In pursuit of a sustainable global market economy

Purpose - Presented on behalf of the Evian Group @ IMD, this paper aims to expand upon points made in the keynote speech at the 9th Annual EABIS Colloquium on Corporate Responsibility and Emerging Markets held in St Petersburg, Russia on 20-21 September 2010. Design/methodology/approach - Three themes are explored within the context of the BRICs: geopolitics and global governance in the twenty-first century; the balance between public good and private enterprise; and frameworks for equitable trade and inclusive growth. Findings - The global situation is precarious, characterized by multi-polarity, asymmetrical power threats, and a vacuum in global governance. The trade-based economic development of the BRICs is a positive economic sign but raises implications for sustainability. There is a need for balance between the ability of the public sector to provide public goods, including global public goods, and the need for government to create incentives for the private sector and unleash its creativity and energy. With the proper incentives and legal structure, including respect for the rule of law, the energy and creativity of the private sector can be harnessed to develop a framework for equitable trade and inclusive growth, and to further the development of a sustainable global market economy. Originality/value - The paper provides a catalyst for discussion that bridges the gap between business school education, legal education, political science and economics.