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Shift from macroeconomics to wealth creation

Business leaders, academics and policy-makers meeting in Cambridge agreed that the time is right to move on from macro-economics and turn instead to the production side of economies.

Delegates attending Cambridge Judge Business School’s Centre for International Business and Management (CIBAM) Symposium ‘Whither Europe?’ discussed the challenges of doing business in Europe against the backdrop of the ongoing Eurozone crisis.

CIBAM Director Dr Christos Pitelis said discussion about the crisis had largely focused on the macroeconomic or fiscal and monetary policies. Although important, it was insufficient.

In an interview for the business school’s website, Dr Pitelis added that countries which have been successful to the extent of avoiding the crisis had placed more emphasis, or at least as much stress, on the production side of the economies, their base industrial policies, the role of business in creating and capturing wealth and sometimes the roles of the third sector, NGOs.

“Despite some apparently divergent opinions there has been a convergence in basically the idea that the supply side, the production side, entrepreneurship and doing things on the ground is very important to create and capture wealth. Creating and capturing wealth is hugely important, especially these days.”

Dr Pitelis is leaving the Cambridge Judge Business School after more than 20 years. He feels that CIBAM’s Symposia have been ‘extraordinarily successful’ because they are based on topics selected by business members of the Advisory Board.

“Because business people are on the ground, they have an incredible capability to actually identify the topics of the future. We talked about the link between globalisation and recession in 2002. We talked about the BRICS before the term was even invented.”

Dr Pitelis takes up his new position as Professor of Sustainable Global Business at the School of Management, University of Bath, at the end of August.