With the worst financial crisis in generations still fresh in people's minds, it is easy to think we should be pessimistic about the economic and societal outlook.
Yet, a glance over the shoulder shows how far the world has come. In just sixty years, since the end of the Second World War, Europe and much of Asia has recovered from impoverishment. China has emerged as a global superpower and Africa too offers the prospect of growth.
Improvements in health, education, the emancipation of women and the ditching of old societal norms means that huge strides have been made. That's not to say that problems and difficulties don't remain - concerns about environmental damage, population growth and global imbalances in trade and finance mean that there are still major challenges ahead.
There are four key factors that will help drive growth and development forward: good and widely available education, social stability, economic stability and a culture that encourages entrepreneurship and risk-taking.
Issues that need challenging are the continued depletion of natural resources, limits on the amount of financial speculation in the economy and more balance to iron out swings in demand versus supply.
Posted by: Guy Dresser
26 January 2011
