From 600+ conversations with the world’s leading thinkers.
We have a much more connected marketplace. We have had, what I reckon to be an extremely overvalued stock market since 2000. When you have that situation, you are prone to very sudden negative revaluations.
Think of 'branding' as burning in a name on an animal such as a cow so that the cow's owner would be known. This protects the owner in the event that the animal is stolen. But we can use the name 'branding' whenever anyone affixes their name to something that is available for sale.
Economic growth is a means. The goal must be something else. It must be shared prosperity. It must be happier lives. It must be communities in which we all feel that we belong. It must be mutual respect. Those are ends.
Essentially, corruption entails a misallocation of entrepreneurial talent into activities that carries individual benefit, but has destructive or unproductive consequences for society at large. Because of its essentially predatory nature, it reduces productive investment, leads to an outflow of talent, lowering growth rates and increasing income inequalities.