Thinks 694

Rita McGrath: “Breakthrough innovations are relatively rare, and are often the consequence of years of tinkering and cumulative creativity.  This is a point that is made by both Matt Richtel in his book on creativity “Inspired” and by Safi Bahcall in his work on “Loonshots”.  This is why the story of innovation progress is so difficult to unpack, as it is never a straight line from concept to market-creating impact.”

Economist on China: “Many developing countries see nothing magic about the year 1945, and have limited nostalgia for a time when the West dominated rulemaking. China is ready to offer them alternatives. Seven decades ago, at founding meetings of the UN, Soviet-bloc delegates sought an order that deferred to states and promoted collective rather than individual rights, opposing everything from free speech to the concept of seeking political asylum. In the late 1940s communist countries were outvoted. China now seeks to reopen those old arguments about how to balance sovereignty with individual freedoms. This time, the liberal order is on the defensive.”

Adam Tooze: “It is often said that the dollar wins whatever the state of the world economy. It is a safe haven in crisis; in a boom, money surges into the dollar because US business is the prime generator of profits. But what is increasingly hard to ignore is how the dollar’s monetary pre-eminence is out of proportion to America’s actual economic standing in the world. Thanks to the explosive growth of emerging markets such as China and India, the world economy is increasingly multipolar. As a result, the US accounts for little more than 20 per cent of global GDP and yet its share of currency reserves is closer to 60 per cent and the dollar is involved in 85 per cent of all foreign currency transactions. If currency is conventionally thought of as an attribute of sovereignty, then this preponderance of the dollar would seem to confirm the continued existence of a US financial empire. And yet in 2022 this is at odds with America’s polarised and dysfunctional politics and the great power competition it faces abroad. It seems almost anachronistic that the Federal Reserve still functions as the de facto central bank of the world, like a hangover from the era of the Marshall Plan in the mid-20th century, or the moment of unipolarity in the 1990s.”

Robert Greene: People don’t understand that the person above them who seems so powerful and in control often has insecurities. The truth is, the higher up you go in a hierarchy, the more insecure you become. The more you worry about whether people truly respect you.” [via Arnold Kling]

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Rajesh Jain

An Entrepreneur based in Mumbai, India.