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Power and Responsibility

Redefining the Role of the Elite in the 21st Century

 

This essay has been recognized as one of the top 100 essay entries in the 27th Wings of Excellence Award of the 45th St.Gallen Symposium in Switzerland in May 2015. The author, a Leader of Tomorrow in the said symposium, currently pursues a doctorate in International Development (emphasis on East Asia and the Pacific) at the Graduate School of International Development, Nagoya University, Japan.

In January 2015, less than a thousand so-called elite gathered in Davos, Switzerland for the annual World Economic Forum to discuss issues that may have terrible or tremendous impact on the global economy and society. As winter-chills covered the small town, precious wines sparkled in champagne glasses — coupes that interestingly resemble the prevailing state of extreme inequality — perhaps the most paramount issue that perfectly defines the global socio-economic landscape. Amidst this, a dominant assumption lingers: the global wealth inequality predicament is primarily caused by the prevailing power of the elite over the vast majority. I beg to disagree. Flawed presumptions do not only produce erratic answers, but also erratic questions.

Let’s bring in the facts. Recently, it has been reported that the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile (10%) hold 87% of the world’s wealth, and the top percentile (1%) alone account for 48.2% of global assets.i If not responded to, this 1% will soon hold more net wealth than the other 99% put together.ii Global economic development institutions claim and agree that while extreme poverty has been generally decreasing globallyiii and regionallyiv, income inequality within countries has increased significantly.v Being at the forefront of this quandary, the elite is often the target of much blame.

The elite is a small but relatively superior group of people. They are often characterized as powerful — something that depicts great influence over a vast majority. From ancient societies to contemporary ones, the elite’s power has been based mainly on inheritance (social status, class, privilege), or merit. Classifications vary but corporate and political ones continue to dominate familiar notions of ‘eliteness’. Regardless of other factors, possession of power – by wealth and/or by influence – is considered the single most important feature of the elite.

Apparently, power as a concept carries greater weight than mere influence; It is the relative ability to influence. Accordingly, when x (person or entity) has power, it has the capability to control or manipulate, but only to a certain degree (inabsolute) because it is subject to the authority (global or national) that holds legitimate power. Well, ideally. Supposedly.

Power structure in and among states and societies is as complex as reality. As in most cases, in developed and developing regions, there exists collusion among political and corporate elites; or worse, the latter overpowers the former. The elite’s malevolent exercise of power, spurred by greed, is what drags the society into extreme inequality; It is not power per se that causes so. This is where the dynamics between power and responsibility can respond to how the elite can redefine their roles and agenda-setting. To ideally emerge and transform as significant players in the twenty-first century’s global society, the elite must align its power with responsibility in a way that sows goodwill to and yields opportunities for everyone.

 

“With great power comes great responsibility.”

There goes the axiom. While the first implies strength, the latter requires even greater. Responsibility carries a strong yet broad denotation. Liguistically though, the word may mean three things: a) being trustworthy or reliable (character); b) having one accountable to somebody (relational/ rule following); or c) holding one accountable for something (causal and/or consequential).vi It is imperative for the elite to recognize the essence of responsibility, as it applies to them. Insofar as elite’s possession of power and assumption of responsibility are concerned, all three definitions apply. More concretely, I have identified three action- points through which the elite’s role can be redefined by aligning power with responsibility; and through which they can ACT responsibly: Advocacy, Collaboration, and Transparency.

Advocacy

The business of business is business — Only?

“The pursuit of a (certain social) cause does not have to be the prerogative of charities …nor does a mission to improve the world makes business into a social agency”.vii Most enterprises, even social enterprises, desire profit. Money is an incentive that, when utilized with prudence, can yield tremendous outcomes. In this regard, I posit that while the philanthropic practice of corporate social responsibility (CSR) can be considered noble, it would be more relevant, sensible, and sustainable to advocate for initiatives that do not only contribute fleeting money but more importantly, create opportunities for long term growth. The elite can responsibly wield their power by investing their resources in advocacies that aim to a) reinforce human capital through social entrepeneurship; b) provide initial capital for microfinance and promote financial literacy; and most importantly, c) support social welfare areas particularly education and healthcare. For instance, financial company Bloomberg partnered with CodeNow, a nonprofit organization aimed at teaching technology skills to underprivileged kids; while animation giant Disney united with Code.org to teach kids the basics of programming syntax.

While CSR matters, it is about time to shift toward corporate social innovation (CSI) where advocacy meets the opportunities associated with innovation and technology. IT revolution has to be seized in the twenty-first century. Since the 2000s, companies have begun to adopt a paradigm that recognizes “community needs as opportunities to develop ideas, find, and serve new markets”, and focus on “inventing sophisticated solutions through a hands-on approach.”viii While CSR, by and large, is anchored on charity/ social philanthropy, CSI focuses on R&D — a strategic business investment that aligns profits with social development. In addition, reverse innovation has also been taking ground. It’s a strategy to “develop entry-level, low-cost products for emerging markets, and then repackage them to flow uphill to developed, first-world markets.”ix Apparently, it has provided opportunities and services (General Electric’s healthcare machines, Microsoft’s phone app, among others) benefitting both developed and developing regions.x Indeed, “small-footprint” products and services have kindled a socio-tech revolution.

 

Collaboration

“Two are better than one, because they have a good return for their labor. If either of them falls down, one can help the other up.”xi

Responsibility is relational too, and is vital to the success of any collaborative undertaking. In collaboration, size doesn’t even matter — only responsible partnership. Collaboration matters — a lot. In fact, others presume that the future and success of businesses will be defined by “co-“ — anything that has to do with partnership. However, given the “big fish eats little fish” history of big-small encounters, small businesses can be understandably leery of powerful big ones.xii Fortunately, technological revolution has changed global trends. Now, even large IT corporations tend to run like startups, and consequently partner with them. Why? Startups have innovation engrained in their cultures.xiii These mostly young risk- takers know their generation’s salient features — socially connected, increasingly mobile, and infotech-driven. Nevertheless, they have to move forward fast without compromising quality; Otherwise, they will be overtaken by competitors. By collaborating with a big partner, they may have greater chances to sustain their competitive advantage. Partnerships between or among startups and large companies prosper because “the collaboration between two good ideas multiplies the result, the possibility of sharing resources and expertise enhances the product, and the combination of technologies, applications, or services increase a solution’s value.”xiv In addition, their needs and strengths are often opposite but complementary — that must be their most significant asset besides human capital. If the trend will prosper, this new big-small ecosystem will tremendously affect a global innovation roadmap. Such team-ups embody the essence of responsibility anchored on reciprocity.

Interestingly, public-private collaborations also abound — usually though, these are between big local companies and public institutions within states. Multinational corporations (MNCs) invest across states mainly for business profits; Development only comes along. But what can be more interesting than a collaboration among the public sector, MNCs, and startups? In order to encourage the creation of MNC-Startup partnerships, Israel’s Office of the Chief Scientist (OCS) has established a dedicated Global Enterprise Collaboration Program.xv This tripartite collaboration among the public sector, MNCs, and small players exemplifies industrial innovation and entrepreneurship that benefit all parties.

 

Transparency and Accountability

There’s no mote, sawdust, or speck that cannot cumber the eye.

Another way to align power with responsibility is by recognizing transparency and accountability. Basically, transparency is the clear disclosure of information, rules, plans, processes and actions.xvi While promoting transparency is important, it has to be coupled with accountability in order to trace the causes of actions, identify the culpable, and impose punishment.

An enormous challenge in upholding transparency is the prevalence of a corrupt system where political and capitalist elites collude. When a supposedly legitimate authority conspires with private entities, it does not only betray its citizens but also drag the society to moral fragmentation and trust deficit. Tax avoidance, while considered legal, is very much open to abuse. Tax evaders, on the other hand, can be held accountable under pertinent laws. In either situation or context, a question of morality hovers.

Apparently, a review of global tax rules is imperative. Oxfam suggests that cracking down on tax avoidance and tax evasion (must go) hand in hand with more progressive taxation.xvii Tax avoidance, in particular, often requires closing the seemingly endless number of loopholes in tax treaties and tax laws one at a time. Accordingly, the G20, as an influential bloc, must be willing to go beyond the OECD-led Base Erosion and Profit Shifting (BEPS) plans, and work with all countries to fundamentally rewrite global tax rules, tackling the tough issues that especially matter to developing countries.xviii If the moneyed elite yields to progressive taxation efforts anchored on wealth redistribution, they can better prove their sincerity to respond to inequality.

Ideally, stitching integrity and honesty into the system’s fabric is a key response. In reality, it’s been put to the test. A good example is the Norway-based Extractive Industries Transparency Initiative (EITI), an international standard for openness around the management of revenues from natural resources. Governments disclose how much they receive from extractive companies operating in their country and these companies disclose how much they pay. With 48 countries, the organization epitomizes that a coalition of governments, companies and civil society can responsibly work together in spite of relatively small size.xix

Reforming the rules of the game will not suffice. Moral philosophy also has a role to play in changing the inequality landscape. Crucial is an understanding, recognition, and practice of integrity (telling the truth to oneself) and honesty, (being true to others). One without the other will be deemed futile.

 

Small does and will matter: an affirmative conclusion

In 1973, when affinity with anything big overshadowed the beauty of small, scholar E.F. Schumacher posited that “if structures – economic, political, or social – became too large, they become impersonal and unresponsive to human needs and aspirations.”xx Over forty years later, his assumption has been proven outrightly valid. From innovation to collaboration, microfinance to start-ups, the value of “small” is now being deliberately redefined. Society has also begun to appreciate the beauty of smallness. However, will the small “elite” be also appreciated? Yes — if they choose to have their roles redefined by redefining their agenda-setting.

In this essay, I have defied the notion that elite’s prevalent power is the primary cause of inequality. It is the inappropriate utilization of power, fueled by greed, that causes so. Power can be used otherwise – responsibly, to narrow down inequality by espousing the spread of opportunities. This can be done by advocating programs that can have long term socio- economic impact; collaborating with the public sector and startups to gain mutual/ collective benefits; fostering transparency, and upholding accountability.

Nevertheless, rising over the inequality conundrum is also everybody’s responsibility. Sometimes, one forgets how much he actually has and how little he has to do to make a difference, which in fact is a small step toward big changes. Great things start from small beginnings. There lies the beauty of smallness.

Regardless of size, with collaboration and sharing, what can go wrong? To end, let me rephrase a line from a popular children’s rhyme: “There’s so much that we (can) share; And it’s time we’re aware. It’s a small world after all.”

References:

i Credit Suisse. 2014. Global Wealth Report and Global Wealth Databook. ii Oxfam. 2015. Wealth: Having it all and wanting more. Issue Briefing

iii World Bank. 2015. Policy Research Report 2014: A Measured Approach to Ending Poverty and Boosting Shared Prosperity: Concepts, Data, and the Twin Goals. Washington, DC, United States. Decrease in poverty rate: covered period was between 1990-2011. ! https://openknowledge.worldbank.org/bitstream/handle/10986/20384/9781464803611.pdf

iv Asian Development Bank. January 23, 2015. Asia and the Pacific Lie at the Epicenter of the Economic Inequality Debate. Accessed on January 28, 2015. Decrease in poverty rate: covered period was between 1990-2010. http://www.adb.org/news/features/asia-and-pacific-lie-epicenter- economic-inequality-debate

v International Labor Organization. 2015. Global Wage Report 2014/15: Wages and income inequality. Geneva. p.19

vi Goodpaster, Kenneth and John Matthews, Jr. 2003. Can a Corporation Have a Conscience. In Harvard Business Review on Corporate Social Responsibility. Harvard Business School Publishing.

vii Handy, Charles. 2003. What’s a Business For? In Harvard Business Review on Corporate Social Responsibility. Harvard Business School Publishing.

viii Kanter, Rosabeth. 2003. From Spare Change to Real Change: The Social Sector as Beta Site for Business Innovation. In Harvard Business Review on Corporate Social Responsibility. Harvard Business School Publishing.

ix Duffy, Jade. 2012. Poverty Profits. In Poverty and Profits: How the private sector is helping to change the fortunes of Asia’s poor. Development Asia. April-June issue. Asian Development Bank

x Jana, Reena. March 11, 2009. Innovation Trickles in a New Direction. http://www.bloomberg.com/

bw/magazine/content/09_12/b4124038287365.htm

xi Ecclesiastes 4:9-10. New International Version

xii Botkin, James and Jana Matthews. 1992. Winning Combinations: The Coming Wave of Entrepreneurial Partnerships Between Large and Small Companies. John Wiley & Sons, New York

xiii 5 big companies that run like start-ups. February 12, 2014. http://www.innocentive.com/blog/

2014/02/12/5-big-companies-that-run-like-startups/

xiv Turiera, Teresa and Susanna Cros. 2013. Co-business: 50 examples of business collaboration. Co-Society.

xv MATIMOP – The Israel Industry Center for R&D: Your Gateway to International Cooperation. http://www.matimop.org.il/about_matimop.html

xvi Transparency International. Global Coalition Against Corruption. http://www.transparency.org xvii Oxfam. 2013. The cost of inequality: how wealth and income extremes hurt us all
xviiiOxfam. 2014 (a). G20 must turn the tide on rising inequality and tackle tax dodging. November xix Please see website for more details: https://eiti.org

xx Schumacher, Ernest. 1973. Small Is Beautiful: A Study of Economics as if People Mattered. (“The title “Small is Beautiful” came from a phrase by his teacher Leopold Kohr).

  • A Lost Generation In spite of ideological and technological developments, which commenced during the most recent phase of globalization, the overlapping generations tagged as "baby boomers" (over 50 years old), Gen-X (30 to 50), and Gen-Y (under 30) have ironically found themselves entrapped by global problems – so complex and enormous – that scholars have perceived an imminent clash of generations. This clash is provoked by disparity in claims, values, and objectives between generations that apparently affect how they respond to global challenges; one of the most pressing of these global endeavors is the rising rates of unemployment across the globe, brought about by a domino effect of the most recent economic recessions. From Asia to the America, Europe to Africa, the scourge of global unemployment continues to afflict today‟s global society. It is estimated that some 74.5 million young people were unemployed in 2013.i Apparently, the weight falls most heavily on Gen-Y. With a burden incredibly heavy and a global environment bleak, scholars now call Gen-Y – specifically the highly educated but jobless cohort – “a lost generation.” Amid this gloomy and thorny nexus between generational clash and unemployment dilemma, the most urgent concern now is to provide the youth with proper prospects for the future. Finding and Liberating a Lost Generation: Explore Entrepreneurship Global youth unemployment is not completely chaotic. Weiji (危机), the pinyin Chinese word for crisis is actually a combination of two words: danger and opportunity. I choose to see the imminent generational clash compounded by a global unemployment problem as such – “critical circumstance” – one in which risks can be turned into opportunities, when prospects for generations to learn from each other abound, and when creative measures to combat unemployment spring forth. Older generation‟s approaches to twentieth century problems may be excellent, but they have to recognize the reality that these measures may not be compatible anymore to today‟s complex challenges. Approaches need not be changed completely. What these overlapping generations need are pragmatic, innovative and optimistic measures that have to be undertaken in a coordinated and holistic manner. Then it must be entrepreneurship! It‟s pragmatic, innovative, and optimistic. It is fresh. An entrepreneur, from the French word “entreprende”, is a person who “undertakes, starts or begins on something” – so fitting for the typical jobless but potentially productive youth. Instead of wandering around, why not “begin on something worthwhile” and make a beneficial difference? The youth just have tremendous untapped abilities that need to be explored and utilized for them to genuinely and significantly contribute to social progress and economic development. They‟re dynamic, innovative, socially aware, and most globalized due to information explosion and scientific advances. In this light, how can the older generations – the present influential and powerful leaders of institutions – make sense of entrepreneurship? How can the young explore it as a prospective and novel solution to unemployment? How can it be a feasible tool for generations to mitigate the scourge of global unemployment which, after all, directly affects their common today. These generations will have to act now to provide the succeeding generations a brighter tomorrow. How can a lost generation be found and liberated? I present a three-dimensional, entrepreneurship-oriented solution: Educate – Enhance – Empower.   1. Educate. There is prudence in sowing seeds of education to a potentially productive youth. It is imperative to educate the society about the relevance of entrepreneurship. To ignite and sustain social interest in entrepreneurship, the society must simultaneously find ways to diminish a risk-averse culture, “identified as one of the primary reasons why Europe (is) not generating as many new, fast growing, and (resilient) companies as the US.ii An affirmative propaganda is a key prerequisite to catch youth attention. While joblessness is discouraging; entrepreneurship is exciting! Yes, it‟s not all rosy; it is in fact very risky. However, it can provide risk-takers with opportunities to become more creative and to learn, earn, and connect with people all at the same time. Because today‟s youth are generally adventurous, they‟d love to explore these possibilities. International organizations have boldly advocated this, such as ILO‟s 2012 resolution “Youth Employment Crisis: A Call for Action” and The G20 Young Entrepreneurs‟ Alliance Summit‟s five imperatives for action, which focused on youth entrepreneurship, in order to avoid a lost generation. The Swiss federal government led an example of how it can be done at the national level; its Federal Office of Professional Education and Technology formed the Commission for Technology and Innovation (CTI) to promote entrepreneurship (through training, mentoring and financing), among others. GoNegosyo, a Philippine-based civil society initiative, commits to transforming the country into an entrepreneurial nation, drawing out Filipino ingenuity among the youth. Budding entrepreneurial programs in small communities in the Middle East and Africa have also helped young people to progressively walk out of severe poverty. However, „entrepreneurship education‟ should also be institutionalized, formalized, and constantly assessed to monitor its effectiveness. Entrepreneurial education (EPE) and technical, vocational education, and training (TVET), in which classroom training and actual workplace experience are integrated, are two of the most novel approaches to education today. Interestingly, a merger of the two is found to have yielded tremendous outcomes. With the TVET approach, five countries in Europe have seen youth unemployment rates strikingly below European and global averages. While most European countries had rates in the 20-30% range, Austria‟s rate in the 3rd quarter of 2011 was 7.3%; Germany‟s was 8.6%; the Netherlands 7.6%; Norway 8.8%; and Switzerland 7.2% (Business Europe 2012). A UNESCO 2010 report also emphasized how EPE enhances youth and graduates‟ employment in the private sector and provides young generation with knowledge and skills on how to manage and open small and medium enterprises (SMEs).iii In China, over 10% percent of secondary vocational school graduates opted for self-employment or to establish their own small business in 2010. The considerable percentage of TVET graduates who choose to work independently supports the conclusion that EPE is relevant to TVET. This integration suggests that a combination of entrepreneurial skills and technical/ vocational skills can be a major mechanism in mitigating unemployment, and opening opportunities to develop SMEs. iv As institutions strengthen the integration of entrepreneurial skills to vocational training, they also have to emphasize and reinforce leadership skills in these new entrepreneurs.v This contributes to wiping out a risk-averse culture and at the same time, equips the youth to become prospective leaders who will serve and guide future young start-uppers. Bright and humble generations of leaders have proven that there‟s power to change the course of history when leadership is combined with sincere service.   2. Enhance the economy, invest in the youth. Education fuels the economy. In reciprocity, the economy should support education. In order to sustain the efforts exerted by professional and vocational training institutions in integrating entrepreneurship in the learning process, economic support will also have to be available. Despite a gloomy global economic climate, the respective national governments of this „start-up generation‟ can still assist the latter through investing in pro-growth macro- economic policies that provide generous attention to EPE and TVET programs. These policies must be geared toward the development of youth entrepreneurship – recognizing the young‟s sheer creativity, tech-savvy feature, and innovation-oriented culture. According to WEF 2011 report, “entrepreneurship thrives in ecosystems in which multiple stakeholders play key roles”.vi This also called for targeted regulatory and investment decisions that provide resources for start-up business formations. Tax credits, loan guarantees, incubation facilities, and related support for small business startups represent a modest but significant fiscal investment.vii Nevertheless, prudent investment strategy should always be considered: encourage everyone to explore entrepreneurial opportunities, enhance the better some, and incentivize the best few. It is a rule of thumb to identify “the best-fit people to start and grow business. It is the job creation of those enterprises that is really going to make an impact on unemployment.”viii With the assumption that gasping economies cannot easily assist budding entrepreneurs, international lending institutions will then have to play the crucial role of infusing funds in order to refuel the developing, or even recession-hit economies. Recipient governments now have the responsibility to sustain and multiply the benefits gained from international/ regional bank loans. This must serve as a stimulus for unstable economies, so that exceptionally competent and highly competitive young entrepreneurs will not be adversely affected. For a fact, some of the today‟s biggest global companies, inspiring business ventures, and social network start-ups were conceptualized by young budding entrepreneurs. Countries cannot afford to lose such possibilities by succumbing to financial indebtedness and economic stagnation.   3. Empower. “The challenge for those in positions of authority in existing institutions is to find ways to engage the young generation.”ix How can governments concretely show its support for youth entrepreneurship? Whether government of a developed or developing country, it needs to promote entrepreneurs as valuable job-makers. One huge difference between older and younger entrepreneurs is that the new generation expects stronger backing from governments.x This implies that it is imperative for governments to support initiatives across areas such as funding, sustenance services, and education. Young entrepreneurs would also love to see a responsible government that guarantees a simpler and SME-friendly business environment. All these measures, when efficiently done, may not only address the lack of decent jobs, but may also encourage more young people to engage in entrepreneurship, and in the process contribute to development. It is important to sustain these efforts and empower the youth to be active stakeholders themselves. All along, the problems of youth apathy, idleness, and distrust of authorities and institutions are deeply rooted in the negative impression toward government. To change that image and regain the trust and confidence of the youth, governments must prioritize them in its policy agenda. In 2013, only 99 (50%) countries have a youth policy; while a further 56 (28%) were revising their existing or, in a few cases, are developing their first national youth policy.xi But with the continuing surge of unemployment, these policies should be found truly responsive to the said complex problem; particularly by including provisions that promote entrepreneurship among the youth.   Conclusion I just presented a three-dimensional, entrepreneurship-oriented solution to the global problem of unemployment: Educate – Enhance – Empower. Probably, these approaches cannot completely respond to the multi-faceted unemployment challenges in certain countries or regions. After all, there‟s no one-size-fits-all solution to the global unemployment problem. Even entrepreneurship is risky; but it‟s worth exploring as a prospect for the youth amid the gloom of unemployment. Nevertheless, I am convinced that these measures can contribute to the unlocking of opportunities for generations to work, learn, and mature together, and to weather present and future crises. With cooperation, what can go wrong? The youth grows old but it remains relevant in all ages. Around AD 62-65, an aging Paul – wrote to young Timothy, “Don‟t let anyone look down on you because you are young...”xii In the nineteenth century, intellectual Jose Rizal affirmed that “the youth is the hope of the nation.” These phrases were both written during periods of severe circumstances, with the aim of emphasizing the innate capabilities present in young people, and affirming their power to overcome these diverse challenges. That remains true in the youth of the present age. Once upon a time, older generations were also “a lost generation” but never the lost generation; hence they must be able to relate with today‟s youth. They surely understand that finding and liberating a lost generation is no easy task. But it‟s definitely worth every rigorous effort. The ultimate role of the elder generations is to guide and encourage the young. This is an enduring legacy among generations.   References Badawi, Aboubakr. 2013. TVET and entrepreneurial skills. UNESCO-UNEVOC Revising Global trends in TVET. Dencker, J.C., Gruber, M., and Shah, S. 2009. “Individual and Opportunity Factors Influencing Job Creation in New Firms,” Academy of Management Journal, Vol. 52, No. 6, 1125-1147. The Economist, “Les Miserables” July 28, 2012 (http://www.economist.com/node/21559618) G20 Young Entrepreneurs Alliance Summit Russia. 2013. Avoiding a Lost Generation. Young Entrepreneurs identify five imperatives for action. International Labor Organization. 2014. Global Employment Trends: Risks of Jobless Recovery. Geneva. January Manpower Group. 2012. How Policymakers Can Boost Youth Employment. Masri, Munther, Mohamed Jemni, Ahmed M. Al-Ghassani, and Aboubakr A. Badawi, 2010. Entrepreneurship Education in the Arab States: Case Studies on the Arab States. Regional Synthesis Report. A Joint Project between UNESCO and StratREAL Foundation, U.K. World Economic Forum. 2009. “Educating the Next Wave of Entrepreneurs World Economic Forum. 2014. Global Risks. Ninth Edition. Insight Report. Geneva: World Economic Forum. January youthpolicy.org   Endnotes i Global Employment Trends 2014 ii The Economist, “Les Miserables” July 28, 2012 (http://www.economist.com/node/21559618) iii See Munther Masri, Jordan et al., 2010 iv See Badawi, 2013 v See Dencker et al. vi World Economic Forum (2009), “Educating the Next Wave of Entrepreneurs vii Manpower (2012), 13. viii G20 Young Entrepreneurs Alliance Summit Russia. 2013. Avoiding a Lost Generation. Young Entrepreneurs identify five imperatives for action. ix World Economic Forum. 2014. Global Risks. Ninth Edition. Insight Report. Geneva: World Economic Forum. January x G20 Young Entrepreneurs Alliance Summit Russia. 2013. Avoiding a Lost Generation. Young Entrepreneurs identify five imperatives for action. xi youthpolicy.org xii Don't let anyone look down on you because you are young, but set an example for the believers in speech, in conduct, in love, in faith and in purity.” 1 Timothy 4:12, The Bible New International Version    

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