Ahmet Aykac

Over the past 250 years we in the West have constructed a governance structure whose ‘micro’ aspects are geared to efficiency in acquiring and using capital and protecting the interests of the capital owner (shareholders being a much larger group today than a century ago). We have built a ‘macro’ governance structure based on nation states and which reflects this micro structure. Yet over the last two decades there have been major shifts in the twin foundations. On the ‘micro’ side, the source of economic power is inexorably shifting away from ‘capital’ to ‘knowledge’ and on the macro side the process of globalization has rendered the nation state an ill-dimensioned governance base.

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