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Building a Culture for a Prosperous Economy MAY 2010

Building a Culture for a Prosperous Economy MAY 2010. Janice McCormick PhD. What We Know about Prosperous Economies. GDP per capita is closely linked to economic prosperity Prosperity is created – not inherited Prosperity is a result of the long-term competitiveness of companies.

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Building a Culture for a Prosperous Economy MAY 2010

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  1. Building a Culture for a Prosperous EconomyMAY 2010 Janice McCormickPhD

  2. What We Know about Prosperous Economies • GDP per capita is closely linked to economic prosperity • Prosperity is created – not inherited • Prosperity is a result of the long-term competitiveness of companies

  3. Prosperity and Competitiveness(GDP per capita ppp/BCI score) Singapore Switzerland Slovenia Denmark Chile Croatia

  4. Triangle of Competitiveness(Monitor) • Specialized Human Assets • Entre-preneurship • Innovation

  5. Mindset of Competitive Economies (1 of 3) “People have the right to education and social protection and a duty to work and contribute to society.” (RASMUSSEN, DANISH SD PM) “Security is not to be able to stay on. Security is to be able to move on.” (DANISH UNION LEADER)

  6. Mindset of Competitive Economies (2 of 3) • “The Singaporean government considered itself to be in a unique partnership with business. One senior civil servant described business as ‘government’s customer.’” (HBS CASE, SINGAPORE, INC.) • “The unions realize that much of what is good for business is also good for the workers. In Singapore, having a job is the most important thing. The unions help create the necessary conditions to help encourage companies to come invest in Singapore.” (SINGAPORE UNION LEADER)

  7. Mindset of Competitive Economies (3 of 3) “Getting FDI from Intel “illustrated … a virtuous circle of development: more economic development allowed greater investment in social programs, greater investment in social programs meant better education. Better education meant more technological innovation. Rising technology meant more economic development.” (PRES. FIGUERES) “…when private initiative is annulled, creativity becomes a victim, peoples tend to become complacent, management is destroyed, inventiveness is lost and employment declines … All of this only finally leads to an overall “collapse of living standards and quality of life.”  (PRES. URIBE OF COLOMBIA)

  8. Some Paths Forward? • Government • Management • Educators

  9. Roles of Government Direct • Govern with transparency and set rules for good governance • Facilitate entrepreneurs • Invest in education, support research Indirect • Building infrastructure • Facilitating the development of local clusters of business • Assess regulation – e.g., FDI restrictions and tax policy

  10. Management: Take the Initiative Innovate • management practices and operations, as well as new products and services • transparency and openness in reporting Invest • in training and building employees’ skills Build links • with local suppliers, consumers, and partners • with universities where relevant research is taking place

  11. An Expanded Model of Education Broader Approach • Know-how not just know-what • Applied focus • Hands on pedagogy Management Education is not Economics • Leaders tell us that what they do is deal with people, inspire them to do things • “Everything I have is the result of what others have done.” • “My job is to make informed choices and take timely action.”

  12. Management Education for Competitiveness Perspective: Think Globally & Act Locally • Global content • Diverse student body • International experiences • Strong ties to local business • Lifelong learning

  13. Cultivate a Competitive Mindset • These things are good — and good for the nation: • Innovation • Taking Risks • Competition • Profits & making money Change the prevailing beliefs about the basis of prosperity

  14. Summary: What Competitive Economies Do Innovation • Governments, public and private institutions work together to promote innovation in relevant industries and clusters • Propagate experiments and act on lessons learned: public / private partnerships; business / university collaboration • Promote intellectual property protection Specialized Human Assets • Invest locally to develop technical and managerial personnel • Support local education, especially specialized education, targeted to future needs • Nourish supporting institutions for training and professional development Entrepreneurship • Support training and development to increase vitality of local business context • Encourage development of SMEs as potential suppliers and partners • Promote advancement based on merit

  15. Thank youDubrovnik International UniversityCroatian Chamber of CommerceCroatian ExportersCroatian Bank for Reconstruction & DevelopmentCroatian Employers Association Building a Culture

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