Sunday, January 31, 2010

Global economic outlook!! - just gas!!!

After keen on Haiti problems, its time to move on with some serious stuff such as rethinking and redesigning, the topic for this year. People were keen to hear about “rethinking capitalism” by William George, professor of management practice, Harvard business school.

“A sudden global recession, massive government bail-outs and a steep loss of public trust in corporations have forced a re-examination of the spirit and structure of capitalism. What elements of market capitalism should be rethought? “The discussion had this in their mind, and got some key points (as summed up in the website)

The global financial meltdown has forced a critical re-evaluation of market capitalism

• Despite its flaws, global capitalism has done enormous good for the world by bringing people out of poverty. But it must be improved to serve everyone in the system

• Currently, we are in the middle of a financial crisis, an energy crisis and a job crisis, all of which result in a trust crisis. For capitalism to thrive once again, it must become a “cohesive capitalism”, coalescing individuals driven by market incentives but constrained by conscience

• There is a general need for a global regulatory framework. One panelist suggested that the World Economic Forum’s Global Redesign Initiative might encompass such a framework; others suggested that the G20 should formulate a structure

Global design Redesigned

Will this title end up with the ideas of Balki, as he explained in Paa recently! (A white globe made by Auro).

Effective global governance requires not only nations to agree on common goals but also to design and build the systems and institutions that can achieve them. The entire discussion was centered on “How can global governance are significantly improved in the 21st Century?”

These were the high lights on Day2.

Global development takes another day in their annual meeting

Global development forms a key part of the day's discussions, Climate change is a focal point, with a session on post-Copenhagen commitments, both immediate and long term. This is my area of interest. I am keen in watching this and following this for a long time.

But shocking, I couldn’t see any thing happening there. Still they are only “Talking”. As far I ve seen people are talking a lot but they are not doing anything. Complaining, blowing their own trumpet, and appreciating their own initiatives in global arena, these are some of those notable points during this summit.

Probably my expectations were too big. Let me see how day 4 would be.

Day 4, hoping for actions!

With a huge round of applause the day kicked off with marketing of football team of SA, for their forth coming world cup. Am not interested in this, cos I was keener on topic that was as hot as “Climate”. Yes, there is a plenary on climate change and trading, and global economic outlook.

As I was reading the transcripts of global economy outlook, I could find more and more interesting issues and statistics coming out of eminent personalities. The panel discussed about “Are we out of the mess and, if we are, what follows?”

I ll update other discussion on day 4 in my next post.


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