Thirdly, competition has grown to an unprecedented intensity. Since capital is highly mobile, technology spreads quickly, goods can be made in any country and services can be provided from anywhere, a country can stay ahead only if it exploits capabilities which competitors find hard to imitate. These distinctive capabilities are not found in raw materials, land or capital. They reside in the knowledge, skills and creativity of people. This will be an exciting era of opportunities but competition will be intense.
Speed is paramount.
Nations with the right capabilities in place and at the right time stand to achieve exponential growth. Nations that lag will not survive. Several simultaneous paradigm shifts are needed. We should not be constrained by the scarcity of resources, but leverage the abundance of knowledge. Therefore, instead of diminishing returns, there is now the potential of increasing returns.