Word: processing
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Dates: during 1990-1999
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...downs of economic life. The turmoil of the past 18 months reflects the first systemic crisis of the global economy of the 21st century dominated by financial capitalism. It shows how much we are lagging behind in managing the implications and the initial results of the globalization process. And it illustrates the urgency to put in place the structures and the processes that will allow us to manage this new global reality, or globality, in a responsible...
This is the context that already last spring, led us at the World Economic Forum to make responsible globality the theme of this year's annual meeting in Davos. Of course there have been a lot of comments--gleeful or disappointed--about the globalization process being stalled or even in retreat and looking at the crisis as a setback for global capitalism. The actions taken by some economies to protect themselves from the vagaries of gigantic short-term capital flows swinging wildly on the basis of the herd instinct would seem to be a case in point...
...problem with globalization is that it will not go away because we don't like some of its worrisome implications or its destabilizing impact. The process is irreversible, if only because of the information technology and communications revolutions. The problem also is that contrary to some illusions, one cannot pick and choose in the package. Even if many governments would like to bar this or that aspect of globalization, or slow down its penetration, doing so amounts to a rearguard battle...
...real issue is how to manage the implications of the globalization process and turn it into a historic opportunity for greater wealth creation and distribution, into a tool for larger integration in the world economic system. That is especially important for regions that so far have been left on the sidelines and are condemned to oblivion and despair--maybe even violent revolt--if they are not given a chance and the means to integrate themselves into the world economy...
Governments will also be judged more and more on their ability to address the social repercussions of the globalization process and to find ways to balance its destabilizing impact. The new globality means a tremendous emphasis on speed, flexibility, versatility and permanent change--in some respects, insecurity. But, in most societies, the level of civilization is a function of the degree of security and predictability governments can provide for their citizens. Managing the trade-off between the unpredictability associated with flexibility and the desire for security will increasingly present a challenge...