Navigating Intellectual Capital After the Financial Crisis

verfasst von: Carol Yeh-Yun Lin, Leif Edvinsson, Jeffrey Chen, Tord Beding

Verlag: Springer New York

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

In the first decade of the twenty-first century, the biggest event of worldwide proportion was the 2008 global financial crisis, which was caused primarily by ineffective governance, failed surveillance systems and implementation flaws. While fiscal and monetary policies succeeded in pulling many countries out of a financial freefall, most economies have performed beneath pre-recession levels as governments continued to struggle with their finances.

Examining the financial crisis from the viewpoint of intangible assets provides a different perspective from traditional economic approaches. National Intellectual Capital (NIC), comprised mainly of human capital, market capital, process capital, renewal capital and financial capital, is a valuable intangible asset and a key source of national competitive advantage in today’s knowledge economy. The authors—pioneers in the field—present extensive data and a rigorous conceptual framework to analyze the connections between the global financial crisis and NIC development. Covering the period from 2005 to 2010 across 48 countries, the authors establish a positive correlation between NIC and GDP per capita and consider the impact of NIC investment for short-term recovery and long-term risk control and strategy formulation.

This book summarizes and synthesizes the data presented in a series of eleven SpringerBriefs volumes on “National Intellectual Capital and the Financial Crisis,” concerning the co-developments between NIC and GDP growth and describes the internal and external factors that influenced the relative success or failure of national strategies in weathering the crisis. The authors go on to explore the impacts of various policy reforms, including stimulus packages and consolidations employed around the world, with particular respect to the factors enhancing or impeding short-term recovery versus long-term growth. Finally, they propose a new model of “sustainable national intellectual capital” and challenge readers to consider how to pass on a healthy globe and harmonious society to the next generation.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

The 2008 global financial crisis is considered by many economists to be the worst one since the Great Depression of the 1930s. The initial sign of the crisis actually started in mid-2007, which broke out with the Lehman Brothers’ financial troubles in September 2008. Unexpectedly, what started off as sub-prime mortgage problems in the financial sector of the United States snowballed into the deepest and most widespread financial and economic crisis that disrupted global financial markets in decades. The spreading financial turmoil has resulted in a number of financial institution failures; first in some advanced countries, then in developing ones. World political leaders, national ministers of finance and central bank directors coordinated their efforts to reduce fear (please refer to Appendix A for meetings held by world leaders), but the crisis continued and eventually led to a global currency crisis. During this period, economies worldwide slowed, credits tightened, international trade declined, and business and consumer confidence eroded with enormous and rapid job losses.