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September 12, 2012

World Economic Forum (WEF), Tianjin

Posted by Rangarajan V. R. (View Profile | View All Posts) at 11:04 AM


So, what's the headline? Simple. "Economists won't bet on world economic trends. They'd rather do something innovative to keep businesses going. And believe it's important that governments work closely for the progress of global economy - after all, it's all interconnected."

Yes, it's exciting to be here again. Big corporations apart, WEF invites fast growing small companies, innovative firms, entrepreneurs with ideas for radical social progress and academicians. Last year, the most talked about topics were the Chinese Yuan-USD exchange and the Economic Crisis in Europe. From what I hear now, it's no more about the crisis in Europe - it's the " Europe phenomena"! Businesses must simply learn to adapt and thrive in the changed situation.

I was particularly intrigued by the address delivered by physicist Albert-László Barabási on his breakthrough ideas about how the social structures of organizations can be understood and influenced through network and complexity science. He put forth a compelling case for social and biological networks being the very same. And explained the importance of injecting information at key points of the hub to make communication truly effective. I am sure, Linked - Albert-László Barabási's book on the study of networks will make for some very interesting reading.

I particularly enjoyed the panel discussion, chaired by Kris, on the Future of IT - with eminent scientist, technologists and state leaders participating. While the panel concurred that the future of IT is indeed bright, it also brought to fore other interesting perspectives. For example, the fact that the apps of the "smartphone world" don't touch the lives of 5 billion people who find no use for them. Who's to develop products for them? Shouldn't there be apps that agriculturalist and the rural populace can use?

The dialogue between Wen Jia Bao the Premier of China and Schwab the Founder Chairman of WEF was rather interesting as well. They discussed the impact of the global financial crisis on the world's economy. Despite significant effort by governments of nations like China, the impact on emerging countries has been significant and employment creation has been adversely impacted. They called for closer working of governments and urged the emerging world's "new champions" to go forth and innovate. Premier Wen talked about the continuous effort of the Chinese government to reform and transform the economy. It was a somewhat touching moment when Premier Wen, a patron of Summer Davos, announced his imminent retirement and expressed his delight at the event expanding in scale and China finding her place on the global stage.

It's great catching up with clients and business associates here. Just another small pleasure typical of an event this large in scale. And undoubtedly rewarding too.

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