ABSTRACT

In a world of deeper and deeper interdependence, job-defensive measures taken by one country are necessarily contagious. Global expansion of job opportunities is required and this hinges upon technological breakthroughs. The NICs (newly industrialising countries) are experiencing a technological innovation process by simply introducing existing knowhow from advanced nations. The advanced countries have to break new technological ground to achieve the same tempo of innovation but this is not being done. Hence the current impasse in world trade. But we are also faced with an important challenge arising from another round of price hikes in oil, due largely to depreciation of the dollar. The oil price hikes are now the most important damper to further expansion of the world economy and global employment. We are in acute need of developments in new technologies for energy conservation or for the creation of alternative resources. And while the development of these new products should fall within the realm of private industry, the more fundamental technological breakthroughs, as in the energy field, will require public sector support, and joint international efforts by advanced industrialised countries.