I sincerely believe that everyone involved in the economic system — as executives, entrepreneurs, investors, employees, partners, customers, etc.— should rethink the what, why, and how of the dominant system of our time.
Why do I believe this?
First of all, the world in general and the business world in particular, are changing! Intensifying worldwide social interdependencies coupled with accelerating technological change is leading to: increased competition; a growth of research activities; a shortening of product life cycles and innovation speeds; an accelerated diffusion of innovations; and dissolving industry boundaries. The common theme of a business world entrenched in these dynamics is one of perpetual change. That’s why from 1920 to today, the average lifespan of a company listed in the Standard and Poor’s 500 index of leading US companies has decreased by 52 years, from 67 to 15 years. For many, this means uncertainty, chaos, pessimism — for me and others, this means opportunity for change!!!
Secondly, the ideologies governing our economic system and the ways we do business are increasingly under pressure as we become aware of their inadvertent side effects: climate change, resource depletion, massive inequality, neo-colonialism, and declining privacy — among others.
Soooo, I think all of this is almost automatically leading to some sort of reflection at the least, and to an entire rethinking of business theories and practice at the best.
In the following, I’d like to highlight some new perspectives in regards to economic systems and ideologies, and furthermore showcase some ideas and thoughts regarding business practices.