Democratizing commerce: The challenge for the 21st century
DATE: 4 p.m. April 3, 2007.
EVENT: C.K. Prahalad, the Paul and Ruth McCracken Distinguished University Professor of Corporate Strategy at the Ross School of Business, will deliver the Distinguished University Professorship lecture?the highest honor accorded faculty members by the University of Michigan.
Prahalad will address “Democratizing Commerce: The Challenge for the 21st Century.”
“The economic benefits of rapid globalization are asymmetric?a large number of people find that they cannot access these benefits while a small number are able to,” Prahalad said. “Over 5 billion people are seeking access to the benefits of globalization both as micro-consumers and micro-producers.”
Prahalad argues that we should not shy away from globalization but harness it to the benefit of all.
“In order to do this, we have to rethink the model of governance?the way society provides legitimacy and a mandate to the large corporation in how it conducts its activities,” he said. “A new form of governance with checks and balances will evolve that will actively integrate the role of civil society and the global corporation in a new social compact. The emerging markets may provide the testing ground for this new model.”
PLACE: Rackham Building Amphitheater.
SPONSORS: Horace H. Rackham School of Graduate Studies and Office of the Provost.