How to restore National Prosperity?
One answer came from Michael Porter, a professor at Harvard Business School. He argued that the prosperity of a nation is the result of the competitive advantages of its regions and states. We should therefore nurture “clusters” of vigorous competitors, sophisticated customers, high-quality business inputs and supportive suppliers.
Many grand schemes followed: techno- parks, cities of knowledge, special economic zones and so forth. Most came with tax breaks and investment incentives to attract the critical mass of entrepreneurs who would then create the wealth.
Porter no longer believes that government alone can drive economic development. National prosperity - he says - has to be the outcome of a collaborative bottom-up process in which many individuals, companies and institutions take responsibility.
How can we foster such collaboration? Fortunately, the internet is proving to be a powerful medium for coordinating diverse teams and cultivating group efforts. The Yala does just this.