Global Reach host TÃ© Revesz & Charles Kolb (French-American Foundation) interviews Nobel Prize-winning economistÂ Laureate Edmund Phelps, author of Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change. Â The modern values embraced by Western nations fueled widespread innovation by empowering millions of people to think of, develop, and market innumerable new products and processes. Such dynamic grassroots innovation in turn created not just material wealth, but meaningful work, self-expression, and personal growth for growing numbers of its citizens â in short, âmass flourishing.âHow do nations create prosperity? How do traditional values suffocate innovation? And how can Western nations regain âhigh dynamismâ?
What makes nations flourish? How have Western nations lost the ability to create mass prosperity and dynamic, grassroots innovation?
But now, Phelps argues, the West has lost its way. Instead of high dynamism, grassroots innovation and mass prosperity, the U.S. and Europe are producing economic stagnation and declining real incomes? Why?
French-American Foundation president, Charles Kolb joins TÃ© to probe Phelpâs assertion that the root cause of the malaise has been the resurgence of âtraditionalâ values on both the left and right. What do the Western nations need to do to regain momentum? What kinds of institutional changes are needed to restore them to states of high dynamism? And how can they get there
Edmund Phelps is a McVickar Professor of Political Economy at Columbia University and Director of its Center on Capitalism and Society. His career began with a stint at the RAND Corporation. Back east in 1960, he held positions at Yale and its Cowles Foundation until 1966, then a professorship for five years at Penn. In 1970 he moved to New York and joined Columbia in 1971. Phelpsâs work can be seen as a program to put âpeople as we know themâ back into economic models â to take into account the incompleteness of their information and their knowledge and to study the effects of their expectations and beliefs on the workings of markets. He has adopted this perspective in studying unemployment and inclusion, economic growth, business swings and economic dynamism.â
About Global Reach: Winning in World Markets
Global Reach: Winning in World Markets embraces the opportunities and challenges companies encounter when operating in multiple countries and cultures, working with widely varied languages, attitudes, religions and legal regimes. Entrepreneurs, experts and executives share the strategies and tactics they use to succeed in fast changing world markets: cross-cultural communication, global branding, media and marketing, transportation and manufacturing, the future of finance, alternative investment strategies, innovation and IP protection, micro-lending and mentorship. Thought leaders explore 21st century megatrends that impact international companies and the planet we share, and suggest ways in which our listeners can become engaged. Global Reach: Winning in World Markets airs live on Thursdays at 11 AM Pacific / 1 PM Central / 2 PM Eastern on The VoiceAmerica Business Channel. To access the show, log on atAll shows will be available in TÃ© Revesz’s Content Library on The VoiceAmerica Business Channel for on-demand and pod cast download.
About Radio Host TÃ© Revesz
TÃ© Revesz is known for her ability to conduct strategic research on a global basis and for her creativity in handling complex business challenges. As principal of GlobalReach-SBI (www.globalreach-sbi.com), a research and advisory firm with a network spanning over 60 countries, TÃ© provides clients with strategic business intelligence on market opportunities and risks. She covers such diverse areas as global branding, new product development, payments and financial services, manufacturing, clinical trials, and political risk. An expert in primary research, TÃ© has interviewed business, government and labor leaders, doctors and technical experts â and has managed focus groups â around the world. Prior to founding her own firm, TÃ© headed the Industrial & Healthcare Practices of FIND /SVP’s Strategic Consulting & Research Group and taught at the Zicklin School of Business (Baruch/CUNY). She was the Editor of Business Internationalâs eponymous flagship newsletter and helped create its country risk service.Â Listeners can download the current versions of the VoiceAmerica Talk Radio App atÂ Google Play,Â iTunesÂ orÂ KindleÂ