Productivity and Capital Markets: Globalization Meets Parish-Pump Politics - Professor Werner G Seifert - Gresham College Lectures

The 2006 Sir Thomas Gresham lecture was be delivered by Professor Werner Seifert, former CEO of Deutsche Börse. Topic How do we attain Joseph Schumpeter’s ideal of market forces, “creative destruction”, rather than slowly stagnate? In Europe, we have particular problems balancing economic policy with labour productivity. Are we in danger of Europe landing on the ‘scrapheap’ of the global economy? Is current European policy neglecting capital productivity as a superior effect on the “wealth of nations”? Professor Seifert intends to explore the relationship between productivity and the capital markets. He will argue that while it is essential to have an integrated perspective of all factors that determine the wealth of nations, only if its capital markets unfold their full potential will Europe not fall further behind its global competitors. Awards This event included the award of the Gresham Prize to the Enhanced Analytics Initiative, followed by the presentation by Sir Paul Judge of the Farsight Award. The Gresham Prize is awarded to projects that exemplify innovation. It is a celebration of Sir Thomas Gresham's vision, over four hundred years ago, to encourage new learning. It is only awarded when Gresham College identifies a project that is significant enough to warrant it. The Enhanced Analytics Initiative (EAI) brings together major fund managers whose aim is to encourage analysts to broaden their research to include longer-term and non-financial issues that influence the sustainability of business. The EAI also aims to widen public understanding of the issues and encourage debate on a wide range of relevant topics such as the long-term commercial impact of major trends, for example climate change, the spread of wireless technologies and political tensions. The EAI has been awarded the Gresham Prize, which is given to innovative projects that are in line with the philosophy of Gresham College's founder, Sir Thomas Gresham, who encouraged new thinking within the City of London. The Farsight Award is a project between the Universities Superannuation Scheme and Gresham College, and builds on the success of the Enhanced Analytics Initiative (www.enhanced-analytics.com). The EAI represents 21 investment firms and pension funds with over $1trillion in assets. The objective of the award is to honour long-term, extra-financial research by investment research institutions on issues such as climate change, corporate governance and human capital. The concept is to award a 'Man Booker' Prize for the best read in long-term, extra-financial research. The criteria for the award are originality, quality, readability and clarity, sophistication and depth, and financial usefulness. About Our Guest Speaker Professor Seifert began his career with McKinsey & Co, moving later to Swiss Re. From 1993 to 2005 Professor Seifert was CEO of Deutsche Börse. As CEO, Professor Seifert transformed the Frankfurt market from a local market into one of the most important exchanges in the world. He developed the successful electronic trading platform Xetra and integrated the futures exchange Eurex into the firm. Professor Seifert has a reputation as a visionary and strategic thinker, but he has also shaped thinking about what it means to be a financial market, for instance Deutsche Börse floated well before its main rivals, the London Stock Exchange and Euronext. Of course Professor Seifert particularly caught the attention of the City of London when he tried to merge Deutsche Börse with the London Stock Exchange in 2000 and led Deutsche Börse’s controversial takeover discussions with the London Stock Exchange in 2005. Professor Seifert resigned from Deutsche Börse last year, though he remains active in a number of professional capacities, for instance as a Member of the Advisory Board for the Monetary Authority of Singapore and as a Professor for Capital Market Theory at the European Business School. Professor Seifert is a modern renaissance man and a noted jazz musician. He has published frequently including a sweeping new vision in his (co-authored) book “European Capital Markets” published in English in 2000 and a factual thriller about hedge funds and markets, “Invasion der Heuschrecken” (“Invasion of the Locusts”), coming out in 2006. This is the 2006 Sir Thomas Gresham Docklands Lecture. Other Sir Thomas Gresham Docklands Lectures can be accessed here: 2010 - Anne Craine 2009 - Charles McCreevy 2008 - Bill Emmott 2007 - David Blood 2005 - Sir David Tweedie 2004 - Callum McCarthy All our lectures are available for free download from the Gresham College website, in video, audio or text formats: http://www.gresham.ac.uk Gresham College professors and guest speakers have been giving free public lectures in central London since 1597. This tradition continues today and you can attend any of our lectures, or watch or listen t

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