[E100 Alert] Briefing for the Millennium Bretton Woods - (August 2009)  
    Dear E100:

The Economist Cover Story

[18 July 2009]

  NONE of us has been untouched by the current global economic meltdown. The cover story of The Economist“What went wrong with Economics?” – provides us a platform:

But a broader change in mindset is still needed.

Economists need to reach out from their specialised silos:

macroeconomists must understand finance,

and finance professors need to think harder about the context within which markets work.

And everybody needs to work harder on understanding asset bubbles

and what happens when they burst.

For in the end economists are social scientists,

trying to understand the real world.

And the financial crisis has changed that world.”

  Hosted by E100 Esko Kilpi (Finland), an E100 Roundtable in Helsinki (2003) resulted in a ‘Call for the Bretton Woods of the Knowledge Economy’. Scan the Roundtable Summary in light of our economic conditions today.
    Knowledge/Innovation Economics:
    ENTOVATION has a robust history of theory and practice in this new global knowledge, networked economy. Many of YOU have played an integral role. Together we produced the trilogy of books - Knowledge Economics: Principles, Practices and Policies. We even discovered a Society of Knowledge Economics in Australia!
    At last count, we have (at least) 20 prominent professionals who have made significant contributions to the theory and/or practice of this new performance measurement profession. Many of you are already familiar with Leif Edvinsson being the 1st Chief IC Officer as well as E100 Baruch Lev convening seminal conferences at the Stern School at New York University.

Less familiar may be the recent E100 contributions:


Years before, Dr. R.A.Mashelkar (India) produced an article – “The Economics of Knowledge.” Mario Raich (Switzerland) produced an article on “Economics in a Knowledge Age”. And of course, there were the economic giants (e.g., Joseph Schumpeter, Karl Polyani, Fritz Machlup, et al) upon whose shoulders we all stand.

    Now, we find that Michael Mandel, Chief Economist of BusinessWeek, describes all as Innovation Economics; and E100 Rob Atkinson (USA) and head of the ITIF (Information Technology and Innovation Foundation) has a website dedicated to Innovation Economics. Perhaps you want to gauge your own economic biases?!
  Thanks to E100 Iain Russell (Scotland) and E100 Giovanni Schiuma (Italy), I was invited to keynote the 2009 IFKAD (International Forum on Knowledge Asset Dynamics). I selected the Trapeze Parable – something I had learned from a conference in Venezuela. In the keynote, I made the case that we were suspended in this economic meltdown, and now was the time to Call for the Millennium Bretton Woods.
    Many of you may already be familiar with Science-Business, a media firm operating out of Brussels dedicated to the European community. They picked up the gauntlet and held a Conference and even have issued a Declaration. They invited me to offer my Viewpoint. My conclusion was three-fold which leads us to our New York December Roundtable:
    What else might we expect from a Bretton Woods of the Knowledge Economy?

§  International dialogue about the new interdependent world order emerging in our networked global economy, based upon knowledge flow, innovation systems, and international collaboration.

§  A Knowledge Innovation Mesh where all communities of common interest – geographic, industry and virtual - can participate in creating a ‘world trade of ideas’.

§  A World Collaboration Index – incorporating the best of intangible and tangible performance indices, however imperfect – to monitor the impact of building upon the strengths of one another.

    Richard Hudson, the Editor, is being added as an E100. More important, we are now planning an international meeting on the topic for June 2010. December will establish a building block for the discussion.

Now consider the new development of Chief Innovation Officers. E100 Mary Adams, IC Advisors, produced (2006) an Intellectual Capital (IC) report of Chief Innovation Officers. If you have not yet scanned this report, take a few minutes to do so! With Mary and her colleague David Wallace, Game Change LLC, we will be updating and globalizing this survey over the next few months. We will be seeking your own nominations for Chief Innovation Officers who we might interview.

  For those of you who might have interest in understanding the journey of ENTOVATION – from the 1st premiering of the term – Intellectual Capital (IC) - in 1987 through development of Knowledge Innovation Zones (KIZ) – the concept-in-practice, I have prepared an IC Timeline. It is by no means exhaustive. It is intended to catalyze the dialogue – and instrument to garner our collective wisdom. 
    Now, reflect again on The Economist articles. Little or no reference is given to the pioneering work in which many of you have been intimately involved.
    The change we are now experiencing has been described as tectonic…and I agree. The economic tsunami is the symptom of a real opportunity. After 9/11, we produced the 5 Principles of Homeland Security forecasting a new economic world order…one based upon knowledge (IC), innovation and collaborative advantage!
    Indeed, the playing field has been leveled – just as we predicted. New rules are needed as the old no longer apply.
    With the G8 expanded to the G20, the discussion of a new world order is underway. French President Nicolas Sarkozy and British Prime Minister Gordon Brown called for a “New Bretton Woods” agreement in October 2008. Jean Dermine, INSEAD Professor of Banking and Finance called for a new international financial order. The World Bank has issued its World Knowledge Development Reports. The UN released major reports on Knowledge Societies.
    My fear is not that this event will not happen; it WILL. I worry that the visionaries who have pushed the frontiers of financial measurement to include the variables of intangible wealth and intellectual capital may not have a prominent seat at the table.
    What can WE do – collectively – to help shape the agenda?
    December 4-5, we will convene in New York City in conjunction with ISPIM (the International Society for Professional Innovation Management).
    Join us in our next (ad)venture!
    Always in your Network,
Debra M. Amidon
Founder and CEO
ENTOVATION International Ltd.
2 Reading Avenue, Suite 300
Wilmington, MA 01887 USA
T: 978/988-7995
F: 978/863-0124
E-mail: debra@entovation.com
URL: http://www.entovation.com

"Innovating our future...together."

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