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> Summary of Readings > 1. Charles Leadbeater, "Attacking the Recession"
1. Charles Leadbeater, "Attacking the Recession"Crisis is often critical to innovation. A crisis provides an urgent sense of focus to mobilize resources and break down barriers, which normally stand in the way of deep and resilient innovation. Every recession carries the seeds of its recovery. But these seeds must be planted, fertilized, watered and weeded in order to grow and bear lasting and nourishing fruit. Economic history is full of examples of places which used economic crises to make strategic investments and structural changes that led to dramatic future growth, but it is also full of places which missed opportunities and suffered extended or permanent decline. For example, Finland and Japan both experienced deep economic crises in the 1990's. Finland boldly attacked the crisis, repositioning itself as the world's premier knowledge economy. Finland's annual productivity growth rate rose by nearly 30 per cent over the next decade as Nokia took a leading position in the development of the mobile phone industry; Japan dithered and suffered a lost decade of economic stagnation.
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