The ubiquitous AI, Trump the loser, tribal instincts and longevity: the best business books of the year according to the Financial Times

Since 2005, the world’s leading business publication Financial Times chooses the best business book of the year, supporting with awards authors whose works provide the most convincing view of business trends. When choosing the winners, the jury seeks to show the general public the main trends in the development of the world economy over a certain period.

Technologies are the battlefield for global supremacy

Each of these periods was distinguished by its own characteristics. In 2022, against the background of full-scale aggression by Russia, in the conditions of the destruction of global logistics chains and the aggravation of the geopolitical struggle between the USA and China in the field of advanced technologies, quite expectedly she won book “The Chip War: The Battle for the World’s Most Important Technologies” by Christopher Miller. The author shows how tension in the field of semiconductors has become a key factor in global economic and political processes. From the book, we learn how the semiconductor industry, invisible to most consumers, has become a key element of modern geopolitics. Christopher Miller explains how chips are used in every aspect of modern life, from smartphones to cars and defense systems, and why controlling their production and supply chains has become critical to global stability.

Miller details how historical events, including the economic wars between the United States, China, Taiwan, and Europe, have affected dominance in this field. He also examines the role of giant companies such as TSMC, Intel and Samsung, and explains why Taiwan has become the epicenter of the battle for the future of technology.

The book received rave reviews for its combination of thorough research, lucid presentation of complex topics, and emphasis on the critical importance of chips to the economy and security. For many readers, it became a revelation of how semiconductors shape the future, in which technology is not only a means of development, but also a battlefield for global supremacy.

Learn from mistakes

In 2023, she became a laureate of the Financial Times Award book Harvard Business School Professor Amy Edmondson – “The Right Kind of Wrong: Why Learning from Failure Can Teach Us to Thrive.” This is the first work in the history of the award that was devoted to the topic of management. She received recognition for her innovative approach to organizational development.

In his book, Edmondson analyzes the phenomenon of failure, showing how mistakes can be a source of valuable experience if handled correctly. She explains that not all failures are the same: there are “smart” mistakes that occur during innovation, experimentation or complex projects, and these are the ones that contribute to progress if properly evaluated and analyzed.

The main ideas of Edmondson’s book deserve the attention of managers and performers. The author offers a system of error classification that helps distinguish constructive errors that contribute to growth from those that arise due to negligence or carelessness. She also emphasizes the importance of creating an atmosphere of trust in organizations where employees are not afraid to admit their mistakes and talk about them openly. The book offers practical tools that enable companies and teams to use mistakes as a source of data to improve processes and results. The author emphasizes that the most successful organizations are able to create conditions for continuous learning, even through failures, which is the basis for long-term prosperity.

The book is based on Edmondson’s many years of research in various fields, from medicine to aviation to the corporate environment. It is filled with real-life case studies that demonstrate how leading companies and organizations were able to achieve success by changing approaches to mistakes.

Why is a book on organizational mistakes important? In an era of rapid change, innovation and global competition, the ability to learn from failure is one of the key competencies for both individuals and entire organizations. Edmondson’s work became a kind of manifesto of a new generation of managers who strive to create adaptive, sustainable and innovative companies.

This book is not just for business leaders, but for anyone interested in personal development, building effective teams, and managing in a world where mistakes are an inevitable part of the road to success.

Whoever controls AI owns the world

In 2024, the emphasis of the award again shifted towards technologies. The winner was Bloomberg journalist Parmy Olson’s book – “The Advantage: AI, ChatGPT and the race that will change the world” (original title – “The Edge: AI, ChatGPT, and the Race to Shape the Future”). The author focused on how artificial intelligence affects various aspects of life – from business to society, and analyzed the global competition for leadership in this area.

The book immerses the reader in the rapid development of artificial intelligence (AI), which has become one of the main driving forces of the modern economy. Olson explores how AI-based technologies, including ChatGPT, are already changing the way businesses work, communicate, and make decisions.

She describes how the launch of ChatGPT in 2023 was a turning point in the perception of AI as a universal tool. Much of the book is devoted to the competition between industry leaders such as Microsoft, Google, OpenAI and Chinese technology corporations. The author explains why control over AI is a matter not only of business, but also of global government. The book explores issues of transparency, bias, and the dangers of using AI, emphasizing the need for regulation and responsible adoption of the technology. Olson shows how automation is changing the labor market, affecting occupations that were previously considered untouchable, and suggests ways to adapt to the new conditions. Why is this book important? It convincingly reflects the spirit of the times, when technology has become a key factor in economic, political and social development. And it helps everyone who wants to understand how new AI tools are changing our lives and how humanity can use them to build a more innovative and sustainable future.

The book contains real stories of the implementation of AI in companies and testimonies of key players in the market, which makes it not only informative, but also exciting.

The winning book is not just about technology. It is about the people who create and use AI and the challenges they face in a world that is changing at an unprecedented rate.

How did the Financial Times choose the winners?

The process of selecting the winner of the anniversary award remained unchanged compared to previous years. Authors and publishers could submit their works from April 22 to June 30 through a special online platform.

This year the organizers received more than 600 applications. At the end of the summer, Financial Times journalists formed a short list of 16 finalists. It included books devoted to the following topics: competition in the field of artificial intelligence, Amazon’s role in global e-commerce, US defense procurement, the fight for lithium as a strategically important resource for the production of electric vehicles.

Among the books included in the long list of the award, there were works that touched on various aspects of the modern world. The organizers have selected books that present an economic analysis of the role of religion, as well as a study of changes in the corporate sector in the era of digitalization.

Not without iconic personalities. Particular attention was drawn to the autobiography of Gary Stevenson, a former swaps trader at Citigroup, who described his professional path and challenges in the world of high finance. Among the nominees was a book about Bill Gates, which highlights his role as a co-founder of Microsoft and one of the most influential philanthropists in the world.

Additional interest was caused by an investigation by The New York Times journalists entitled “Happy Loser: How Donald Trump squandered his father’s fortune and created the illusion of success.” In their book, Russ Buettner and Suzanne Craig analyzed Donald Trump’s tax documents and conducted dozens of interviews. They exposed the details of his financial manipulations and explained how the newly elected US president created the image of a successful billionaire despite significant financial losses. It is not surprising that this book became especially relevant after Trump’s victory in the presidential election.

In September, the award jury, which included Financial Times editor Rula Khalaf, representatives of the Japanese publication Nikkei, the Chicago Business School, the investment company Schroders and the Mozilla organization, narrowed the list to six finalists.

Books dedicated to:

• The impact of artificial intelligence on society and the economy, in particular its role in the transformation of markets and business processes.
• The Economics of Tribal Instincts, which analyzes how identity and social psychology influence global economic trends.
• Longevity topics and its implications for the economics of health care and pensions.

The final winner was chosen in October and it was Parma Olson’s book “The Advantage: AI, ChatGPT and the Race to Change the World” that most accurately captured key trends in the global economy and technology.

This choice confirms once again that the Financial Times is closely following the trends that not only define today, but also shape our future.