Fast-Changing Global Economy
Competitive Knowledge-based Global Economy. Power Shifts & Emerging Markets
Information Age . Conceptual Age . Age of Uncertainty

Times are changing, faster than ever, faster than we may like it, and perhaps, faster than we can cope with. Knowledge in the world is doubling every 7-10 years. Competition in our knowledge-based global economy has taken on a new meaning with the rise of the emerging markets in today's rapidly advancing world. The increasingly evident power shifts in the world economy is being closely watched, especially as its anticipated impact excites some but worries many more. Technological and medical advancements are charging ahead at a phenomenal rate, constantly challenging our preconceived ideas of the world we live in. From the recent information age to the new conceptual age, the world is progressing faster than we can imagine. Indeed, we are undeniably entering the age of uncertainty where the only certainty is uncertainty.

Global Call for Education Reform

We have also witnessed education reforms around the world in many countries, some faster than others, in an attempt to stay competitive and relevant. Change seems to have itself changed from a formula for success to that of an essential pre-requisite for survival.

In the past decades, more and more universities are seeing the need to change and are moving from rote learning of the yesteryears to open book examinations, project work and problem-based learning, indicating the directive that learning shall take a dramatically different platform. To meet the demands of the competitive knowledge-based global economy, learning now involves higher order thinking skills including creative problem solving, critical, analytical and conceptual thinking skills.

 

The idea of ideas has also changed. Innovation is evolving from a “good-to-have” to a “must-have” in the future. It will no longer just be about succeeding with an innovation, but about how well-thought, how effective and how much cheaper is your innovation, compared to your competitors. Emerging markets such as China, India, Brazil, Russia, Eastern Europe and the Middle East are changing the dynamics of competition in the world we live in. Technological innovation now encompasses fast-moving emerging fields such as the biomedical and biochemical industries, digital media technology and even nuclear research.

Brain research has revealed that some of the most innovative ideas are generated by teams with complementary thinking capabilities. Multi-cultural communication skills, presentation skills, interpersonal effectiveness, networking, group dynamics and team productivity now take on a higher level of importance.

Learning is no longer an activity bounded by age, time and venue. Times have changed and we need to recognize it. Learning after leaving school used to be considered commendable. Today, you will almost definitely lose your competitive edge if you do not learn continually. We can no longer rely solely on what we learn in schools. Times have changed, the economic environment has changed, so have job market demands and it will certainly continue to do so. The knowledge needed for your career today is no longer limited to that learnt in school. In fact, the exponential growth of knowledge and the rapid advances in science and technology has led to rapid obsolescence of knowledge and skills we know today. The shelf life for these degrees are estimated as follows: 1 year for computer science, 2 years for electrical engineering and 3 years for accounting and general medical practice (The Week-End Australian, May 11-12 1996, p.11). Education experts agree that the undergraduate degree provides merely the essential "intellectual capital" on which to build future learning. Transferable skills, life skills and the right learning attitude to keep up with the current knowledge and trends have now taken centre stage in learning.

Moreover, not only is learning not to be limited to the classroom, it is not limited by geographical boundaries. The global economy requires a global outlook. The world is so diverse, with variances within variances. For instance, within Asia itself, and even within any single country in Asia, there are so many diverse cultures, rich histories, traditions, languages, races, religions, economies, political orientations and living conditions. The global economy requires learning to include the knowledge of the global environment, yet, accompanied with the understanding of the local intricacies. 

Teach Less, Learn More? Teach More, Learn EVEN More!

It is thus not surprising that countries such as Singapore adopt a new “Teach Less Learn More” approach to education to stay relevant. However, in recent years, with rapid advances in brain research and learning methodology in the US, learning applications have cascaded down to the rest of the world. Learning applications such as accelerated learning, speed reading and other new learning strategies are becoming more common nowadays.

These advances have 2 key implications. One, instead of “Teach Less, Learn More”, to stay competitive, it seems that we have to “Teach More, Learn EVEN More”. Two, the good news is, these learning strategies, as the word “strategies” implies, teaches you more about how to learn more in less time with more effectiveness!

Academic Stress: A Global Pandemic

Given the increasingly competitive environment, an increasing amount of academic stress and the associated health problems have also been reported. Academic stress as well as work stress, are said to be silent killers manifesting themselves into lifestyle and cell degenerative diseases, deadly and massively enough to be classified as a global pandemic!

Stress is often a result of the inability of an individual to cope with the demands in our daily lives. The world advances at a speed that will not wait or stop for anyone. The only practical thing to do is to adapt, to increase one’s knowledge and skills to adapt and stay relevant with the changing times. Healthcare and an understanding of the biology and psychology of performance as a form of prevention, as well as a tool for enhanced performance, are thus of utmost importance.

More so than ever, ultimate performance in this competitive environment calls for a strategic learning revolution within a holistic learning methodology. That is, we need a strategic “work smart” method to meet with the increasing learning demands and learning strategies that can maximize our learning using less time and effort. This in turn translates into more time for leisure, wellness, other forms of learning, greater learning motivation, higher self-esteem, less stress and better health.