Published by:
Harvard Business Publishing
Length: 7 pages
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Abstract
The industralized world has been undergoing a crisis during the last three years--its worst since 1945. Even now, as the long-awaited recovery finally begins to gather momentum, it is failing to make itself felt in the most critical domain: employment. In Europe, unemployment is expected to continue increasing, probably until the end of 1995. The authors argue that the failure of the current recovery to translate into a significant improvement in employment is evidence that what the world has been going through is not merely a crisis but also an economic revolution. Perhaps the most spectacular component of this revolution is the shift in the world economy''s center of gravity to Asia. These changes are creating new rules and necessitating a new modus operandi for the key players in the world economy. If they play by those rules, the authors argue, there is no reason to think they cannot bring about a period of widespread prosperity similar to the one following World War II.
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Abstract
The industralized world has been undergoing a crisis during the last three years--its worst since 1945. Even now, as the long-awaited recovery finally begins to gather momentum, it is failing to make itself felt in the most critical domain: employment. In Europe, unemployment is expected to continue increasing, probably until the end of 1995. The authors argue that the failure of the current recovery to translate into a significant improvement in employment is evidence that what the world has been going through is not merely a crisis but also an economic revolution. Perhaps the most spectacular component of this revolution is the shift in the world economy''s center of gravity to Asia. These changes are creating new rules and necessitating a new modus operandi for the key players in the world economy. If they play by those rules, the authors argue, there is no reason to think they cannot bring about a period of widespread prosperity similar to the one following World War II.