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Блог Михаила Прохорова
"You asked for it". 
21st-Jul-2008 01:48 pm
Han Solo's smile
Dear guests, 

in response to popular demand, I have had a translation done of my latest thesis on the innovation economy in Russia. The text is available on my page: http://www.mprokhorov.com/documents/ProkhorovspeachFinal020708.pdf.


21st-Jul-2008 04:35 pm (UTC)
Mikhail Dmitrievich,
You are showing USA as a model to be looked at in times when America itself is staring at the Japanise effectiveness and efficiency. Whereas Japan's economy is facing difficulties (like all the rest of the economies) it is generally believed that it has stronger economic outlook than it appears... and japanese goods,services and technological advancement and implementation are synonymous to very high quality, reliability and timely delivery, which the economies rated as #1 and #2 can not boast with.:)
Global integration has brought tremendous benefits for some corporations, yet... the deficiencies of the global system can be grouped under five main headings: the uneven distribution of benefits, the instability of the financial system, the incipient threat of global monopolies and oligopolies, the ambiguous role of the state, and the question of values and social cohesion. Instability is not confined to the financial system. The goal of competitors is to prevail, not to preserve competition in the market and the natural tendency for monopolies and oligopolies to arise needs to be constrained by regulations. Whose job is it to prevent undue concentration of power and to preserve stability in financial markets? This brings me to the role of the state. Since the end of the Second World War the state has played an increasing role in maintaining economic stability, striving to ensure equality of opportunity, and providing a social safety net, particularly in the highly industrialized countries of Europe and North America. But the capacity of the state to look after the welfare of its citizens has been severely impaired by the globalization, which allows capital to escape taxation much more easily than labor can. Capital will tend to avoid countries where employment is heavily taxed or heavily protected, leading to a rise in unemployment. This brings me to the most nebulous problem area, the question of values and social cohesion. Every society needs some shared values to hold it together. Market values on their own cannot serve that purpose, because they reflect only what one market participant is willing to pay another in a free exchange. Markets reduce everything, including human beings (labor) and nature (land) to commodities ...One global society contains many different customs, traditions, and religions. Where can it find the shared values that would hold it together?
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