Published in the April 2012 edition of Essential magazine
Written by Michel Cruz
Times are tough. We’ve seen a macroeconomic downturn, Wall Street crash, financial crisis and public debt disaster play out before our eyes as one domino pushed the other in rapid succession. Much of the focus is on the Euro zone, but it is a malaise shared by most developed countries, the US and Japan included, which has now also stunted growth in the developing world.
The latter will soon return to growth, but for us the problem is that there isn’t much scope for growth left in the developed world. Sure, we can try and latch on to the momentum of the emerging countries and sell them capital goods and high-tech services, but before long they will be selling those back at us, as they have done with their cheap consumer products. The main hope, therefore, lies in innovation both technological and commercial. Continue reading