A Globalized World Puts Premium on Privacy

The world economy, fuelled by information technologies, is increasingly integrated. The hype surrounding the possibilities of globalization has led some commentators to erroneously conclude that 'The World Is Flat'. There is plenty of evidence, however, to suggest that, even as economies become more  interdependent, certain natural barriers, not least geography and policy differences between countries, remain.

The sub-prime crisis, which started as a local problem in the United States and which has since spread around the globe, illustrates how greater economic integration can trigger a chain of events that make us all much more vulnerable to 'contagion'.

In spite of the buoyant state of the big emerging economies - so-called BRICs economies - they are unlikely to pick up the slack as the US economy contracts and even lapses into outright recession. 'The world is afflicted by systemic imbalances that demand correction', observed Prof. Beatrice Weder di Mauro. The outlook for the world economy suggests a low-growth scenario rather than a protracted recession, and one in which protectionist noises will likely resurface.

Behind the proliferation of information technologies that are at the core of globalization lurk dangers. Arbitrary invasions of privacy, a concept whose historical roots can be traced to Greek antiquity, can inhibit human action and stifle creativity. This poses a threat not only to the wealth creation process but also to basic human liberties. Carving out a legitimate realm of privacy is an increasingly difficult challenge in a world characterized by multiple technology-inspired 'Big Brothers'. In spite of wealth owners concerns, scientist and author David Brin nonetheless concluded that 'a strict burden of proof must be met in restricting information flows which would otherwise be injurious to society'.

Moral tsunami 

The erosion of the 'demarcation line' between public and private is arguably highly detrimental to society since increasingly private subjects and intimacies influence and dominate debates and public consciousness. 'Moral questions like sexual harassment, smoking, eating habits, every kind of abuse and political correctness become political questions. We have a moral tsunami in public discourse', remarked Prof. Kurt Imhof. 

Whilst there is no definitive strategy for safeguarding privacy, wealth owners' will do well to consciously assert their privacy which demands a degree of discretion and humility to avoid the corrosive force of envy to which they would otherwise be exposed.