First Annual Dean’s Forum explores strategies for the new global economy (video)
February 5, 2010 - Waltham, MA
In what is to be the first in an annual series of addresses to students, Brandeis International Business School Dean Bruce Magid shared his views on the emerging global economy. In remarks entitled “Ascending and Descending Economies: The Battle for Global Economic Leadership in a Constrained, Connected, and Dangerous World,” Magid outlined a road map for countries to pursue in trying to compete in the new economic world order. “The world of the 90's has gone away,” he remarked, “what we haven't seen play out are the aftershocks.”
Magid explained that success in today’s economy requires a sharp focus on innovation and cited India and Israel as examples of countries investing appropriately for the future. He also suggested the “Four E’s” a country must engage in if they hope to thrive in today’s economy: education, the environment, energy, and exports.
Magid explained that success in today’s economy requires a sharp focus on innovation. He cited India and Israel as two examples of ascending economies--countries that are investing appropriately for the future. Portugal and Iceland were among his illustrations of descending economies in an era where global growth will be more constrained. He also suggested the “Four E’s” a country must engage in if they hope to thrive in today’s economy: education, the environment, energy, and exports. Magid argued that countries that diversify their economic base, create a culture of innovation and entrepreneurship, and ensure their domestic financial system is the most resilient to external shocks, will thrive.
In a lively question and answer period with students, Magid explored a wide variety of related issues including the speed and depth of China and the United States’ response to the global financial tsunami, and whether lightly regulated economies or state-sponsored ones would prove to be the best model for the coming decade. He closed the session with advice for students urging them to be “nimble, creative, and flexible,” as they begin to plan their careers in the new economic climate.
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