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What could the economy of the future look like? We have a choice. It could be one based on familiar technologies, markets and institutions. We could … - Minouche Shafik
" "What could the economy of the future look like? We have a choice. It could be one based on familiar technologies, markets and institutions. We could continue with polluted air and water where our children suffer from respiratory diseases; where our economies are struck by frequent shocks caused by unpredictable weather events which cause catastrophic losses; where people have to move across borders as their livelihoods are destroyed by rising sea levels or persistent droughts and rising temperatures; and one where the natural world continues to diminish.
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About Minouche Shafik
Nemat Talaat Shafik, Baroness Shafik, (Arabic: نعمت طلعت شفيق) (born 13 August 1962) commonly known as Minouche Shafik (Arabic: مينوش شفيق), is a British-American academic and economist. She served as the 20th president of Columbia University from July 2023 to August 2024. She previously served as president and vice chancellor of the London School of Economics from 2017 to 2023. From 2014 to 2017, Shafik served as deputy governor of the Bank of England and also previously as permanent secretary of the United Kingdom Department for International Development from 2008 to 2011. She has also served as a vice president at the World Bank and as deputy managing director of the International Monetary Fund.
Also Known As
Alternative Names:
Nemat Shafik
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Nemat Talaat Shafik, Baroness Shafik
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Nemat Shafik, Baroness Shafik
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Additional quotes by Minouche Shafik
But before doing that, let me start with a story from the past. Over 3000 years ago a different kind of climate change caused by volcanic eruptions and changing weather patterns resulted in persistent droughts that caused famines and political unrest in ancient Egypt. The pharaohs of the Ptolemaic dynasty such as Cleopatra went to great lengths to adapt – transferring grain from productive regions to drought plagued areas, opening up grain stores, crossbreeding cattle to develop more heat resistant animals, and providing tax relief. These foresighted efforts managed to prolong the Egyptian empire for a half century longer but ultimately one of the greatest empires the world has ever known collapsed because of the effects of climate change. The difference between then and now is that we are the cause of today’s climate change, and we have the means to stop it by changing our economy.
I’ve worked in a lot of different organizations, and that helps because you often have seen a similar problem somewhere else. Now, organizations all have their different cultures and histories, but it helps to have seen a similar problem. It makes you realize, “I can figure this one out, maybe, or there is a way to solve this puzzle.” The other thing is I’ve worked in a couple of organizations that manage crises, like the International Monetary Fund, or when I was with the Department for International Development, we managed a lot of humanitarian crises around the world. So that teaches you to be calm under stress, and I suspect that skill might be useful in the years ahead.
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So let us forge a new social contract with society and with each other that will make us an exemplar of a great university in the 21st century. We will construct this on a foundation built by the wisdom of our past and forge new frontiers of scholarship and service. The legacy of the Columbians who came before will live on through us, as our legacy will live on through future generations, nurtured by the commitments we reaffirm here today.
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