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World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolu­tion, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear­able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manu­facturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individu­als. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frame­works that advance progress.
This book explores the paradoxes and unique characteristics of the World Economic Forum, highlighting contemporary issues and debates on global governance, economic development and corporate social responsibility. The Forum is one of the most influential, but least understood, global institutions. Its annual meeting in Davos, Switzerland and its regional summits held around the world attract a significant and powerful audience from the worlds of business, economics, politics and civil society. The participants, who include business and political leaders, representatives of international institutions and civil society organizations, academia and the media, meet to debate issues of global concern and to develop possible solutions. Forum members see the organization as an innovative venue bringing together different types of stakeholders to solve global problems. To its critics, however, the Forum’s public face conceals a private venue for making business deals. With clear and concise sections, including boxes containing key ideas and arguments, The World Economic Forum is a much needed introduction to an important and controversial organization and will be of considerable interest to students and practitioners of international business, international political economy, economics, development, international relations, and globalization.
Reimagining our global economy so it becomes more sustainable and prosperous for all Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality within societies where productivity and wage growth has slowed. Second, we must reduce the dampening effect of monopoly market power wielded by large corporations on innovation and productivity gains. And finally, the short-sighted exploitation of natural resources that is corroding the environment and affecting the lives of many for the worse must end. The debate over the causes of the broken economy—laissez-faire government, poorly managed globalization, the rise of technology in favor of the few, or yet another reason—is wide open. Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet argues convincingly that if we don't start with recognizing the true shape of our problems, our current system will continue to fail us. To help us see our challenges more clearly, Schwab—the Founder and Executive Chairman of the World Economic Forum—looks for the real causes of our system's shortcomings, and for solutions in best practices from around the world in places as diverse as China, Denmark, Ethiopia, Germany, Indonesia, New Zealand, and Singapore. And in doing so, Schwab finds emerging examples of new ways of doing things that provide grounds for hope, including: Individual agency: how countries and policies can make a difference against large external forces A clearly defined social contract: agreement on shared values and goals allows government, business, and individuals to produce the most optimal outcomes Planning for future generations: short-sighted presentism harms our shared future, and that of those yet to be born Better measures of economic success: move beyond a myopic focus on GDP to more complete, human-scaled measures of societal flourishing By accurately describing our real situation, Stakeholder Capitalism is able to pinpoint achievable ways to deal with our problems. Chapter by chapter, Professor Schwab shows us that there are ways for everyone at all levels of society to reshape the broken pieces of the global economy and—country by country, company by company, and citizen by citizen—glue them back together in a way that benefits us all.
Disentangling discretionary governance -- Liquid mandate -- Setting precedence -- The status machinery -- Mobilizing for the future -- Political sway -- Conclusions : a new narrative for future globalization?
A multi-disciplinary investigation of how economic globalization can help achieve the UN's 2030 Agenda, exploring trade-offs among the Goals.
A brilliant analysis of the transition in world economics, finance, and power as the era of globalization ends and gives way to new power centers and institutions. The world is at a turning point similar to the fall of communism. Then, many focused on the collapse itself, and failed to see that a bigger trend, globalization, was about to take hold. The benefits of globalization--through the freer flow of money, people, ideas, and trade--have been many. But rather than a world that is flat, what has emerged is one of jagged peaks and rough, deep valleys characterized by wealth inequality, indebtedness, political recession, and imbalances across the world's economies. These peaks and valleys are undergoing what Michael O'Sullivan calls "the levelling"--a major transition in world economics, finance, and power. What's next is a levelling-out of wealth between poor and rich countries, of power between nations and regions, of political accountability from elites to the people, and of institutional power away from central banks and defunct twentieth-century institutions such as the WTO and the IMF. O'Sullivan then moves to ways we can develop new, pragmatic solutions to such critical problems as political discontent, stunted economic growth, the productive functioning of finance, and political-economic structures that serve broader needs. The Levelling comes at a crucial time in the rise and fall of nations. It has special importance for the US as its place in the world undergoes radical change--the ebbing of influence, profound questions over its economic model, societal decay, and the turmoil of public life.
This book proposes a new, pragmatic way of approaching economic development which features policy learning based on a comparison of international best policy practices. While the important role of government in promoting private sector development is being recognized, policy discussion often remains general without details as to what exactly to do and how to avoid common pitfalls. This book fills the gap by showing concrete policy contents, procedures, and organizations adopted in high-performing East Asian economies. Natural resources and foreign aid and investment can take a country to a certain income level, but growth stalls when given advantages are exhausted. Economies will be caught in middle income traps if growth impetus is not internally generated. Meanwhile, countries that have soared to high income introduced mindset, policies, and institutions that encouraged, or even forced, accumulation of human capital – skills, technology, and knowledge. How this can be done systematically is the main topic of policy learning. However, government should not randomly adopt what Singapore or Taiwan did in the past. A continued march to prosperity is possible only when policy makers acquire capability to formulate policy suitable for local context after studying a number of international experiences. Developing countries wanting to adopt effective industrial strategies but not knowing where to start will benefit greatly by the ideas and hands-on examples presented by the author. Students of development economics will find a new methodological perspective which can supplement the ongoing industrial policy debate. The book also gives an excellent account of national pride and pragmatism exhibited by officials in East Asia who produced remarkable economic growth, as well as serious effort by an African country to emulate this miracle. The Open Access version of this book, available at http://www.taylorfrancis.com/doi/view/10.4324/9780203085530 has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.
Community development expert Ilana Preuss explains how local leaders can revitalize their downtowns or neighborhood main streets by bringing in and supporting small-scale manufacturing. Small-scale manufacturing businesses help create thriving places, with local business ownership opportunities and well-paying jobs that other business types can't fulfill.
An oft-cited strategy to advance economic development is to further integrate developing countries into global trade, particularly through global value chains, bolstered by the expansion of female-intensive industries to bring more women into the formal labor force. As a result, a frequent debate centers on whether the apparel industry--the most female-intensive and globally engaged manufacturing industry--can be a key player in this strategy. In recent decades, the apparel industry has shifted production to low-wage developing countries, increasing the demand for women, closing male-female wage gaps, and bringing women into the formal labor force from agriculture and informal work. But is an apparel-led export strategy sufficient to induce a broader transition from jobs women do to survive to careers promising stable employment and a sense of identity? 'From Jobs to Careers' answers this question by focusing on seven countries where apparel plays a vital role in their export baskets--Bangladesh, Cambodia, the Arab Republic of Egypt, Pakistan, Sri Lanka, Turkey, and Vietnam. It finds that the apparel industry indeed can serve as a launching pad to bring more women into the labor market. For this approach to work, however, complementary policies must tackle the barriers that hinder women's pursuit of long-term workforce participation and better-paid occupations. Key policy recommendations include increasing the participation of female production workers in export-oriented apparel manufacturing and associated industries, upgrading within manufacturing-related industries, boosting access to education, and breaking glass ceilings. The report also seeks to shift the paradigm of how we think of women in the labor force by stressing the importance of their transition from jobs to careers--the so-called 'quiet revolution.'