Views On The Role of Business Are Shifting Again

Prior to the 1980s (Specifically the post world war two era), there was a belief that business had a higher purpose than generating profits. This somewhat cyclical debate about the role of business is back again. Business in the post-war era served a broad set of stakeholders, not just the shareholder. Early business corporations formed in the late eighteenth and early nineteenth centuries were created specifically to create roads, canals, railroads, and banks. There was a focus on service, not maximizing investment returns. In these periods, business focused on stakeholder capitalism. Investopedia defines it this way:

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We Live In A New Era – Our Institutions Need To Catch Up

The world is in a state of transition and has been for a while. Across multiple domains from society and geopolitics to the economy, the future looks very different. Driven in part by societal shifts and rapid advances in science and technology, the foundation of society is changing. However, the institutions that support that society are not evolving or changing fast enough. I call this phenomenon Institution 2.0 and track it as a future scenario.

One of those institutions is Education. Learning – and the role it played throughout history – is key to managing through periods of transition. This YouTube Channel contains a series of interviews that we conducted on the topic. This video teaser describes the role of education in this emerging era.

COVID-19 And The New Great Depression

In a new book by James Rickards, the author explores both the COVID-19 pandemic and its economic impact. A prolific writer, Economist, and adviser, Mr. Rickards predicts years of economic turbulence ahead. In The New Great Depression, Mr. Rickards sees the pandemic through an historical lens, where crisis presents a gateway between one world and the next. With an eye towards history, he concludes that the Keynes practical definition of a depression fits, and we are now in a new depression that is more far reaching than a mere technical recession. Along the way, the author wades into controversial topics such as China’s role in spreading the virus and the lockdown that ensued (which he calls the biggest policy blunder ever).

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The Great Demographic Reversal

Beginning in 1990, several forces converged to shape the global economy. Globalization, demographics, technology, deflation, debt, and interest rates have all played a role. Now, according to a recent book, at least two of those forces are reversing. In The Great Demographic Reversal, authors Charles Goodhart and Manoj Pradhan describe these forces and their influence on the last thirty years of economic activity. With this convergence, the world experienced an extended deflationary period, which per the authors, was driven in part by a labor supply shock. The book said the following:

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Transforming The Energy Paradigm

The most transformative periods in history are linked to eras of energy transition. The most impactful was the emergence of fossil fuels. What does that say about what lies ahead? Have we entered a period of energy transition, and if so, are we on the cusp of another highly transformative period? Energy is just one piece of a very disruptive decade ahead – but it is perhaps the biggest piece. As we Accelerate Towards a new energy paradigm, what can we expect? One thing is certain: there are societal and geopolitical implications to consider.

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The Exponential Era

Much of what is driving our emerging future is the exponential pace of science and technology. When combined with the Convergence of building blocks that span multiple domains, it becomes easy to see why the world seems to be moving so quickly. In a recent book titled “The Exponential Era”, authors David Espindola and Michael Wright explore this phenomenon and present an approach for surviving in a future that is moving so fast. This story is about an overwhelming number of building blocks and the rate at which they are converging. As this happens, long-standing beliefs and institutions are rendered obsolete. I had the honor of providing a quote for the book jacket:

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Are We Heading Towards A New World Order?

After World War Two, 730 delegates from all 44 Allied nations gathered in the U.S. at the Mount Washington Hotel in Bretton Woods, New Hampshire. The Bretton Woods Conference aimed to regulate the international monetary and financial order after the war ended. Held from July 1 to 22, 1944, agreements were signed and ratified by member governments, establishing the institutions that represented a new world order. This led to what was called the Bretton Woods system for international commercial and financial relations.

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Global Technology Governance

Strawberries. Simple enough for farmers to grow, but can they do better? That is a question that a smart Agriculture Competition in China attempted to answer. Four technology teams competed with farmers over four months to grow strawberries. This Article by Victoria Masterson describes what happened next: data scientists produced 196% more strawberries by weight on average compared with traditional farmers. It is not surprising, given that vertical farming using intelligent sensors and AI have shown the possibilities. As we witness this rapid pace of innovation, we see the potential for human development (in this case food abundance), but also the likely unintended consequences. These Two Paths have historical precedent, as every great period of invention has followed both paths. After all, fire provided light, warmth, and food, but also burned down villages.

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The Future Always Follows Two Paths

In a Post from 2016, I explored the balance required when the forces of innovation take hold. The pace of innovation four years ago was already staggering, and the engine that drives it continues unabated. From that post:

The unabated exponential progression of science and technology has driven a staggering pace of innovation. The building blocks are mostly there, allowing creative minds to combine them in ways that attack the world’s most difficult challenges. Additional forces have emerged to position the next two decades as a period that is purpose-focused and transformative. Innovation itself is no longer the sole purview of business, universities, government, and military, as our connected world provides an ideation and innovation engine never seen before.

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Are Big Cities In Trouble?

The remote work discussion will not go away. There are no shortages of predictions or perspectives regarding the world of work post-pandemic. I continue to believe that prediction is a fools errand, especially in a world dominated by rapid innovation, uncertainty, and a level of Convergence unseen since the end of World War Two. While we may not predict the future, we can continually look for signals – both weak and strong. The future of both work and cities is intertwined. If remote work becomes the standard practice, it has big implications for cities. A recent Article written by Derek Thompson explores this dynamic. This quote from the article represents a signal:

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Guarding Against Future Crises In Business

In the early days of 2021, there is still an uneasy feeling involved in any search for a silver lining to the COVID-19 pandemic. Indeed, it may be that this will always remain the case. And yet, without disregarding or minimizing the tragedy that the pandemic has inflicted all across the globe, there are certain potential positives coming to light.

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Virtual Reality Converges With Fitness

A scenario I explored when looking into the Future of Sports was improving our fitness in virtual ways. As our bodies are immersed into games or eSports, athleticism matters. Where the view of gaming in the past was a teenager or young adult wasting away in front of a screen, virtual reality is turning that view on its head. In this recent Article, author Clint Carter describes the serious workouts he enjoyed virtually. In essence, your body is the games controller, and your fitness level plays a major role in how you do. Here is a description of one of those games from the article:

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Materials Play A Big Role In The Next Phase Of Human Development

When looking at possible futures, one domain seems to intersect with them all. Whether we are discussing the environment, food, mobility, or energy, one common denominator is materials science. Wikipedia Defines it as an interdisciplinary field focused on the design and discovery of new materials, particularly solids. Materials science incorporates elements of physics, chemistry, and engineering. The Wikipedia page reflects on why it intersects with so much:

Many of the most pressing scientific problems humans currently face are due to the limits of available materials and how they are used. Thus, breakthroughs in materials science are likely to affect the future of technology significantly.”

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Companion Robots: An Example Of The Accelerating Power Of COVID-19

Hanson Robotics wants to help those craving company during the COVID-19 pandemic. For those not familiar with Sophia, it is a human-like robot from Hanson Robotics. For those not familiar, check out the video below. Sophia appears between the 2:10 and 5:30 marks of the 8-minute segment. In discussing the roll of companion robots, CEO David Hanson told Reuters that “Sophia and Hanson robots are unique by being so human-like, that can be so useful during these times where people are terribly lonely and socially isolated.” His company, Hanson Robotics, plans to roll out thousands of these robots in 2021. They aim to roll out four models — including Sophia — in the first half of 2021.

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Another Roaring Twenties?

Lost in the focus on life after the pandemic are all the forces that were already shaping our future. I explored many of them in various posts, but none have been as intriguing to me as the forces tied to history. If we look at history and apply it to current day, we can seek out periods that look like ours. This Application of History illuminates possible futures and has the potential to inform our actions. What happened in these similar periods and what can we learn? A recent article posed this question: Will the 2020s Really Become the Next Roaring Twenties? This seemingly simple question is loaded with implications. The article provides several links with great content and I highly recommend it.

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Organizing For Future Readiness

Back in 2013, weak signals clearly pointed to a structural change that was desperately needed. In a Post from that year, I described the type of change I envisioned in a world that looked very different than the world where these structures were born. The pandemic, as it has on so many levels, made something lying beneath the surface very visible. What it should also illuminate for leaders is that the future is uncertain, approaching rapidly, and likely to contain regular extreme events. Those factors make future readiness crucial to viability. To be future-ready, and to operate in a world dominated by uncertainty and pace, structures must change. When I say structure, I mean a broad set of things to consider:

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Post Corona: From Crisis To Opportunity

“I begin with two theses. First, the pandemic’s most enduring impact will be as an accelerant. While it will initiate some changes and alter the direction of some trends, the pandemic’s primary effect has been to accelerate dynamics already present in society.” – Scott Galloway

That is a quote from a book I just finished. Scott Galloway is a professor at New York University’s Stern School of Business, where he teaches brand strategy and digital marketing to second-year MBA students. In his new book, he looks at the world post corona. The book titled “Post Corona: From Crisis to Opportunity” has been added to my Book library. He points to remarkable things that have happened since the virus reared its ugly head, like: It took Apple 42 years to reach $1 trillion in value, and 20 weeks to accelerate from $1 trillion to $2 trillion (March to August 2020), and we registered a decade of ecommerce growth in eight weeks. Additionally, Tesla became not only the most valuable car company in the world, but more valuable than Toyota, Volkswagen, Daimler, and Honda combined.

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The Future of Information And Influence

Colleague Kevin Benedict recently started researching the future of information and influence. It should be readily apparent that misinformation and its associated erosion of trust is a big societal challenge. Some of us are more susceptible to misinformation than others. In a new Blog Post where he describes his research, Kevin points to a recent study:

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Life After Coronavirus

In this brief video, several experts talk about life after the global pandemic. Adil Najam, Dean, Frederick S. Pardee School of Global Studies at Boston University, and his colleagues set out to answer this question: what will our post-COVID-19 world look like? I tackled that question early in the pandemic by looking at Applying History to our current day. Mr. Najam interviewed leading thinkers on 101 distinct topics and produced a video series which you can find Here.

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