"The global economic crisis is a wakeup call to the world: we need to rethink and rebuild many of the organizations and institutions that have served us well for decades, but now have come to the end of their life cycle. The financial services industry, for example, does not just need fresh infusion of capital or some new regulations; it needs a whole new operating model — one based on transparency, sharing of intellectual property and global governance.

As the crisis has spread to other sectors in the economy and even other sectors of society, it is exposing structural weaknesses and modes of operation that no longer nurture social and economic growth. The recent collapse of many newspapers is just one storm-warning of more to come: conventional wisdom isn’t going to cut it for success in this century. We need to reinvent our institutions..."