The New York Times

Why Apple Is the Future of Capitalism

THE FINANCIAL MODEL PIONEERED BY APPLE IS ENVIED AND COPIED BY OTHER COMPANIES. BUT GETTING IT WRONG IS A BIG RISK.

With Apple Inc. now exceeding $1 trillion in market capitalization, it’s tempting to understand this moment in terms of the dominance of all-too-large companies and technology in our lives.

Those interpretations obscure Apple’s other accomplishment — pioneering a financial model that is the envy of corporate America. Sure, Apple produces innovative phones and laptops, but look inside its sleek exterior and you’ll find an elegant financial machine

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