China and the ‘open’ economies
If our activities will continue in the same pace, China in 5 to 10 years from now will be the leading economy of the world. The reason is that China has a ‘closed’ economy and the government stimulates the economy in a fashion Keynes would be proud of. But this leadership will not last very long as strong economies always evolve into ‘open’ economies. Just like the ones in the US, Europe and Japan today. So we should anticipate and see the opportunities. I think these opportunities lie in developments that facilitate innovation, free enterprise and operational excellence. We should diminish bureaucracy and waste (of money and resources) to the minimum without forgetting that we need each other to build a strong and prosperous society. In this respect I think hard work, targets and discipline are perfectly compatible with compassion. Within reasonable boundaries of course. And I would like to invite bankers to forget money making as ultimate target and become pro active leaders of a society where contribution is of upmost importance. Let me remind you of these words of J.F. Kennedy: Ask not what your country can do for you, but what you can do for your country.
