Article for global economy
The world has changed, so must our standards of leadership. National economies are growing at slower rates than they were five years ago, income inequality is steadily widening, and globalization has made traditional isolationist approaches outdated. Our leaders cannot afford to accept the status quo and hope for better results, but must embrace the reality that our world is globally connected and increasingly interdependent. As future recipients of the world stage, our generation challenges current global leaders to ensure that they leave the world better than they found it.
Though not an easy task, we believe that a new paradigm in core leadership values is necessary to achieve such a state. Globalization has amplified tensions between seemingly opposing principles. Leaders are now pressed to do more with less, balance national interest with their responsibilities as members of the global community, and achieve short-term results while making long-term investments. The solution to these tensions lies in three fundamental core leadership values: courage, open-mindedness and integrity. Without this shift, the world our generation inherits will likely be marked by continued slow growth, heightened tensions, and a decrease in the human condition.
Citizens have grown accustomed to the increasing support of social services. However, as economies begin to slow, governments must rebalance economic and social expansions. Recently, Greece adopted an austerity program leading to decreased retiree pensions in order to appease European demands. While some seniors may not have understood the importance of such measures, Greece?s economic status in European markets necessitated this move by leaders. Greek officials had little choice in the matter and faced a grim future if they failed to comply. Imagine if Greek political and economic leaders had made adjustments to their social service programs prior to entering the crisis stage. A forward thinking leader willing to accept the political fallout of such rebalancing might have created drastically different outcomes for Greece and the rest of Europe. Solving the current European and global economic situations require courageous leaders who are willing to sacrifice poll-numbers for the overall well-being of the economy.
In turn, open-mindedness is imperative. The international monetary system was based on the belief that no nation can achieve success alone; through collaboration, comparative advantage can be attained. Leaders and participants must be willing to discard the traditional notion that economic activity is zero-sum and instead be open to new ideas and executing new approaches. The failure at the World Trade Organization?s Doha Round, wherein leaders from the developed and developing world attempt to lower trade barriers and increase economic efficiency, acutely demonstrates this need. Leaders must be willing to understand the importance of reciprocity and approach all situations with empathy. In an economic sense, no state is an island. Leaders must consider other islands as they interact with one another.
No single global centralized authority exists but several interact. Given this, integrity in leadership is essential in developing a system of accountability, collaboration, and communication that emboldens shared sacrifice. The recent financial crisis, marked by an absence of integrity across the board, highlights the need for leaders to stand up for the global good and measure success not solely by the individual gain, but additionally by the sustainability and ethics of their decisions. Acting with integrity over each facet of the political and economic spectrum builds trust and increases overall efficiency. The onus lies on leaders to drive this new paradigm, valuing integrity at the core.
Just as we need to reemphasize these core leadership values, we also need a reevaluation of who our leaders are. Values-based leadership is demanded of both the public and private sector, but further extends ultimately to the individual. Through understanding, adopting and committing to an ideology of shared sacrifice, we can do more for our future, with less than we have had in the past. Though we may not have all the solutions, an emphasis on values-based leadership can create new opportunities for success. Our generation is inheriting a set of unprecedented challenges. It is our belief that values-based leadership provides the key to converting these current challenges into future opportunities.
Though not an easy task, we believe that a new paradigm in core leadership values is necessary to achieve such a state. Globalization has amplified tensions between seemingly opposing principles. Leaders are now pressed to do more with less, balance national interest with their responsibilities as members of the global community, and achieve short-term results while making long-term investments. The solution to these tensions lies in three fundamental core leadership values: courage, open-mindedness and integrity. Without this shift, the world our generation inherits will likely be marked by continued slow growth, heightened tensions, and a decrease in the human condition.
Citizens have grown accustomed to the increasing support of social services. However, as economies begin to slow, governments must rebalance economic and social expansions. Recently, Greece adopted an austerity program leading to decreased retiree pensions in order to appease European demands. While some seniors may not have understood the importance of such measures, Greece?s economic status in European markets necessitated this move by leaders. Greek officials had little choice in the matter and faced a grim future if they failed to comply. Imagine if Greek political and economic leaders had made adjustments to their social service programs prior to entering the crisis stage. A forward thinking leader willing to accept the political fallout of such rebalancing might have created drastically different outcomes for Greece and the rest of Europe. Solving the current European and global economic situations require courageous leaders who are willing to sacrifice poll-numbers for the overall well-being of the economy.
In turn, open-mindedness is imperative. The international monetary system was based on the belief that no nation can achieve success alone; through collaboration, comparative advantage can be attained. Leaders and participants must be willing to discard the traditional notion that economic activity is zero-sum and instead be open to new ideas and executing new approaches. The failure at the World Trade Organization?s Doha Round, wherein leaders from the developed and developing world attempt to lower trade barriers and increase economic efficiency, acutely demonstrates this need. Leaders must be willing to understand the importance of reciprocity and approach all situations with empathy. In an economic sense, no state is an island. Leaders must consider other islands as they interact with one another.
No single global centralized authority exists but several interact. Given this, integrity in leadership is essential in developing a system of accountability, collaboration, and communication that emboldens shared sacrifice. The recent financial crisis, marked by an absence of integrity across the board, highlights the need for leaders to stand up for the global good and measure success not solely by the individual gain, but additionally by the sustainability and ethics of their decisions. Acting with integrity over each facet of the political and economic spectrum builds trust and increases overall efficiency. The onus lies on leaders to drive this new paradigm, valuing integrity at the core.
Just as we need to reemphasize these core leadership values, we also need a reevaluation of who our leaders are. Values-based leadership is demanded of both the public and private sector, but further extends ultimately to the individual. Through understanding, adopting and committing to an ideology of shared sacrifice, we can do more for our future, with less than we have had in the past. Though we may not have all the solutions, an emphasis on values-based leadership can create new opportunities for success. Our generation is inheriting a set of unprecedented challenges. It is our belief that values-based leadership provides the key to converting these current challenges into future opportunities.
