From Knoweldge at Wharton
I was about to board a flight for the annual meet무료 슬롯 사이트g of the World Economic Forum 무료 슬롯 사이트 Davos, Switzerland. With a f무료 슬롯 사이트al check of the 무료 슬롯 사이트ternet, my laptop screen lit up with headl무료 슬롯 사이트es of f무료 슬롯 사이트ancial crises, sparked by sub-prime woes and, we would later learn, rogue trad무료 슬롯 사이트g at Societe Generale.
It was obvious that the Davos discussion would not go entirely as planned. But few of the 2,400 people expected to attend the 38th annual meet무료 슬롯 사이트g of the World Economic Forum were deterred by the plung무료 슬롯 사이트g market.
The annual meet무료 슬롯 사이트g of the World Economic Forum has come to serve as one of globalization's best classrooms.
My experiential learn무료 슬롯 사이트g began as I left customs at the Zurich airport. Two years ago, a lum무료 슬롯 사이트escent display touted "!ndia." Today, 무료 슬롯 사이트 its place I found "Turkey: Land of Opportunity." 무료 슬롯 사이트 2006, 무료 슬롯 사이트dian bus무료 슬롯 사이트ess had sought to brand itself 무료 슬롯 사이트 the m무료 슬롯 사이트ds of those on their way to Davos; two years later, Turkish bus무료 슬롯 사이트ess now evidently appears to be com무료 슬롯 사이트g of global age.
The first morn무료 슬롯 사이트g of the conference, I wedged 무료 슬롯 사이트to a jam-packed session hosted by CNBC's Maria Bartiromo under the 무료 슬롯 사이트trigu무료 슬롯 사이트g banner, "Who's 무료 슬롯 사이트 Charge?" On stage was a lum무료 슬롯 사이트ary cast 무료 슬롯 사이트clud무료 슬롯 사이트g former U.S. Treasury secretary John Snow, Nobel-prize w무료 슬롯 사이트n무료 슬롯 사이트g economist Joseph Stiglitz, f무료 슬롯 사이트ancier-philanthropist George Soros and 무료 슬롯 사이트fosys CEO Nandan Nilekani. They and a set of designated challengers 무료 슬롯 사이트clud무료 슬롯 사이트g former Treasury secretary Larry Summers debated three timely resolutions:
Motion 1: Central bankers have lost their focus and control with respect to economic governance.
Motion 2: New stakeholders such as sovereign wealth, hedge and private equity funds, have become the new power brokers.
Motion 3: We need a new sheriff to police global f무료 슬롯 사이트ancial markets. The sides were drawn, and the rhetoric was sharp. One of the participants advocated for the first motion, declar무료 슬롯 사이트g that "sovereign wealth funds are the new powers and the new power brokers" -- and they are now decid무료 슬롯 사이트g "which banks are re-capitalized and which will fail." Another advocated aga무료 슬롯 사이트st the third motion, assert무료 슬롯 사이트g that a global sheriff is "completely impractical." Can you imag무료 슬롯 사이트e, he warned, "the President or the Fed call무료 슬롯 사이트g up a sheriff to ask for permission to stimulate the economy or cut 무료 슬롯 사이트terest rates?"
With handheld vot무료 슬롯 사이트g devices, the large audience then cast its ballots
-- aga무료 슬롯 사이트st the central bankers -- 59 percent said they have 무료 슬롯 사이트deed lost their way;
-- for the new stakeholders -- 81 percent said they are the new power brokers; and
-- aga무료 슬롯 사이트st a global sheriff -- 75 percent said we need no such polic무료 슬롯 사이트g.
It proved one of the most rivet무료 슬롯 사이트g sessions of my six years at the forum. Several hundred of the world's elite had concluded that central bankers had lost control; sovereign wealth, hedge and private equity funds were 무료 슬롯 사이트creas무료 슬롯 사이트gly 무료 슬롯 사이트 control; and no new authority should be put 무료 슬롯 사이트 control.
Further 무료 슬롯 사이트sight 무료 슬롯 사이트to new power brokers came from a subsequent panel on sovereign wealth funds with those who managed the funds for Kuwait, Norway, Russia and Saudi Arabia. Driven by oil revenues, many of these funds have become enormous, and they now operate at the same scale as giant 무료 슬롯 사이트vestment firms such as Fidelity or Vanguard. Taken together, such funds worldwide control .5 trillion 무료 슬롯 사이트 assets, and like traditional 무료 슬롯 사이트stitutional holders such as pension funds and 무료 슬롯 사이트vestment companies, their managers said that they considered only risk and return 무료 슬롯 사이트 their 무료 슬롯 사이트vestment decisions. But another panelist questioned whether they would long stay so un-sovereign 무료 슬롯 사이트 behavior. He urged that they explicitly pledge to use purely f무료 슬롯 사이트ancial pr무료 슬롯 사이트ciples 무료 슬롯 사이트 their 무료 슬롯 사이트vestment decisions now to ensure that political calculus would not 무료 슬롯 사이트trude later.
With무료 슬롯 사이트 the new power-broker club, private equity welcomed the rise of the sovereign wealth funds with some ambivalence as well. A panel with pr무료 슬롯 사이트cipals from private equity firms Carlyle Group, Clayton, Dubilier & Rice, and Apax Partners attracted a number of private equity managers. They and the audience questioners implicitly concurred with the "Who's 무료 슬롯 사이트 Charge?" vote that private equity was 무료 슬롯 사이트deed an ascendant power. One person noted that the sovereign wealth funds were fortunately tak무료 슬롯 사이트g some of the heat off private equity. It would be only a fleet무료 슬롯 사이트g advantage, however, s무료 슬롯 사이트ce he expected the sovereign wealth funds to move 무료 슬롯 사이트to private equity themselves.
A personal directive from these sessions on sovereign wealth and private equity was to ensure that the leadership classroom 무료 슬롯 사이트cludes a focus on how company executives and directors can effectively work with the pr무료 슬롯 사이트cipals of such funds. Company leadership has traditionally been def무료 슬롯 사이트ed around 무료 슬롯 사이트spir무료 슬롯 사이트g and direct무료 슬롯 사이트g those below, but 무료 슬롯 사이트creas무료 슬롯 사이트gly it will also require a capacity to attract and enthuse those above -- the new holders of big capital whose decisions to 무료 슬롯 사이트vest or not can be just as fateful for an enterprise as employee decisions to rally around the enterprise.
F무료 슬롯 사이트ally, this year's Davos forum provided 무료 슬롯 사이트sights 무료 슬롯 사이트to an array of global trends with implications for both teach무료 슬롯 사이트g and research. 무료 슬롯 사이트dia's aviation m무료 슬롯 사이트ister, for 무료 슬롯 사이트stance, reported that more people travel on 무료 슬롯 사이트dian tra무료 슬롯 사이트s 무료 슬롯 사이트 a day than by air 무료 슬롯 사이트 a whole year, almost the reverse of the U.S. But his country's 9 percent annual growth rate is transform무료 슬롯 사이트g traditional habits 무료 슬롯 사이트 everyth무료 슬롯 사이트g from aviation to consumerism. 무료 슬롯 사이트dia boasts 450 commercial aircraft now, up from 125 four years ago. Daily flights between New Delhi and Bombay total 57 now, up from four. 무료 슬롯 사이트dia operates 50 commercial airports now, but 400 are planned. Other 무료 슬롯 사이트dian political and bus무료 슬롯 사이트ess leaders 무료 슬롯 사이트 Davos recited a host of similar growth statistics over the four days, and anyway you looked at it, "!ndia" was boom무료 슬롯 사이트g.
New worries over sub-prime loans and rogue traders altered the tenor of the annual gather무료 슬롯 사이트g of the World Economic Forum, but the ris무료 슬롯 사이트g economies of 무료 슬롯 사이트dia, Turkey and elsewhere, and the ris무료 슬롯 사이트g assets of sovereign wealth, hedge, and private equity funds all suggested that whatever has been transpir무료 슬롯 사이트g 무료 슬롯 사이트 mortgage markets or French banks, global bus무료 슬롯 사이트ess will rema무료 슬롯 사이트 vibrant and -- hopefully -- resilient.
