Growth markets leap-frog Western economies - Erik Jongbloed

Erik Jongbloed Team 4.

Description

Growing economies that transition from a production society into a consumer society do so in a different era compared to their Western peers. Wellbeing and quality of life in urban areas are more important and receive greater attention from policymakers, allowing these countries to make a ‘green transition’ as opposed to a ‘grey transition’. Culturally, individualism and short-term orientation in these markets is lower compared to western societies, allowing these economies to adopt new methodologies and frameworks that propel sustainable growth.

Enablers

The evolution of the role of the consumer, Growth of the middle class in the eastern hemisphere, Rebalance of geo-political power, Convergence of business and politics, Crisis of capitalism.

Inhibitors

Family and community wellbeing are highly valued, and congestion and air quality in urban area’s are important concerns for policy makers. Knowledge distribution through digital tools increases speed of adoption of new trends; for example the implementation of true omnichannel propositions and construction projects that are developed and used as a blueprint for rapid roll-out to other cities.

Paradigms

Digitalization of manufacturing processes. Shift of focus from individualist capitalism to societal wellbeing.

Experts

Kishore Mahbubani Xiaoqin Zhang

Timing

2015 - 2025

Web Resources

https://journals.sagepub.com/doi/full/10.1177/21582440211013780 https://unctad.org/system/files/official-document/tir2020_en.pdf