalism, and their book, Funky Business: talent makes capital dance, was a best seller.

What are the dominant forces now shaping society?
Jonas Ridderstrale: As the power of the church and the state dwindles, market forces have become the most powerful faith of our time. Individual choice is the holy grail of the market. In this new world order, the ultimate market weapon is the freedom to choose. In the world of karaoke capitalism, individual choice reigns supreme.

But freedom of choice isn't available to everyone. Who possesses this all-important freedom?
Kjell A Nordstrom: The first entry route is the old-fashioned one of money. Individuals with money have the freedom to choose. In a world of choice money talks. In fact, money shouts more loudly than ever. Cash shapes our lives. The freedom available to someone like (currency trader) George Soros, or CNN-founder Ted Turner, or pop-star Justin Timberlake is far greater than the freedom available to a poor, single, immigrant parent with six kids living in the decaying suburbs of one of our great global cities.

Karaoke capitalism: daring to be different in a copycat world
Jonas Ridderstråle; K Nordström. Summary: "We all know that the rules by which business is conducted have changed. But by how much? The dot.commers who threw out the playbook and tried to reinvent everything crashed and burned. "Back-to-basics" and "execution" are refrains reverberating down corporate hallways. And yet there is still a sense of unease. Jonas Ridderstróale and Kjell Nordstróm, the outspoken authors of the international bestseller, Funky Business, present a provocative analysis of the social and cultural forces that are defining the business landscape―in particular, the fundamental relationships between employers and employees and between companies and customers. The authors bring into focus the challenges of business leadership in a world increasingly defined by individualism. Karaoke capitalism refers to the philosophy of imitation, engrained into the corporate mindset by such popular concepts as benchmarking and best practice. For Ridderstróale and Nordstróm, the only way to survive is to chuck convention, to embrace your company's individual personality and promote it through everything you do, constantly honing what works and abandoning what doesn't. Ultimately, the authors argue that armed with imagination it is possible to sustain profitable businesses while contributing to the well-being of customers, communities, and the society at large.