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Impact: Reshaping Capitalism to Drive Real Change
Throughout the world, capitalism and democracy are being challenged with great force. The world must change, but we cannot change it by throwing money at old ideas that no longer work. We need a new path to a new world where inequality is shrinking, where natural resources are regenerated, and people can benefit from shared prosperity. This is the world being created by the Impact Revolution. Preeminent international investor, entrepreneur, philanthropist, and social finance innovator, Sir Ronald Cohen, has dedicated two decades to leading the Impact Revolution to achieve real social and environmental change. As one of the founders of venture capital, which ushered in the Tech Revolution, he builds on his years of personal experience to deliver a compelling account of how impact investing is reshaping capitalism. Whether you're an aspiring young entrepreneur, an established business person, an investor, a philanthropist, or somebody in government - or are interested, as a consumer or employee, in companies doing good and doing well at the same time - this book is a sure fire way to find out how you can play a role in changing the world.
256 pages, Hardcover
Published November 3, 2020
157 people are currently reading
1567 people want to read
About the author
Ronald Cohen
2 books17 followersSir Ronald Cohen is Chairman of the Global Steering Group for Impact Investment and The Portland Trust. He is a co-founding director of Social Finance UK, USA, and Israel, and co-founding Chair of Bridges Fund Management and Big Society Capital.
For nearly two decades, Sir Ronald’s pioneering initiatives in driving impact investment have catalyzed a number of global efforts, each focused on driving private capital to serve social and environmental good. These efforts are leading the global impact investment movement towards an Impact Revolution.
He chaired the Social Impact Investment Taskforce established under the UK’s presidency of the G8 (2013-2015), the Social Investment Task Force (2000-2010) and the Commission on Unclaimed Assets (2005-2007). In 2012 he received the Rockefeller Foundation’s Innovation Award for innovation in social finance.
He co-founded and was Executive Chairman of Apax Partners Worldwide LLP (1972-2005). He was a founder director and Chairman of the British Venture Capital Association and a founder director of the European Venture Capital Association.
He is a member of the Board of Dean’s Advisors at Harvard Business School and a Vice-Chairman of Ben Gurion University; a former member of the Harvard University Board of Overseers; a former director of the Harvard Management Company and the University of Oxford Investment Committee; a former trustee of the British Museum; and a former trustee of the International Institute for Strategic Studies.
He is a graduate of Oxford University, where he was President of the Oxford Union and serves as an Honorary Fellow of Exeter College. He has an MBA from Harvard Business School to which he was awarded a Henry Fellowship.
In 2007, Sir Ronald published: The Second Bounce of the Ball – Turning Risk into Opportunity and today has authored, IMPACT.”
Sir Ronald lives in Tel Aviv, London, and New York with his wife of more than thirty years, Sharon Harel-Cohen, who is a film producer. They have two children, Tamara and Jonny.
For nearly two decades, Sir Ronald’s pioneering initiatives in driving impact investment have catalyzed a number of global efforts, each focused on driving private capital to serve social and environmental good. These efforts are leading the global impact investment movement towards an Impact Revolution.
He chaired the Social Impact Investment Taskforce established under the UK’s presidency of the G8 (2013-2015), the Social Investment Task Force (2000-2010) and the Commission on Unclaimed Assets (2005-2007). In 2012 he received the Rockefeller Foundation’s Innovation Award for innovation in social finance.
He co-founded and was Executive Chairman of Apax Partners Worldwide LLP (1972-2005). He was a founder director and Chairman of the British Venture Capital Association and a founder director of the European Venture Capital Association.
He is a member of the Board of Dean’s Advisors at Harvard Business School and a Vice-Chairman of Ben Gurion University; a former member of the Harvard University Board of Overseers; a former director of the Harvard Management Company and the University of Oxford Investment Committee; a former trustee of the British Museum; and a former trustee of the International Institute for Strategic Studies.
He is a graduate of Oxford University, where he was President of the Oxford Union and serves as an Honorary Fellow of Exeter College. He has an MBA from Harvard Business School to which he was awarded a Henry Fellowship.
In 2007, Sir Ronald published: The Second Bounce of the Ball – Turning Risk into Opportunity and today has authored, IMPACT.”
Sir Ronald lives in Tel Aviv, London, and New York with his wife of more than thirty years, Sharon Harel-Cohen, who is a film producer. They have two children, Tamara and Jonny.
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Displaying 1 - 30 of 41 reviews
September 14, 2020
a bit preachy and repetitive; for a counter opinion see https://hbr.org/2020/07/impact-invest...
January 8, 2023
For such an overwhelmingly ambitious and one-sided thesis (that an emerging 'revolution' based around a measurement of social impact as well as risk/reward will reshape capitalism into a sustainable system with an inbuilt moral light), this book was remarkably under-researched and lightly argued.
It attempts to be both a manifesto and an informative survey, but the constraints of the former hinder the latter greatly. Huuuge claims (e.g. the whole reason philanthropy doesn't function efficiently is that 'impact' isn't measured in a standardised way) are feebly backed up by a single citation of a random PDF (not even a survey or compendium of other papers), and immediately obvious criticisms are dismissed in single sentences or left entirely unaddressed. (To stick with philanthropy, how will measuring "impact" not end up favouring charities with immediate, quick and easily visible goals and ignoring those tackling deeper and more ingrained issues?)
Simply put, despite its lofty ambitions, this book has none of the rigour and scholarship needed to back them up. It feels like something written hastily to stir up buzz and speculation, but the solutions to capitalism's ills (which to its credit, the book will readily point out) seem less likely to solve its problems than merely to replicate them in the public sphere. The concept of "impact" implicitly figures social services as businesses, with social change and improvement likened to (indeed forced into the box of) "profit". The idea that something as complex and intersecting as "social betterment" can be quantitatively standardised is ludicrous (it only seems helpful in cutting immediately visible and obvious environmental/social problems, rather than in encouraging actual, long-term change), and feels like the ramblings of your average utopian capitalist after reading too much Adam Smith.
On that note, the thinking of economists like Smith and Keynes is treated as presupposed, and never questioned. The maxim "economics without ethics is criminal; ethics without economics is impossible" is repeated multiple times and attributed to multiple different people here, but what this "economics" actually entails is, despite the book's sub-title, banal and deeply unrevolutionary. Cohen strikes me as a moral and good-natured person, but one way too ingrained in a soup of cliché about entrepreneurship and the power of business incentive to consider the possibility that (to reframe Bono's cute claim on the back cover) capitalism is not amoral, but immoral.
It attempts to be both a manifesto and an informative survey, but the constraints of the former hinder the latter greatly. Huuuge claims (e.g. the whole reason philanthropy doesn't function efficiently is that 'impact' isn't measured in a standardised way) are feebly backed up by a single citation of a random PDF (not even a survey or compendium of other papers), and immediately obvious criticisms are dismissed in single sentences or left entirely unaddressed. (To stick with philanthropy, how will measuring "impact" not end up favouring charities with immediate, quick and easily visible goals and ignoring those tackling deeper and more ingrained issues?)
Simply put, despite its lofty ambitions, this book has none of the rigour and scholarship needed to back them up. It feels like something written hastily to stir up buzz and speculation, but the solutions to capitalism's ills (which to its credit, the book will readily point out) seem less likely to solve its problems than merely to replicate them in the public sphere. The concept of "impact" implicitly figures social services as businesses, with social change and improvement likened to (indeed forced into the box of) "profit". The idea that something as complex and intersecting as "social betterment" can be quantitatively standardised is ludicrous (it only seems helpful in cutting immediately visible and obvious environmental/social problems, rather than in encouraging actual, long-term change), and feels like the ramblings of your average utopian capitalist after reading too much Adam Smith.
On that note, the thinking of economists like Smith and Keynes is treated as presupposed, and never questioned. The maxim "economics without ethics is criminal; ethics without economics is impossible" is repeated multiple times and attributed to multiple different people here, but what this "economics" actually entails is, despite the book's sub-title, banal and deeply unrevolutionary. Cohen strikes me as a moral and good-natured person, but one way too ingrained in a soup of cliché about entrepreneurship and the power of business incentive to consider the possibility that (to reframe Bono's cute claim on the back cover) capitalism is not amoral, but immoral.
December 29, 2020
This book tackles a topic that can be somewhat controversial since it is difficult to fully prove one perspective over another. Impact Investment can be a good step towards a greener future, but the goal isn't just to reduce carbon emissions but to reduce it fast enough in time. That's where things get complicated since Impact investing attempts to seem like a win win for big corp, environmentalists, and investors; however environmental effects are diluted in such scenarios.
This book does provide a solid argument for the Impact Investment but make sure to explore the other side of the coin too.
This book does provide a solid argument for the Impact Investment but make sure to explore the other side of the coin too.
July 11, 2021
First, let me say I am likely not the intended audience. Working in the impact investing space, I knew already most of what the book mentioned and agreed with the author's claim that "we must reshape capitalism so that it delivers its promise to increase prosperity and social progress for all". I think this is a book for mainstream investors, for corporates, for politicians to make them aware of the strides made across the sector and encourage everyone to jump on the impact train.
Now that being said, I was heavily disappointed with the book. Written by "the father of impact investing", I expected the book to be more than a superficial overview or a 101 of the impact space. I appreciated the effort to include some advice on what governments can do, but there was nothing ground-breaking in those recommendations, simply an overview of what governments across the globe (in particular the UK) have done.
Additionally, the author made many bold claims without any compelling justification. For example: that impact can be measured more easily than risk (which might be true but nothing in the book clarified why the author thinks so). The claim that impact-weighted accounts are "the key to reducing environmental damage caused by companies and achieving our environmental goals" is at best a broad oversimplification of the challenge we face and at worst a very naive take on the climate crisis. Investors already know which companies produce externalities and it can already be measured or at least estimated. The claim that "the redistribution of economic and social outcomes can only come through our economic system" again felt to me like a bold statement: what about the public sector and political system, the education system, etc. The author argues that everyone is thinking about impact but, whilst he uses Danone several times as an example, it is interesting to note that Danone's CEO was recently fired by shareholders, which led to many observers discussing the limit of investors' support for impact and progressiveness.
The more disturbing claim in my view is to argue that impact investing can achieve amazing financial returns, possibly above and beyond market-rate of returns. I simply do not believe this is true. This is a dream that has been sold to investors to create a business case for impact, but it's a claim that leads to investors refusing to lower their return in exchange for higher impact (in the damaging belief that they do not need to!). For products and services to serve underserved segments of the population, a lower cost of capital or more patient capital is often needed.
I could go on and on.
Overall, the book felt like a glossy and oversimplified view of the space that aimed to encourage everyone to change capitalism and create a better system (a goal which I applaud) but severely lacked nuance and compelling arguments - a missed opportunity for is meant to be a rallying cry for impact!
Now that being said, I was heavily disappointed with the book. Written by "the father of impact investing", I expected the book to be more than a superficial overview or a 101 of the impact space. I appreciated the effort to include some advice on what governments can do, but there was nothing ground-breaking in those recommendations, simply an overview of what governments across the globe (in particular the UK) have done.
Additionally, the author made many bold claims without any compelling justification. For example: that impact can be measured more easily than risk (which might be true but nothing in the book clarified why the author thinks so). The claim that impact-weighted accounts are "the key to reducing environmental damage caused by companies and achieving our environmental goals" is at best a broad oversimplification of the challenge we face and at worst a very naive take on the climate crisis. Investors already know which companies produce externalities and it can already be measured or at least estimated. The claim that "the redistribution of economic and social outcomes can only come through our economic system" again felt to me like a bold statement: what about the public sector and political system, the education system, etc. The author argues that everyone is thinking about impact but, whilst he uses Danone several times as an example, it is interesting to note that Danone's CEO was recently fired by shareholders, which led to many observers discussing the limit of investors' support for impact and progressiveness.
The more disturbing claim in my view is to argue that impact investing can achieve amazing financial returns, possibly above and beyond market-rate of returns. I simply do not believe this is true. This is a dream that has been sold to investors to create a business case for impact, but it's a claim that leads to investors refusing to lower their return in exchange for higher impact (in the damaging belief that they do not need to!). For products and services to serve underserved segments of the population, a lower cost of capital or more patient capital is often needed.
I could go on and on.
Overall, the book felt like a glossy and oversimplified view of the space that aimed to encourage everyone to change capitalism and create a better system (a goal which I applaud) but severely lacked nuance and compelling arguments - a missed opportunity for is meant to be a rallying cry for impact!
December 26, 2020
Author Ronald Cohen explores how we can redesign capitalism to create impressive change. The book explains the connection between the financial and social world and how the current capitalist society has tried to make positive change only to cause corruption.
Cohen describes how his Impact Revolution is designed to make a positive impact in the social, financial, and environmental worlds. By innovating new ideas, Cohen believes we can make the world a better place in all industries.
Besides offering his solution to the current problems, Cohen goes into great detail about the situations that have caused these issues throughout history. The author also gives real-life examples as to how people have been affected by them but also how they found inspiration to work through them.
While informative, there is a lot of information to take in. It can be a little overwhelming sometimes, but it’s worth taking the time to read.
Cohen describes how his Impact Revolution is designed to make a positive impact in the social, financial, and environmental worlds. By innovating new ideas, Cohen believes we can make the world a better place in all industries.
Besides offering his solution to the current problems, Cohen goes into great detail about the situations that have caused these issues throughout history. The author also gives real-life examples as to how people have been affected by them but also how they found inspiration to work through them.
While informative, there is a lot of information to take in. It can be a little overwhelming sometimes, but it’s worth taking the time to read.
December 26, 2020
Good book and a very important subject matter that deserves to be heard, with promising and actionable next steps for how we move towards an economy that focusses on impact and not just profit. However, I found the text repetitive and the lists of things done to date/names of people who’d done them a little tedious, which made finishing this book tougher than expected.
January 18, 2021
Loved the great ideas in this book, along with the concept and revolution behind risk-return-impact. It was also interesting to learn about different specific companies and how they are applying these concepts. However, I found there was a bit of repetition and it left me wanting to learn more about how specifically we should measure impact.
March 5, 2021
Impactful
If the reader has an interest in capitalism, this is a good book to read. Cohen has provided a manual of a sort for those of us looking to educate ourselves and do better for ourselves as well. It details things that do not seem right (or are not right) in our economy. The way this book is written, inspired me to try to do my part in society. I feel a need to try and make a difference, small though it might be. I had not thought of capitalism being in favor to those who invent or other creative minds and not the workers. This was a major point for me as I come from a working-class family, who have had to make ends meet with what we have. I feel a lot of us are in similar situations. I loved the different point of view this gave me to see my world different. I would recommend this book to anyone as Cohen has written it in a way in which it could help anyone. Loved it!
If the reader has an interest in capitalism, this is a good book to read. Cohen has provided a manual of a sort for those of us looking to educate ourselves and do better for ourselves as well. It details things that do not seem right (or are not right) in our economy. The way this book is written, inspired me to try to do my part in society. I feel a need to try and make a difference, small though it might be. I had not thought of capitalism being in favor to those who invent or other creative minds and not the workers. This was a major point for me as I come from a working-class family, who have had to make ends meet with what we have. I feel a lot of us are in similar situations. I loved the different point of view this gave me to see my world different. I would recommend this book to anyone as Cohen has written it in a way in which it could help anyone. Loved it!
December 6, 2021
The book - or manifesto - gives a good overview of what impact investing is, provides an inspiring vision for the future of our economic system, and concrete steps that various stakeholders (companies, entrepreneurs, investors, foundations and governments) can take to help reshape capitalism. However, although inspiring, I agree with other reviews that it can be a bit repetitive at times, and that exploring challenges to be faced and counterarguments would have strengthened the argument. Overall, it is a book that aims at suggesting an alternative vision of what our economic system could be like in the future to people who are not familiar with the concept of impact investing, rather than for people with a basic knowledge of the topic aiming to lear more about it and understand its complexities.
January 16, 2021
Nice overview of the return-risk-impact paradigm and it’s relevance to governments, philanthropy and businesses. The impact movement is astutely positioned as the next big thing after the Tech Revolution and is fairly detailed, if a little broad in the citing of examples.
Interesting to learn the UK’s status as an early adopter of impact thinking, as early as during Cameron’s years as PM. Those early examples helped me to grasp the concept of SIBs and DIBs as the vehicle for funding, getting a payout at a multiple for a certain societal outcome, out of the money saved.
In all a good adjunct to the usual notions of the invisible hand of the market, ie the invisible heart. Complements what many of my classmates think about when they talk about impact.
Interesting to learn the UK’s status as an early adopter of impact thinking, as early as during Cameron’s years as PM. Those early examples helped me to grasp the concept of SIBs and DIBs as the vehicle for funding, getting a payout at a multiple for a certain societal outcome, out of the money saved.
In all a good adjunct to the usual notions of the invisible hand of the market, ie the invisible heart. Complements what many of my classmates think about when they talk about impact.
March 4, 2021
I would recommend this book to everyone, from young adults to grownups. I think that there is plenty of important, substantial information to develop our lives. What I like the most is the simple language and the clear narrative, because there are big topics that I could get in the lightest way. It is not necessary to have specific knowledge in many areas to understand successfully. Also, it brings new hope and perspective to the future of the economy.
With this book, Ronald Cohen, explains how to use Capitalism to change human life and make a healthier economy system and not lose moral equality. The author is fairly expert in subjects just like economy and finance; all the information that is shared on this book has a solid background of study and science.
With this book, Ronald Cohen, explains how to use Capitalism to change human life and make a healthier economy system and not lose moral equality. The author is fairly expert in subjects just like economy and finance; all the information that is shared on this book has a solid background of study and science.
April 5, 2025
Es un buen libro introductorio al mundo del impacto social, la inversión de impacto y los bonos de impacto social. Es fácil de leer, pero muy casuístico. No entra en los detalles de las finanzas de impacto, sino que se mantiene en un nivel alto de explicación. Creo que este libro envejeció mal, fue escrito en 2019-2020 creo, y es demasiado optimista sobre el cambio en el sistema económico que estaba empezando con los ODS y el movimiento de capital hacia el impacto. Creo que le faltó hablar de los riesgos, las barreras, lo que puede salir (y ha salido) mal.
Teniendo en cuenta esas limitaciones, es interesante para alguien que no se ha acercado a este tema y te cuenta la historia de la inversión de impacto con detalle.
Teniendo en cuenta esas limitaciones, es interesante para alguien que no se ha acercado a este tema y te cuenta la historia de la inversión de impacto con detalle.
August 23, 2025
Glossy and oversimplified, yes, but this to me is the nonfiction epitome of progress over perfection. This body of thought is indeed revolutionary for most and acutely needed in this political moment.
Sir Ronald Cohen is not a writer and you should not expect this book to wow you in its color or prose. Nor should you expect to learn all of the details for the “how” of impact capitalism if you are an investment professional. This book is straightforwardly about the “what” and the “why.”
Take it for what it is, and spread it to your friends, colleagues, and representatives. The whole point is to implement and iterate.
As he quotes in the book, “It is better to be roughly right than precisely wrong,” and “There is no path. Paths are made by walking.”
Sir Ronald Cohen is not a writer and you should not expect this book to wow you in its color or prose. Nor should you expect to learn all of the details for the “how” of impact capitalism if you are an investment professional. This book is straightforwardly about the “what” and the “why.”
Take it for what it is, and spread it to your friends, colleagues, and representatives. The whole point is to implement and iterate.
As he quotes in the book, “It is better to be roughly right than precisely wrong,” and “There is no path. Paths are made by walking.”
February 26, 2021
Impact: Reshaping capitalism to drive real change by Ronald Cohen is one of those books that is highly relevant right now and possibly in the future as well. The events of the last year have predisposed many to re-think business and its impact on society. Here the author lays out a scenario that can not only improve and grow business but does so in a way that benefits humanity. There are plenty of examples within this book on how to reach this end. Written in a clear, concise, yet friendly manner, this is the perfect book to encourage change and influence the direction of society. Highly recommend for an insightful journey to success and humanitarian change in the world.
March 31, 2023
A perfectly functional book; just not exactly inspiring. Sir Ronald's biggest contribution to the world isn't as a social science author but in the real-world contribution he's made in bringing impact-led capital to places where it can do the most good. He's not an outstanding writer, but he's a perfectly capable writer. The book has some useful anecdotes that can be used in conversation with reluctant directors.
As a study in effective ESG investment, it does what it says on the tin, apart from a few questionable assumptions on the state of the world which could be debated in the pub over a pint.
As a study in effective ESG investment, it does what it says on the tin, apart from a few questionable assumptions on the state of the world which could be debated in the pub over a pint.
March 4, 2021
Impact investing for the future
This book takes a comprehensive look at investing as it has matured and changed over the last two decades. This book takes a look at equality and a capitalist system that rewards the creative as opposed to the workers. This is a look at how to level the field and make it a more equitable sharing of the rewards. A good read that has some really solid strategies and ideas for the future. Check this one out and you can get a glimpse of what is possible for our future and the equality of our society.
This book takes a comprehensive look at investing as it has matured and changed over the last two decades. This book takes a look at equality and a capitalist system that rewards the creative as opposed to the workers. This is a look at how to level the field and make it a more equitable sharing of the rewards. A good read that has some really solid strategies and ideas for the future. Check this one out and you can get a glimpse of what is possible for our future and the equality of our society.
January 8, 2021
I think this book gave an insightful view of the future of investing through impact. At a time when social and environmental issues seem overhwleming, this gives some hope for the future. I do think some of the book was repetitive. I think some areas would benefit from restructuring the topics for a better flow. For instance, I would have liked some of the history that he powered through at the end of the book to be moved to the beginning. I think it broke up the power of the ending.
July 8, 2020
As we navigate these challenging times, Impact comes as a much needed reminder from a true visionary that securing our shared future is within reach. Obligatory reading for anyone with any interest in investing, current affairs and our future.
September 15, 2021
Though optimization functions can be changed. Matching the incentives, to the function can be difficult; impact, as an idea has this problem. Changes, in attitudes and behavior, probably will make a difference, but it might be somewhat limited.
April 9, 2023
Quite underwhelmed with this book - perhaps I might not be the audience given I work in this field but even if you've never heard of impact investing and want an 101 overview this book is quite redundant
July 11, 2020
An important life changing book
July 23, 2020
It's a good book to get an overview of what is currently happening in this field.
August 24, 2020
Good introduction. Great review of state of the market and government. Not really actionable from non profit perspective, mainly about what government is and should do.
October 28, 2020
As one of the original pioneers of Venture Capital, Sir Ronald delivers an instinctive, practical guide for reorienting our capital markets and a motivating view on the opportunity that lies before us.
For anyone considering diving into the world of a impact Investing, this book is not a technical
guide of detailed impact accounting principles but is certainly the one to read before all the others..
Stick with it! - the book moves beyond an account of a few early, narrow social-investment examples and elevates to provide a set of global, long-term operating principles that have the potential to rewire capital markets over the coming decades.
For anyone considering diving into the world of a impact Investing, this book is not a technical
guide of detailed impact accounting principles but is certainly the one to read before all the others..
Stick with it! - the book moves beyond an account of a few early, narrow social-investment examples and elevates to provide a set of global, long-term operating principles that have the potential to rewire capital markets over the coming decades.
January 28, 2021
Measurement, I hope is not a wishful thinking, I want to see it! Just as we measure financial ratios, we have to measure social and development results.
February 27, 2021
Definitely an inspiring book for those even slightly inclined towards impact investing
May 23, 2021
A bit repetitive, explaining over and over what is impact investment and why is it so needed. It had some good points though
June 13, 2021
Another great book by Sir Ronald Cohen. Indispensable for anyone working (or thinking of working) on the impact economy ecosystem. Recommended!
September 9, 2021
Good intro to impact finance and its power to change capitalism, with inspiring examples of companies including non-profit objectives in their mission.
January 5, 2022
Too high level and lack of the detailed methodology
Displaying 1 - 30 of 41 reviews