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all of the personal and societal consequences that follow. let ’ s get more tangible. we strive in business every day to achieve economic growth – or economic security and wealth. we also aspire to use this wealth in a pleasant, sustainable, natural environment that we can call home. we also aspire to live and bring our families up in a safe place, of social cohesion, being accepted and appreciated. and, we want to live in a place where everyone can participate despite our differences, a ‘ diversification dividend ’ not cost. wow, what a cool place that would be. where do i buy the ticket? a virtuous, wealthy, and rich society. too often, however, due to short - termism, we view economic growth as something that comes at the expense of a sustainable environment, or social cohesion and cultural acceptance. how does this ‘ vicious ’ circle manifest itself so often around the world and through time? the financial system plays a significant role. a financial system works best – is sound and efficient – when all relevant risks are adequately identified, priced, and allocated to those who can best manage them. these are the risks, in large part, that may lead you to consume / spend today, rather than save / invest for the future. you are either unconvinced you will be compensated sufficiently for the risks that could arise through time, or you haven ’ t thought that far ahead or that well. the problem is that focusing on the short - term means that many risks are neither identified or priced, and often allocated to those who are least aware of them and unable to manage them. our financial systems are struggling globally to identify, price, and allocate risk. what have we witnessed over the last couple - of - hundred years or so? incredible per - capita economic growth. millions of people have been lifted out of poverty, and there has been a rapid increase in the human population and our longevity. this period represents an unprecedented rise in many positive economic welfare measures. the growth in productivity – output per person – is amazing. but is all well, or at least as good as it could be? what are our big challenges – globally and at home in new zealand? there has been a rapid rise for many out of subsistence and into emerging or first - world income status. but we continue to experience massive challenges that are, too often, resolved through financial crises, wars or civil unrest ; or at the cost of someone else or