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7 Notes: 7 BCG Henderson Institute analysis based on UK National Statistics, Department of Work and Pensions. The English West Midlands, the region with the highest “leave” vote, has experienced stagnating median household incomes for nearly two decades. The British vote to leave the European Union was motivated in large part by frustration with economic stagnation and inequality, and it has created fertile ground for nationalistic, anti-immigrant sentiment. 6 Notes: 6 Max Roser and Jesus Crespo Cuaresma, “ Why Is Income Inequality Increasing in the Developed World?” Review of Income and Wealth, March 2016.īrexit was a watershed. At the same time, technology-in particular, recent advances in robotics, machine intelligence, and distributed ledgers (blockchain)-could replace human labor in many areas, further compounding dislocation, inequality, and discontent. Everywhere,” Washington Post, 9 April 2016.Įconomic inequality within our societies is a byproduct of the way we have managed the past three and a half decades of global economic integration. 5 Notes: 5 See, for example, analyses from VoteView, reported by Philip Bump in “ Political Polarization Is Getting Worse. It also reflects people’s mistrust of political and corporate elites, who are seen as the architects of this state of affairs. Why this polarization? While there are many causes, and they vary from country to country, it reflects in large part widespread and growing dissatisfaction with entrenched economic and social inequality and greater personal uncertainty in a fast-changing global economy. Many worry that such a polarization of public opinion and policy making could introduce new risks and uncertainties that would deter investment (which is already far too low, judging by current interest rates) and undermine the basis for future prosperity. Societies in the United States and Europe are being fundamentally challenged in ways we have not seen for decades-with nationalistic rhetoric and agendas from the far right and a deep distrust of business, globalization, and technology from the far left. We Also Live in a Time of Growing Economic Inequality and Uncertainty These two forces have increased productivity, opened up markets, and created opportunities for billions of people to improve their lives.
Impacts of globalization on innovation free#
4 Notes: 4 Amartya Sen, Development as Freedom, Oxford University Press, 1999.Ĭarefully crafted policies for the free exchange of goods, services, capital, and labor-commonly known as globalization-and the march of technology have played essential roles. Human inventiveness, political leadership, social activism, and entrepreneurship have all contributed to what Nobel Prize winner Amartya Sen described as human freedom. These achievements have many fathers and mothers. In the developed world, we enjoy better medicines, education, information, connectivity, and mobility than most of us could have imagined a quarter century ago. 3 Notes: 3 Francisco Ferreira et al., “ A Global Count of the Extreme Poor in 2012,” World Bank Policy Research, 7432, October 2015. In emerging markets, billions of people have moved out of extreme poverty.
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2 Notes: 2 United Nations, Human Development Report, 2015. People around the world live longer, healthier lives than ever before. 1 Notes: 1 IMF, World Economic Outlook, January 2016. The world has never been more prosperous than it is today. We Live in a Time of Unprecedented Prosperity Given the tough constraints that CEOs face in attempting to transcend the intense focus on short-term returns, the “how” is at least as complex as the “what.” Nevertheless, we hope that this article will stimulate discussion on the business and society agenda for major corporations in developed countries and beyond. This piece offers a personal perspective on the root causes and implications of the current turmoil and what corporate leaders can do to shape conditions for continued prosperity.
Impacts of globalization on innovation drivers#
What does the political environment in many developed nations tell us about the sustainability of two of the major drivers of global economic progress: globalization and technology?
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Technology, Media, and Telecommunications.