Globalization has come so rapidly that a new field called “Global Strategic Management” has now emerged. This new field is a blend of public policy, corporate strategy and international management that develops worldwide strategies, alliances and partnerships for global corporations and entrepreneurs. This redefinition of boundaries between the public and private sectors creates new and exciting opportunities for businesses and policy makers.

The earth, which already is packed with over 6.0 billion people, is expected to double its population to reach a stable level somewhere between 10-14 billion humans by the mid-21st century. About 95 percent of this growth will occur in the rapidly emerging economies and less developed countries. Businesses have traditionally been engineered around the evolution of sales in highly industrialized markets like the US, Europe and Japan. While these markets remain vital, globalization is driving rapid change. The emerging markets in countries like Brazil, Russia, India, China and South Africa will be significant growth drivers of the future. However, in today’s world of 6.6 billion people more than half live on less than $2 a day. Against this backdrop, can the private sector alone serve this large “base of the global population pyramid” – the very poorest of the world’s poor, who often do not have access to even the most basic services?

Public private partnerships are better positioned to take on this grand challenge. The challenge is indeed to make innovation, technology, trade, finance and globalization work for all members of society. Surely, development aid and philanthropy will bring relief and it is important to encourage such initiatives. Given the sheer magnitude of the problem, however, this will not be enough. What we need are solutions that are sustainable from a socio-economic as well as a business perspective.