In Davos, In January, there was something called ‘World Economic Forum’. The Economist, the prominent business magazine had called for some kinds of ideas at Davos. The ideas were supposed to be directed against how to make world better place in terms of economic development. I had just as comments had put forth some ideas in Facebook page of The Economist which you can view from here: http://www.facebook.com/TheEconomist?v=wall&story_fbid=274541799059
I have put them together in my blog. The ideas may not be suitable for grand World Economic Forum but I think that in a small scale of entrepreneurship concepts, some of the ideas may be useful. As all my ideas were spontaneous and impromptu, you may not find coherent views. I request you to read them in the context and as my raw ideas how we can make this world economically better, or what the people of my generation more or less think about it.
Smooth flow of labour all over the world without any restrictions on their movement is THE thing that needs to be focused by governments. There is a problem of terrorism and racism. However, these two should not hinder the ‘concept of free trade’ and globalization. When the issues of global protection of IPRS come, rich countries seem to be committed and agree on a universal similar code to grant protection on IPR but whenever there are issues that should be addressed from human resources capital perspectives, there are different perspectives among leaders.
It is also my point that the opportunity should be given to young entrepreneurs who are in the business of new areas of technology. The new areas of technology like information technology, pharmaceuticals, bio-technology are the areas which have a very promising future. Therefore, the government should act to harness the knowledge and ability of young entrepreneurs who can bring substance and value in new areas of technology.
The governments all over should take strong steps so that the loan facility to these young entrepreneurs would not be a difficult task. We agree that our financial institutions are not that strong now as they used to be. However, the recession cannot be the ground not to reach this energetic bunch who is pioneer in innovative ideas.
Government’s proactive action on funding of emerging areas is a must if we have to bail this world out of recession, deflation, inflation, stagnation and hyper-inflation in some parts of the world, and if we want to make this world a better place to live for coming generation.
For this, there should be a security and assurances from government that government would actively help these financial institutions in case there lurks any danger. Government can devise a policy by which the financial institutions which engage funding in niche areas would be given priority. Also, the criteria of receiving any stimulus packages and exemptions from statutory reserves by these financial institutions to central bank of any country should be decided on the basis of these institutions’ reach to young entrepreneurs.
If we have to bring this world out of current crisis shape the future of our coming generation, we should act in such a way that our commitments are strictly adhered to.
that funding to entrepreneurs should be the first priority, the second and third priority should be investing in service industry and free flow of human capitals.The issues/points that I have outlined above have been presented below in bullets forms and of course, they are not in any priority or order and are only jotted down on the basis of their order of flashing them in my mind:
- Unhindered movements of goods and services including human resources-labors;
- Impetus to young entrepreneurs;
- Investment in niche emerging areas;
- Making loan facilities available to marginalized people;
- Encourage financial institutions to reach to poor people and disburse loans on small quantity but to many people against the real collaterals in the fashion like Bangladesh’s Grameen Bank;
- Universal Education —- Access to education even to people from backward areas;
- Various schemes/programmes for poor and marginalized people to integrate into mainstream economy providing equal opportunity;
- Secure Property Rights Regime
Now, there were some comments on my post like someone told it is just a plain utopia.
And someone other told that the needs you list (indeed very necessary) do not apply only to emerging areas in this period. It’s a worldwide situation; the western countries are into these problems as well right now.
Then, I replied to the above two posts:
“I agree. But, when they plan to rebuild and rethink for the rebuilding, priorities should be given to issues that I have listed above. It’s not just talking or expressing commitments, but there should be concrete efforts and results emanating from such efforts. Hence, the efforts to achieve should be serious and very sincere. In all my Ideas to Davos, One point I have consistently highlighted is to make financial institutions efficient and to create an environment where these institutions can reach to young entrepreneurs. There is generally a tendency to be doubtful to young ideas and these ideas do not get implemented because of uneasiness of institutions to fund it. There is an urgent need to address this situation.”