TURN ON, TUNE IN, TURN ROUND - by James Moore

Prosperity for all? This month's G20 summit in London had noble ambitions but was overshadowed by the tragic death of a bystander. The legacy of the summit may be uncertain but it has been described as "make or break" time for the global economy and as the dawn of a new era. The G20 Leaders' statement set out their intent: "We start from the belief that prosperity is indivisible; that growth, to be sustained, has to be shared… We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions."

 

One trillion and one hundred billion dollars.   Or $1,100,000,000,000 if you prefer numbers or are just curious to see how many zeroes it has.  Whichever way you look at it, it's BIG.  And that's how much additional funding the G20 has committed to boost world growth. That breaks down as $750bn for the IMF to support struggling economies, a further $250bn to boost world trade and $100bn that international development banks can lend to the poorest countries. US President Barack Obama said the summit could mark a turning point for economic recovery and described it as "historic because of the size and the scope of the challenges that we face."

 

A new spirit of internationalism. The US government has adopted a new mindset towards globalisation. Previously opposed to the regulation of markets it now recognises the need for a more balanced approach towards the world economy. There has also been a significant shift away from the western dominated economic order of the late twentieth century. The presence of China at the G20 has resulted in a pledge to scrap the ruling that only Americans and Europeans can head the World Bank and the IMF.  President Hu Jintao was reported as saying "US-China relations are now at a jumping off point… and should work jointly to build comprehensive, positive and co-operative ties for the 21st century."

 

Action or reaction? Would the G20 be so united if the global downturn had not happened? Who knows? People are usually more open to new ideas when they reach a turning point and that can certainly been seen in the emerging American-Chinese relationship. Turning points can be an opportunity to create the change we want and they fall into three types. The first occur when change is forced upon us suddenly without warning, making us review our current circumstances, values and expectations. The second type are the ones that occur throughout our adult lives as we progress through life stages, making decisions that affect the next few years. Because these stages are predictable (e.g., college, mid-life, retirement) we can be more prepared for them. But whilst you still have choices in how you respond to the first two types of turning point, the third is the most exciting …

 

Create your own turning point. Why wait for a crisis or a birthday when you can make a turning point any time you choose, regardless of external factors? Turn on to change and tune into to your needs by asking yourself the following: Do I enjoy my life or career? Is it meaningful to me? Is it everything I want it to be? If not, what has worked for me so far? What do I want to create in my life or career over the next few months, year or 10 years? And what is holding me back? When you have the answers to these questions, what you can do in order to create your turning point will become clear.

 

It’s your turn now.