The challenge to understand this: *** -- Some ideas from a research sponsor on the challenge of understanding the dynamics of wealth creation, with special.

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Presentation transcript:

The challenge to understand this: *** -- Some ideas from a research sponsor on the challenge of understanding the dynamics of wealth creation, with special interest in emerging economies, and in opportunities to alleviate mass poverty worldwide. ( *** = 3 graphs) Charles Harper Senior Executive Vice President, Chief Strategist, John Templeton Foundation (

J. Bradford DeLong, University California Berkeley Angus Maddison, University of Gronigen

Source: Angus Maddison (1995), Monitoring the World Economy (Paris: OECD), updated.

Xavier Sala-i-Martin, Columbia Univ.

Sala-i-Martin’s Data Set

What creates mass wealth? ? Democracy ? Mass literacy and education ? Mathematics and science ? Technology / “industrial revolution” ? Banking, accounting ? Property laws & “rule-of-law” ? Aspects of trade ? “Economic Freedom” ? Culture of trust & win-win mass cooperation ? Corporations

Maybe the “bad thing” is the clue It is empirically obvious that companies directly create mass wealth now and are “institutions” that (in competition with one another) generate an increasing business productivity trend. The law of corporations is a very interesting legal- social-institutional-financial mega-innovation! In the sense of the institutional innovation, the “law of corporations” includes property rights and other aspects of modernity (literacy, math, technology, “trust”, banking, accounting, trade, culture of trust & win-win cooperation). For reference, see the book, “The Company” by John Micklelthwait, journalist of “The Economist.”

“Ending Global Poverty Is Serious Business” ( )

Mo Ibrahim, founder of Celtel

LEGATUM 2007 “PIONEERS OF PROSPERITY” PRIZES (AFRICA)

What are the dynamics of prosperity? What can I do practically to promote growth of prosperity in my country most effectively ?

Source: Angus Maddison (1995), Monitoring the World Economy (Paris: OECD), as updated.

You can transform the future! Thank you for your attention !