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
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
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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
1. The
Future
of
Wealth
Insights
from
Discussions
Building
on
an
Ini4al
Perspec4ve
by:
Prof.
Julio
J.
Prado
|
IDE
Business
School
|
Ecuador
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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Future
Agenda
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