TED Conversations

Goodness Ugwumba Opara

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What is the future of the global economy?

With the rise of new economic powers such as China, India and Brazil (and virtually every other country in one small way or another), is the global economy headed, even faintly, in the direction of equality for all nations?

As growing internet access spreads information, enlightenment, global exchange and commerce across the planet, the gross effect appears to be a leveling of standards, innovation potential and competitiveness. People increasingly have access to the same learning resources, technology and information. So people in one part of the world are setting up businesses to rival others across oceans and deserts, effectively leading to a more balanced world in which New York is not so different from Mumbai, for example. Is this the true direction of the global economy, even for third world nations, or is there some other trend that's harder to see?

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    Jul 3 2013: It seems the global economy is in flux. It is becoming knowledge and access based. If you do not have the knowledge or the access then you are disenfranchised.

    For me, the core economic issue is simply compassion and honor. If we, as a people, favored forgiving debts and honoring debts measured with compassion and principled values rather than the greedy and scandalous practices of modern markets we could overcome the personal tragedies that allow those who profit in markets and from society to exploit and manipulate those without the resources to overcome their own challenges.

    Our economies have gone virtual. There is no end to virtual resources. It is time we allow every citizen on the planet the luxury of basic utility and sustainability by quantifying personal need and sourcing global supplies with real numbers and using cutting edge modeling and statistics.

    The volume of transactions per day in this world is staggering. If we funded a global initiative with a global transaction fee it could do away with poverty all together, given the right set of instructions.

    It is time to crowd source and hack humanity. It can be done. It must be done. It will be done.

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