January 2012
Building Tomorrow's
Economy,
by George N. Saliba
Saint Peter's
College Symposium
examined the future
of New Jersey's and
the world's economy.
With the Manhattan
skyline in the
background, Saint
Peter’s College
Business Symposium
was recently held at
the Hyatt Regency
Jersey City. While
the event was
technically titled,
“New Jersey:
Building Tomorrow’s
Economy Today,” some
speakers referenced
the future of the
global economy,
including Patricia
Russo, the former
chairman and CEO of
Alcatel-Lucent.
Russo noted that in the over past three
years, China has
added more new
Internet users than
currently exist in
the entire United
States. She said,
“If you think about
the power of that
kind of growth
outside the U.S.,
certainly the extent
to which
globalization
affects all of us is
increasing.”
Among other
globalization
examples, she noted
that Merck recently
announced
partnerships in
research,
manufacturing and
sales, in India and
China. Russo said
the moves will help
that company take
advantage of the
demand for its
pharmaceuticals,
while simultaneously
allowing it to tap
into the “scientific
talent” needed to
grow its business.
Of course,
globalization is a
mantra in the
business community,
and Russo also
stated, “Wireless
and networking
technologies have
made geography
literally
irrelevant. Work
does not need to be
attached, for the
most part, to a
particular
geography, building,
or even a time
zone.”
Working in tandem
with globalization
and relevant
communication
technologies, Russo
additionally
asserted that the
new economy will be
increasingly
“personal and
individual.”
Whether it’s a
personalized smart
phone, or a niche
cable television
station, users’
experiences are
unique. Another
overarching theme of
Russo’s was how
increasingly
“interconnected and
intertwined” the new
economy is, as
evidenced by the
2008 financial
crisis, for
instance.
The next speaker,
New Jersey
Lieutenant Governor
Kim Guadagno,
focused exclusively
on New Jersey and
highlighted a few of
the Christie
Administration’s
achievements. She
said, “We understand
in New Jersey that
it is time for us to
make the tough
decisions needed to
give you confidence
that if you invest
in New Jersey, it
will be a good and
wise investment, not
just for today, but
generations to
come.”
Guadagno said the
Christie
Administration has
helped convince
major companies such
as Panasonic, Novo
Nordisk and Church &
Dwight to remain
and/or expand in the
state.
Tom Bracken,
president and CEO of
the New Jersey
Chamber of Commerce,
had a similarly
upbeat presentation,
noting, among other
things, that, “The
[Christie
Administration]
balanced the budget,
the last two times,
with spending cuts.
That’s unheard of
in the State of New
Jersey. They put
together pension and
healthcare reforms,
which was an
unprecedented move
with the cooperation
of both Republicans
and Democrats. In
this last budget,
[there were] $200
million in tax
reductions for the
business community.”
Meanwhile, keynote
speaker Neil Cavuto,
host of “Your World
With Neil Cavuto”
and senior vice
president, anchor
and managing editor
of business news at
FOX News, surveyed
some of the nation’s
and the world’s woes
in his speech, and,
referring to the
United States, said:
“It’s in our DNA to
do right. But, it’s
not in our DNA to
quit. A lot of
people say, ‘The
best days of this
country are behind
us.’ I don’t agree
with that. I think
my kids would like
to think that the
best days are still
ahead. But, when
[some people] keep
talking
gobble-de-gook, and
keep talking over
their heads, keep
not answering basic
questions, and keep
saying two plus two
isn’t four, they are
lying to them. And
[they] are lying to
our ancestors and
disappointing them.”
Cavuto concluded
his speech with
hope. He said,
“Let’s surprise the
world.”
New Jersey Business Magazine Editorial & Advertising Staff:
Vincent Schweikert, Vice President & Publisher
973-882-5004. ext. 110
v.schweikert@njbmagazine.com
Anthony Birritteri, Editor-in-Chief
973-882-5004. ext. 104
a.birritteri@njbmagazine.com
George Saliba, Managing Editor
973-882-5004. ext. 106
g.saliba@njbmagazine.com
Lisa Fragati-Criscuolo, Advertising Manager
973-882-5004. ext. 108
l.criscuolo@njbmagazine.com
Gloria Owens, Account Executive
973-882-5004. ext. 109
g.owens@njbmagazine.com
Doug Prefach, Account Executive
973-882-5004. ext. 102
d.prefach@njbmagazine.com
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