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 The	
  Future	
  of	
  Wealth	
  	
  
	
  Insights	
  from	
  Discussions	
  Building	
  on	
  an	
  Ini4al	
  Perspec4ve...
Context	
  
The	
  ini4al	
  perspec4ve	
  on	
  the	
  Future	
  of	
  Wealth	
  kicked	
  off	
  the	
  	
  
Future	
  Ag...
Inequality	
  On	
  The	
  Agenda	
  
Inequality	
  has	
  become	
  a	
  concern	
  not	
  just	
  for	
  developing	
  c...
Human	
  Capitalism	
  
There	
  is	
  an	
  increasing	
  pressure	
  to	
  move	
  to	
  a	
  new	
  form	
  of	
  capit...
Influence	
  of	
  China	
  
As	
  the	
  importance	
  of	
  China	
  as	
  a	
  producer	
  and	
  consumer	
  grows,	
  ...
Increasing	
  Tensions	
  	
  
It	
  will	
  be	
  very	
  difficult	
  to	
  revert	
  the	
  trend	
  of	
  stagnant	
  gr...
Overseas	
  Ownership	
  
Greater	
  wealth	
  creates	
  more	
  op4ons	
  to	
  invest	
  money	
  in	
  state-­‐owned	
...
A	
  SystemaBc	
  View	
  
Policy	
  makers	
  from	
  around	
  the	
  world	
  will	
  have	
  to	
  look	
  at	
  the	
...
Seeing	
  the	
  Bigger	
  Picture	
  
We	
  need	
  to	
  start	
  looking	
  at	
  the	
  issues	
  of	
  wealth	
  crea...
Top-­‐down	
  and	
  BoGom-­‐up	
  
It	
  will	
  be	
  necessary	
  to	
  adopt	
  both	
  a	
  top-­‐down	
  and	
  bo`o...
Avoiding	
  Unrest	
  
We	
  need	
  to	
  address	
  the	
  issues	
  of	
  wealth	
  crea4on	
  and	
  wealth	
  distrib...
Reassessment	
  of	
  Causes	
  and	
  Effects	
  
The	
  causes	
  and	
  the	
  effects	
  of	
  the	
  Great	
  Depressio...
CorporaBons	
  in	
  Society	
  	
  	
  
	
  The	
  shi^	
  for	
  companies	
  being	
  ‘apart	
  from	
  society’	
  to	...
Visibility	
  and	
  Transparency	
  of	
  Wealth	
  	
  
If	
  we	
  are	
  to	
  shi^	
  to	
  a	
  fairer,	
  more	
  j...
Measuring	
  Wealth	
  in	
  a	
  More	
  Human	
  Way	
  	
  
As	
  we	
  evolve	
  from	
  seeing	
  progress	
  purely	...
ConBnuous	
  Learning	
  to	
  Enable	
  Employment	
  	
  
As	
  the	
  pace	
  of	
  change	
  accelerates,	
  the	
  kn...
Changing	
  Dynamics	
  of	
  ConsumpBon	
  	
  
A	
  move	
  to	
  more	
  conscious	
  consump4on	
  of	
  experiences	
...
Re-­‐distribuBon	
  of	
  Wealth	
  	
  	
  
As	
  baby	
  boomers	
  in	
  the	
  West	
  age	
  and	
  spend,	
  the	
  ...
Scarcity	
  of	
  CriBcal	
  Resources	
  	
  
As	
  access	
  to	
  key	
  resources	
  con4nue	
  to	
  underpin	
  weal...
Future	
  Agenda	
  
84	
  Brook	
  Street	
  
London	
  
W1K	
  5EH	
  
+44	
  203	
  0088	
  141	
  
futureagenda.org	
 ...
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Future of wealth - Insights from Discussions Building on an Initial Perspective by Prof. Julio J.Prado Head of the Economics Department IDE Business School Ecuador

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The initial perspective on the Future of Wealth kicked off the Future Agenda 2.0 global discussions taking place through 2015. This summary builds on the initial view and is updated as we progress the futureagenda2.0 programme. www.futureagenda.org

Published in: Economy & Finance

Future of wealth - Insights from Discussions Building on an Initial Perspective by Prof. Julio J.Prado Head of the Economics Department IDE Business School Ecuador

  1. 1.  The  Future  of  Wealth      Insights  from  Discussions  Building  on  an  Ini4al  Perspec4ve  by:    Prof.  Julio  J.  Prado  |  IDE  Business  School  |  Ecuador    
  2. 2. Context   The  ini4al  perspec4ve  on  the  Future  of  Wealth  kicked  off  the     Future  Agenda  2.0  global  discussions  taking  place  through  2015.     This  summary  builds  on  the  ini4al  view  and  is  updated  as  we  progress   Ini4al   Perspec4ves   Q4  2014   Global   Discussions   Q1/2  2015   Insight   Synthesis   Q3  2015   Sharing     Output   Q4  2015  
  3. 3. Inequality  On  The  Agenda   Inequality  has  become  a  concern  not  just  for  developing  countries  but  also  for   those  in  the  US  and  the  Euro  Zone:  56%  of  people  living  in  rich  countries   believe  the  most  pressing  problem  of  the  economy  is  inequality.  
  4. 4. Human  Capitalism   There  is  an  increasing  pressure  to  move  to  a  new  form  of  capitalism,  one  with     a  more  human  side  to  it  that  reconnects  with  the  need  to  create  and  distribute   wealth  for  the  benefit  of  society  rather  than  for  the  benefit  of  a  select  few.  
  5. 5. Influence  of  China   As  the  importance  of  China  as  a  producer  and  consumer  grows,  there  is   increasing  concern  about  how  a  poten4al  downturn  in  that  economy  will     affect  the  rest  of  world,  s4ll  feeling  the  pinch  from  the  last  recession.  
  6. 6. Increasing  Tensions     It  will  be  very  difficult  to  revert  the  trend  of  stagnant  growth  and  high   inequality  that  is  seen  in  many  of  the  richest  economies  leading  to     increasing  poli4cal  and  societal  tensions  and  poten4al  flash  points.  
  7. 7. Overseas  Ownership   Greater  wealth  creates  more  op4ons  to  invest  money  in  state-­‐owned  projects   all  over  the  world,  especially  in  those  countries  who  have  deficits,  leading  to  a   shi^  to  overseas  ownership  of  na4onal  treasures  in  many  parts  of  the  world.  
  8. 8. A  SystemaBc  View   Policy  makers  from  around  the  world  will  have  to  look  at  the  problems     of  wealth  crea4on  and  wealth  inequality  in  a  more  systemic  way,     with  the  use,  for  example,  of  a  complexity  framework.  
  9. 9. Seeing  the  Bigger  Picture   We  need  to  start  looking  at  the  issues  of  wealth  crea4on  not  in  isola4on,   looking  at  specific  solu4ons  for  each  country  but  to  think  of  solu4ons  for  a   system  that  is  interconnected  and  complex.  
  10. 10. Top-­‐down  and  BoGom-­‐up   It  will  be  necessary  to  adopt  both  a  top-­‐down  and  bo`om-­‐up  approach     that  involves  society  as  a  whole  and  especially  private  business,     in  the  process  of  crea4ng  wealth  and  reducing  inequality.      
  11. 11. Avoiding  Unrest   We  need  to  address  the  issues  of  wealth  crea4on  and  wealth  distribu4on   in  order  to  avoid  a  build-­‐up  of  societal  pressure  that  leads  to  poli4cal   instability,  societal  unrest  and  even  regime  change.  
  12. 12. Reassessment  of  Causes  and  Effects   The  causes  and  the  effects  of  the  Great  Depression  and  the  Great  Recession   need  to  be  reassessed  in  the  light  of  their  effect  on  wealth:  Especially  how   different  policy  responses  affected  wealth  crea4on  and  distribu4on.  
  13. 13. CorporaBons  in  Society        The  shi^  for  companies  being  ‘apart  from  society’  to  being  ‘part  of  society’   sees  a  different  type  of  accountability  being  required  from  society  as  the  real   purpose  of  the  corpora4on  is  remembered  –  but  shareholder  primacy  remains.  
  14. 14. Visibility  and  Transparency  of  Wealth     If  we  are  to  shi^  to  a  fairer,  more  just  divide  and  distribu4on  of  wealth,  the   changes  will  driven  by  increasing  transparency  on  pay  and  wealth  as  well  as   rising  social  and  consumer  tension  coupled  with  direct  shareholder  ac4vism.  
  15. 15. Measuring  Wealth  in  a  More  Human  Way     As  we  evolve  from  seeing  progress  purely  as  growth  of  GDP  and  income  per   capita  to  a  more  holis4c  understanding  and  measurement  of  wealth,  the   metrics  by  which  we  judge  success  will  have  to  be  reinvented.  
  16. 16. ConBnuous  Learning  to  Enable  Employment     As  the  pace  of  change  accelerates,  the  knowledge  economy  grows  and  the   value  of  accredita4on  declines.  This  leads  to  a  shi^  from  "educa4on  then  work"   to  a  world  of  "con4nuous  learning”  needed  to  keep  us  all  employable.  
  17. 17. Changing  Dynamics  of  ConsumpBon     A  move  to  more  conscious  consump4on  of  experiences  instead  of  the  hyper-­‐ consump4on  of  stuff  results  in  a  shi^  in  the  u4lisa4on  of  assets  and  social  view   of  status  and  hence  associated  anxiety  around  progress  in  a  low-­‐growth  world.  
  18. 18. Re-­‐distribuBon  of  Wealth       As  baby  boomers  in  the  West  age  and  spend,  the  burden  on  society  grows     and  average  produc4vity  declines  -­‐  with  emerging  markets  ever  more   influen4al.  So  what  role  will  Government  play  in  bridging  the  gap.  
  19. 19. Scarcity  of  CriBcal  Resources     As  access  to  key  resources  con4nue  to  underpin  wealth  crea4on,     shi^s  in  the  view  of  what  is  a  cri4cal  resource  -­‐  something  we  need  or   something  we  want  -­‐  start  to  change  the  balance  and  benefits  of  ownership.  
  20. 20. Future  Agenda   84  Brook  Street   London   W1K  5EH   +44  203  0088  141   futureagenda.org   The  world’s  leading  open  foresight  program   What  do  you  think?   Join  In  |  Add  your  views  into  the  mix     www.futureagenda.org  

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