Monday, December 13, 2010

macrowikinomics


Video - Don Tapscott expounds on his theory of macrowikinomics.

HuffPo | The global economic crisis should be a wakeup call to the world. We need to rethink and rebuild many of the organizations and institutions that have served us well for decades, but now have come to the end of their life cycle. This is more than a recession or the aftermath of a financial crisis. We are at a turning point in history.

Let's face it. The world is broken and the industrial economy and many of its industries and organizations have finally run out of gas, from newspapers and old models of financial services to our energy grid, transportation systems and institutions for global cooperation and problem solving.

At the same time the contours of a new kind of civilization are becoming clear as millions of connected citizens begin to forge alternative institutions using the Web as a platform for innovation and value creation. From education and science and to new approaches to citizen engagement and democracy, powerful new initiatives are underway, embracing a new set of principles for the 21st century -- collaboration, openness, sharing, interdependence and integrity. Indeed, with the proliferation of social media and social networks, we believe society has at its disposal the most powerful platform ever for bringing together the people, skills and knowledge we need to ensure growth, social development and a just and sustainable world.

Of course, the sparkling possibilities described above contrast sharply with the stagnation and inertia that grips so many contemporary institutions. The harsh reality is that it will take years and probably decades to undo some the damage done by misguided policies and approaches. When the economy crashed in 2008, for example, it cost American taxpayers trillions of dollars. Faced with a historic market meltdown, the worst recession in three generations, plus government guarantees that exceed the cost of every war the U.S. has ever fought, American taxpayers are understandably still furious.

It is pretty much the same story around the world. Many people are reviving calls for updated regulations, more government intervention and even the breakup or nationalization of the big banks. In the meantime, the lingering effects of the financial meltdown threaten to engulf not just companies but entire countries in a sovereign debt crisis. Greece, Spain, and Portugal may have rocked the financial markets, but the U.S. arguably looms largest, with Congress contemplating a budget that by 2020 would nearly double America's national debt, to $22 trillion -- twice the size of the U.S. economy. Clearly we need to rethink the old approaches to governing the global economy. But rebuilding public finances and restoring long-term confidence in the financial services industry will require more than government intervention and new rules; it's becoming clearer that what's needed is a new modus operandi based on new principles like transparency, integrity and collaboration.

Video - Don Tapscott expounds on his neologistic theory of wikinomics.