LONDON Intel Corp. Chairman Craig Barrett is attending the World Economic Forum in Davos, Switzerland, and has put his cards on the table--or rather his words in a blog. Barrett has come out firmly on the side of the unfettered movement of capital, ideas and people in a free market.
Barrett said it was up to countries to choose whether they wanted to compete in a global market or they wanted to pursue isolationism and as a consequence experience the economic decline associated with stagnant markets.
"Economic competitiveness will be driven by smart people (a good education system), smart ideas (investment in R&D) and the right environment to promote investment in innovation (government policy on taxes, IP protection, availability of venture capital, etc). Any economy which ignores these three fundamentals will be left behind," Barrett said.
Barrett's blog also continued the theme of being nice to the Europeans; something that Barrett had engaged in with Intel CTO Justin Rattner a couple of days before (see Intel forms Intel Labs Europe with hubs in Dublin, Munich).
In his blog Barrett said debating whether the U.S. economic system is better or worse than the European system is moot. He points out that the emerging countries, such as India and China, are creating highly successful and competitive industries and they are also changing the rules so that where you are born is less and less deciding your economic circumstances.
"We all have to compete if we want a bright future and it seems that much of the developed world would rather talk about how unfair and distasteful competition is rather than make the decision to compete and then get down to the difficult task of actually competing," Barrett concludes.
Barrett's blog would be found at here when this story was first posted.
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