Global Trend

The Economic Times - - The Edit Page -

The era of glob­al­i­sa­tion will un­leash a wave of tech­no­log­i­cal, eco­nomic and so­ci­o­log­i­cal change as for­mi­da­ble as the ones that shook my home­town in the 20th cen­tury and the changes brought on by the in­ter­net and digi­ti­sa­tion as I was leav­ing col­lege 20 years ago.

In busi­ness ar­eas as far afield as life sciences, fi­nance, war­fare and farm, if you can imag­ine an ad­vance, some­body is work­ing on how to de­velop and com­mer­cialise it. The places where in­no­va­tion gets com­mer­cialised are ex­pand­ing. In the US, break­throughs are com­ing not only from Sil­i­con Val­ley, from the Route 128 cor­ri­dor around Bos­ton, or from North Carolina’s re­search tri­an­gle. They are be­gin­ning to come out of Utah, Min­nesota, Wash­ing­ton DC and suburbs in Vir­ginia and Mary­land.

Af­ter years of growth rooted in low-cost labour, there are promis­ing signs of in­no­va­tion com­ing from the three bil­lion peo­ple who live in In­done­sia, Brazil, In­dia and China. Latin Amer­i­can coun­tries with a face to the Pa­cific, in­clud­ing Chile, Peru, Colom­bia and Mex­ico, ap­pear to have fig­ured out how to po­si­tion them­selves in the global econ­omy.

The high­est-skilled labour mar­kets in Europe are pro­duc­ing star­tups that make Sil­i­con Val­ley en­vi­ous, and in tiny Es­to­nia, the en­tire econ­omy seems to be an e-con­omy.… Africa’s en­trepreneurs are now chang­ing the face of the con­ti­nent, fu­elling de­vel­op­ment and cre­at­ing a new class of glob­ally com­pet­i­tive busi­nesses.

From “The In­dus­tries of the Fu­ture”

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