Brown applauds Abu Dhabi’s economic diversification efforts, saying investments in science and education are the key to a successful future
The Right Honorable Gordon Brown MP, former Prime Minister of the United Kingdom and a Distinguished Global Leader in Residence at New York University, called for nations to devise global solutions to resolve global issues at a New York University Abu Dhabi (NYUAD) Institute lecture Thursday evening.
Addressing a public audience on the subject of his most recent book, Beyond the Crash: Overcoming the First Crisis of Globalization, Brown argued that in the age of a globalized world, one of the most significant obstacles in solving pressing economic and social problems is a tendency to define global issues on a national scale.
“We are part now of the global society, we can communicate instantaneously with people in any and every part of the globe - we are interdependent,” he said.
“We know that many of the problems we face as a world, we can only deal with by working together. If we want to deal with financial instability, if we want to deal with climate change, if we want to deal with the problems that arise from growth and unemployment… we can no longer think of ourselves just as nations separate and isolated from each other. We’ve got to think of ourselves as part of a global community and build the institutions that enable us to deal with the problems that arise.”
Brown used his experience as a world leader during the peak of the recent global economic crisis to illustrate the powerful potential that can result from successful international cooperation.
Brown recalled his conversations with American and European counterparts, and the pressure to decide on the course of action for Britain as a number of the country’s banks were on the brink of collapse. His understanding that this was not a simple cash or liquidity problem, but rather a structural problem within the banking sector, led him to his bold decision to recapitalize Britain’s banks through government funding.
“That was the beginning of trying to solve the problem, but we had to then not only restructure banks, but try to bring some form of global financial management and get the world economy rolling again,” he said.
“It was necessary for us to come together with the world and we created this organization, the G20, for heads of state and heads of government. We made the decision that we would back the world economy and give confidence to people that there was enough political will so that a recession need not become a depression.”
Brown cautioned nations not to forget the lessons of this crisis: “It is essential we continue to change and restructure the global financial system and get the growth that is necessary in the global economy.”
During the talk, Brown also praised Abu Dhabi’s foresight in its decisions to diversify its economy and to invest heavily in science and education. He noted that the key for a nation’s future success in today’s world lies in the ability to develop and maintain a competitive advantage in science and technology.
Brown used NYUAD as a prime example of Abu Dhabi’s commitment to developing its educational offerings: “I am very excited not only by the quality of the students I’ve met, but by the quality of teaching that is available, and by the international dimension of this project.”
Brown is a former leader of the British Labour Party, and served as Prime Minister of the UK from 2007 to 2010. Previously he had served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007. In his new role as Distinguished Global Leader in Residence at NYU, Brown will spend time each year at NYU Abu Dhabi, NYU New York, and at other sites throughout the school’s global network, delivering a series of lectures, and more broadly, engaging the community in an ongoing dialogue focused on the creation of a global civil society.
Philip Kennedy, Faculty Director of the NYUAD Institute said: “The NYUAD Institute is proud to have hosted such a distinguished guest here in Abu Dhabi; Brown offered a fascinating account of his first-hand experience as a leader on the global stage during a defining period of modern history. The Institute is committed to bringing thought leaders in all disciplines to Abu Dhabi to provide an open and engaging forum for dialogue and exchange of ideas within the Abu Dhabi community.”
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