Those of you who are students probably do not even remember a time when phones were not smart, when cameras contained film, when texts meant school books, and when wireless referred to an old-fashioned radio… If the previous revolutions were about using machines for brawn, this is about using machines for brains…connected brains. The major test of the new technological era is simple: can it provide decent livelihoods for all people?
Who said it: Christine Lagarde, Managing Director, International Monetary Fund
In Context: Besides influencing decisions about how the IMF will deploys its EUR 550 billion in potential funding for member states, Christine Lagarde is a popular and fast-witted public speaker. The quote above is from a speech she gave this week at Stanford University, following her participation in the G20 summit in Sydney.
She well-informed about how technology is making an impact on markets and industries and makes the link between that hot topic and the IMF’s call for financial reforms, sustainable economic growth, and improving government policies.
Private equity has an interest in technology and sustainable growth, so we summarized the relevant points in her speech: be highly aware of how technology advancement affects jobs and productivity. Second, seek ways to address income inequality (at the level of government policy but also within corporations), and third, get more forceful and creative on the importance of training and education.
Incidentally, she’s one of a handful of women that have made their way to the top banking and finance world, along with Abigail Johnson of Fidelity investments, Teresa Ressel, COO of UBS Securities Americas, Dominique Senequier at Ardian (formerly AXA private equity), and Nicole Arnaboldi of Credit Suisse, according to NW.
Where we found it: Eurasiareview