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[E100 Alert] Briefing for the Millennium Bretton Woods - (August 2009) |
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Dear
E100: |
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The Economist Cover Story
[18 July 2009] |
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NONE
of us has been untouched by the current global economic meltdown. The cover
story of The Economist – “What
went wrong with Economics?” – provides us a platform: |
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“But a
broader change in mindset is still needed.
Economists need to
reach out from their specialised silos:
macroeconomists
must understand finance,
and finance
professors need to think harder about the context within which markets work.
And everybody
needs to work harder on understanding asset bubbles
and what happens
when they burst.
For in the end
economists are social scientists,
trying to
understand the real world.
And the financial
crisis has changed that world.” |
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Hosted
by E100 Esko Kilpi (Finland), an E100 Roundtable in Helsinki (2003) resulted
in a ‘Call
for the Bretton Woods of the Knowledge Economy’. Scan the Roundtable
Summary in light of our economic conditions today. |
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Knowledge/Innovation Economics: |
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ENTOVATION
has a robust history of theory and practice in this new global knowledge,
networked economy. Many of YOU have played an integral role. Together we
produced the trilogy of books - Knowledge Economics:
Principles, Practices and Policies. We even discovered a Society
of Knowledge Economics in Australia! |
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At
last count, we have (at least) 20 prominent professionals who have made
significant contributions to the theory and/or practice of this new
performance measurement profession. Many of you are already familiar with
Leif Edvinsson being the 1st Chief IC Officer as well as E100
Baruch Lev convening seminal
conferences at the Stern School at New York University. |
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Less
familiar may be the recent E100 contributions: |
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Years
before, Dr. R.A.Mashelkar (India) produced an article – “The Economics of
Knowledge.” Mario Raich (Switzerland) produced an article on “Economics in a
Knowledge Age”. And of course, there were the economic giants (e.g., Joseph Schumpeter, Karl
Polyani, Fritz Machlup, et al) upon whose shoulders we all stand. |
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Now,
we find that Michael Mandel, Chief Economist of BusinessWeek, describes all as Innovation
Economics; and E100 Rob Atkinson (USA) and head of the ITIF (Information
Technology and Innovation Foundation) has a website dedicated to Innovation Economics. Perhaps
you want to gauge your own economic biases?! |
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Thanks
to E100 Iain Russell (Scotland) and E100 Giovanni Schiuma (Italy), I was invited to keynote the 2009 IFKAD (International Forum on Knowledge Asset
Dynamics). I selected the Trapeze Parable – something I had learned from a
conference in Venezuela. In the keynote, I made the case that we were
suspended in this economic meltdown, and now was the time to Call for the Millennium
Bretton Woods. |
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Many
of you may already be familiar with Science-Business, a media
firm operating out of Brussels dedicated to the European community. They
picked up the gauntlet and held a Conference and even have issued a Declaration.
They invited me to offer my Viewpoint.
My conclusion was three-fold which leads us to our New York December
Roundtable: |
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What else might we expect from a Bretton Woods of the Knowledge
Economy? |
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§ International dialogue about the new interdependent world order emerging in our
networked global economy, based upon knowledge flow, innovation systems, and
international collaboration.
§ A Knowledge Innovation Mesh where all communities of
common interest – geographic, industry and virtual - can participate in
creating a ‘world trade of ideas’.
§ A World Collaboration Index – incorporating the best of
intangible and tangible performance indices, however imperfect – to monitor
the impact of building upon the strengths of one another. |
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Richard
Hudson, the Editor, is being added as an E100. More important, we are now
planning an international meeting on the topic for June 2010. December will
establish a building block for the discussion. |
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Now
consider the new development of Chief Innovation Officers. E100 Mary Adams, IC Advisors,
produced (2006) an Intellectual
Capital (IC) report of Chief Innovation Officers. If you have not yet
scanned this report, take a few minutes to do so! With Mary and her colleague David Wallace, Game Change LLC, we will be updating and globalizing this survey over the next few months. We will be seeking your own nominations for Chief Innovation Officers who we might interview. |
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For
those of you who might have interest in understanding the journey of
ENTOVATION – from the 1st premiering of the term – Intellectual
Capital (IC) - in 1987 through development of Knowledge Innovation Zones
(KIZ) – the concept-in-practice, I have prepared an IC Timeline. It is by no
means exhaustive. It is intended to catalyze the dialogue – and instrument to
garner our collective wisdom. |
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Now,
reflect again on The Economist articles. Little or no reference
is given to the pioneering work in which many of you have been intimately
involved. |
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The
change we are now experiencing has been described as tectonic…and I agree.
The economic tsunami is the symptom of a real opportunity. After 9/11, we
produced the 5 Principles
of Homeland Security forecasting a new economic world order…one based
upon knowledge (IC), innovation and collaborative advantage! |
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Indeed,
the playing field has been leveled – just as we predicted. New rules are
needed as the old no longer apply. |
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With the G8 expanded to the G20, the discussion of a new world
order is underway. French President Nicolas Sarkozy and British Prime
Minister Gordon Brown called for a “New Bretton Woods” agreement in October
2008. Jean Dermine, INSEAD Professor of Banking and Finance called for a new
international financial order. The World Bank has issued its World Knowledge
Development Reports. The UN released major reports on Knowledge Societies. |
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My fear is not that this event will not happen; it WILL. I worry
that the visionaries who have pushed the frontiers of financial measurement
to include the variables of intangible wealth and intellectual capital may
not have a prominent seat at the table. |
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What can WE do – collectively – to help shape the
agenda? |
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December
4-5, we will convene in New York City in conjunction with ISPIM (the International Society for
Professional Innovation Management). |
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Join
us in our next (ad)venture! |
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Always in your Network, |
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Debra |
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