All the pieces are in place for the 21st century to be the Asia-Pacific century. But the boom – led by China – will be driven by consumers and by markets, not by governments. Asia (excluding Japan) will be the driver of growth in the US and Europe, rather than the other way round. And,…
Forecasting the world economic outlook has rarely been trickier. Japan is floundering in stagnation, Europe is headed into a similar mire and even the US seems destined for deflation. Henry Kaufman, the Wall Street economist and financial consultant, offers his views on the state of the US and world economy. As he sees it, one…
A story of division and reconciliation by Paulo Coelho – Centuries before the media were filled with news of the so-called “effects of globalization”, Sheikh Qalandar Shah told the following story in his book Asrar-I-Khilwatia (“Secrets of the Solitary”). In eastern Armenia there was once a tiny village that had grown up along two parallel…
If we truly want a world defined by economic opportunity and security – and not by division, inequality and conflict – then we must embrace the whole world, says Bill Clinton. Nowhere is this need more pressing than in Africa, the most misunderstood and underestimated continent of all. Africa matters. We ignore it at our…
Emerging markets need capital to develop and grow, says Mervyn Davies. But there is a marked distinction between “good” and “bad” capital. Policy-makers must ensure that the right environment exists for international investors and companies – and that capital inflows benefit rather than harm their developing economies – Global capital flows to the emerging markets…
Sustainable development is about business, not philanthropy. It is about performance, not promises. But, says Philip Watts, it is a responsibility that business cannot shirk. The future of our planet and of human society depends on sustainable development. Business has an essential role in contributing to this – by finding innovative ways of meeting present…
US accounting scandals have done nothing to help the cause of better corporate governance in emerging markets. Despite the lack of a role model, corporate standards in developing countries are improving slowly – through better transparency, disclosure and accountability. And it is clear that investors and financial markets are starting to reward companies that have…
Crisis prevention in emerging markets has improved a good deal in recent years, says Josef Ackermann. But a stronger and more stable international financial system also needs better crisis management. – As we move towards our shared goal of a more stable financial system, we need a recipe for an institutional framework that fits the…
Nowhere in the world is the loss of faith in big business more evident than in developing countries. But multinational companies can do a great deal to improve local governance in these countries – and, in doing so, help their own interests. The world is coming out of a decade of enormous prosperity and success…
A company’s reputation as a corporate citizen will increasingly determine whether customers choose to do business with it or not, says Uwe Dörken. The logistics and transportation sector plays a fundamental role in economic development and as the enabler of global commerce. However, social and environmental topics such as climate change, oil tanker spills, airport…
