The Global Imperative

Never before have scientific knowledge and technology been so clearly coupled with economic prosperity and an improved standard of living. Where access to natural resources was once a major source of economic success, today access to technology—which means access to knowledge—is probably more important. Industries based primarily on knowledge and fast-moving technologies—such as semiconductors, biotechnology, and information technologies—are becoming the new basic industries fueling economic growth.

Advances in information technologies and computers have revolutionized the transfer of information, rendering once impervious national borders open to critical new knowledge. As the pace of new discoveries and new knowledge picks up, the speed at which knowledge can be accessed becomes a decisive factor in the commercial success of technologies.

Increasing global economic integration has become an undeniable fact. Even large nations must now look outward and deal with a world economy. Modern corporations operate internationally to an extent that was undreamed of 40 years ago. That's because it would have been impossible to operate the multinational corporations of today without modern information, communications, and transportation technologies.

Moreover, many countries that were not previously serious players in the world economy are now competitors. Global economic integration has been accompanied by a rapid diffusion of technological capability in the form of technically educated people. The United States, in a dominant position in nearly all technologies at the end of World War II, is now only one producer among many. High-quality products now come from

countries that a decade or two ago traded mainly in agricultural products or raw materials.

Our technical and scientific strength will be challenged much more directly than in the past. Our institutions must learn to function in this environment. This will not be easy.