How to earn a living

Jeff Immelt, boss of GE, the World’s largest manufacturing company, has been talking at the London Business School.

He is convinced that in the US  “a 30-year transition from a manufacturing export-led economy to an importing service-based one typified by the growth of Wall Street is over and has left America damaged“.

He believes that the workings of the world economy have been “reset” and are moving onto a new pendulum swing which will see the future dominated by new levels of government intervention, new markets and new technologies based on good old research and development.

I think he’s right and that’s a problem for UK plc.   We are good at inventing new things (at least we think we are!) but commercialising those inventions is something that Britain has been poor at (with honourable exceptions) for 100 years and more.

So how will we earn our living in the future now that banking and finance isn’t looking like such a good bet?


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