02 Flat World Context - Today’s “Flat World” Tom...

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Unformatted text preview: Today’s “Flat World” Tom Friedman l The playing feld is being leveled. Some three billion people who were out oF the game have walked and oFten ran onto a level playing feld, From China, India, Russia, and Central Europe, nations with rich educational heritages. It is this convergence oF new players, on a new playing feld, developing new processes For horizontal collaboration, that I believe is the most important Force shaping global economics and politics in the early 21 st century. z The Age of Knowledge The Age of Knowledge l A radically new system for creating wealth has evolved that depends upon the creation and application of new knowledge. l In this "Age of Knowledge", the key strategic resource necessary for economic prosperity and national security has become knowledge itself–educated people and their ideas. l Economists estimate that 40 to 60 percent of economic growth each year is due to innovation driven by R&D. Another 20 percent of growth is from the rising skill levels of our population. But … l But unlike natural resources such as oil or iron that have driven earlier economic transformations, knowledge is inexhaustible. The more it is used, the more it multiplies and expands. l But knowledge can be created, absorbed, and applied only by the educated mind. l Hence the true wealth of nations in a global, knowledge- driven society has become human capital: educated people! Globalization Globalization l "We see globalization–the growing interconnectedness reflected in the expanded flows of information, technology, capital, goods, services, and people throughout the world–as an overarching mega-trend, a force so ubiquitous that it will substantially shape all the other major trends in the world of 2020." l National Intelligence Council Project 2020 In 2020 … l China's GNP will exceed that of all individual western economic powers except for the U.S. India's GNP will be larger than European economies. l Sheer size of China's and India's population (1.4 B and 1.3 B) along will make them powerful economies. l The Asian mega-market–China, India, Russia, Korea, etc.–could become dominant–particular in human capital. l “For most of human history the world has been dominated by Asia, and it will be once again within 40 years … ” (Hans Rosling) The Importance of Technology "The greatest benefits of globalization will accrue to countries and groups that can access and adopt new technologies. Indeed, a nation's level of technological achievement generally will be defined in terms of its investment in integration and applying the new, globally...
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This note was uploaded on 11/15/2011 for the course PUBPOL 481 taught by Professor Duderstadt during the Winter '11 term at University of Michigan.

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02 Flat World Context - Today’s “Flat World” Tom...

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