Acting differently
Everyone is expecting 2009 to be a difficult year. But faced with this unprecedented crisis, in many ways the worst reaction would be to do nothing. It should certainly prompt us to reconsider practices – particularly financial ones – which have had, and are still having, pernicious repercussions on the real economy. Too much importance has been given to value created ‘virtually’, by a series of accounting entries, compared with value created by delivering tangible products and services. Financial engineering has gone too far, diverting from the real economy the financial flux vital to its development. Priority must be given now to business entrepreneurs and engineers, and we need to focus on innovation, an essential engine for growth which requires more of a long-term approach to investment.
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