A Change in the Wind
I keep wanting to write about the possibility of the world turning towards a newer form of economics but time disallows me. So, here’s a bit from an IHT article that might tempt you to find out more:
"And signs of a protectionist backlash are multiplying as worries about climate change, the rise of state-run investment funds and the bursting of the recent credit bubble give novel ammunition to those in the West who question free markets and clamor for more shelter from globalization…
When students of economics open their history books in 2030, they might read about 2008 as the year when the groundwork was laid for a re-regulation of certain markets, a more redistributive tax system and new forms of international policy coordination, economists say."
I recently attended a Singapore Compact lecture by Dr Jem Bendell on the luxury industry and he highlighted to us how Beijing has taken down billboards of the luxury brands and how India has raised taxes on luxury items more than 100%. Both actions were direct results of concerns over unrest fomenting due to very perceivable inequalities in society. Looks like there are to be some serious changes coming. I wonder how the corporate world will deal with it.
In other news (full article here), Singapore has tasked an "Inter-Ministerial Committee" to look into sustainable development. Our PM says,
"How do we get economic development and growth, and at the same time, grow in an environmentally friendly way? That’s the idea of sustainable development, where you build into your whole development strategy this awareness of the environment, energy, conservation and efficiency," said PM Lee.
This committee will "seek to build new competencies and facilitate mindshare across the public, private and people sectors to develop Singapore as an "Eco-Hub". The aim is to make Singapore an innovative thought centre and hub for urban and environmental sustainability."
The continued mindless use of the word "hub" and "mindshare" aside, it’s a good piece of news. Let’s hope we go beyond simply environmental sustainability soon, though. Sustainability has so much else to offer.
