During the heyday of the Industrial Revolution, few firms understood the intricate dynamics of financial capital — companies that pioneered better approaches to business economics had a strong competitive advantage. As the 20th century unfolded, two additional types of equity became important: human capital (the return gained from the appropriate development and deployment of staff and contractors), and natural capital (the manageable value of land, water, and other environmental resources). Business success came to depend on managing these three forms of capital effectively. The first two grew exponentially, seemingly slow in the early years but doubling regularly, and thus accumulating immense wealth and influence for the companies that knew how to manage them.
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