Giri at 1615 hrs on 7th August 2011
“An idea whose time has come” is something that we constantly hear about, but do ideas really have a right time (and perhaps a right place)? As a corollary, do ideas always become outdated, as is normally thought so? Three reports in the Indian print media have actually triggered my grey cells into working overtime during this weekend in contemplating on these posers.
The first of these reports, pertains to the downgrading by S&P, of the sovereign rating of the USA. Why does the financial world tremble at the idea that economic superpowers such as the USA can also have a public debt to GDP ratio that is in excess of 100% and that their macro-economic management can also be as grossly mismanaged as a banana republic? So the idea that economic superpowers will remain so, seems outdated; and the idea that they also are governed by the vicissitudes of economic modelling inconsistencies and institutional arrogance (or greed) seem to be more relevant in understanding and predicting their rise and fall.
The second is a review, of a book titled World 3.0 written by renowned economist Pankaj Ghemavat, which attempts to debunk Thomas Friedman’s belief that the world has become flat (owing to high levels of globalisation that economies of achieved in recent decades). Using very interesting data and analysis, Pankaj propounds the theory that the world (World 2.0 is his version of the current world) is still in a nascent state of globalisation where much activity is domestically-driven (with 90% of all fixed investment still being domestic, 18% of all internet traffic only is international and 90% of the worlds’ population has never left the country in which they were born). The moot point then, is when does the world become truly flat? And why should it become flat? Can it become flat by focussing as much on services trade as it should on merchandise trade (if not more!)? What are the welfare gains for economies to embracing a flat world? What are the environmental costs to transition to a truly flat world? So where does the idea of a truly flat world start and where does it end?
The last report is Mumbai-centric and refers to the recent incident of an abandoned ship MV Rak that ran aground and sunk Mumbai’s Juhu beach. Various theories have been suggested to explain why such incidents are increasingly happening on Mumbai’s coastline. The breach of coastal security and imminent terrorist threats that such incidents can lead to have, are also becoming subjects of debate in Mumbai. And, after all the terror plots that they have been continuously been succumbing to in the past 17 years (the latest one just 3 weeks back), the one all-encompassing idea that all citizens of Mumbai want to see implemented immediately is A Safe Mumbai. There is no right time or place for this idea to begin – the right time is NOW and ALWAYS and the right place is HERE and EVEYWHERE.
Hope your weekend is turning out to be an enjoyable one and the week ahead has lots of positive and enriching experiences for you. So until 14th Augsust.....