Speaking to an audience of more than 3,000 at the Applied Net conference in Las Vegas on October 20, former Secretary of State Madeleine Albright stressed the importance of critical thinking, not wishful thinking.

"Impatience is the enemy of an economic strategy," she said in her keynote address. "I worry that in today's wired world, panic will push aside prudence and long-term thinking will never get done."

Demographic and income shifts are creating friction, and widespread technology use adds to the voices to which governments must listen.

But whether one is a corporate executive or secretary of state, it's imperative to operate in a global environment. "You have to be able to predict the future, and that is a rare skill—those who think they have it, often don't," she said.

"Human history is full of predictions that didn't pan out," she continued. But good forecasts depend on thorough information and facts. "We need leaders to engage in critical thinking, not wishful thinking. Wishful thinking tends not to buy insurance—they just crash their cars into people that do."

Touching on political risks, Albright said that the United States and the international community must develop a broader strategy in the Middle East and North Africa through political and economic tools and military force to achieve peace, stability and progress.

Naming conflicts in Syria, Ukraine, and North Korea, Albright says these are all connected to global risk. "Most of the international organizations we rely on today are designed to meet the demands of the 20th century. These bodies must be updated, streamlined or reformed—whether we are talking about the United Nations or global financial institutions," she said.

Quoting an associate, she said "People are talking to governments on 21st century technology, the government hears them on 20th century technology, and responds with 19th century ideas."

Albright also highlighted transnational challenges to global risk, including criminal trafficking, climate change and cyber issues, and called on industry leaders to address these issues. "The technology revolution is both a priceless opportunity and a great danger. It makes us more efficient and productive, and helps solve complex problems, but technology also makes us more dependent. And we are more at risk for cyber intrusion and attacks. We need leaders from both public and private sectors to give cyber the attention it deserves."

Concluding her keynote address, Albright recalled to the audience how she came to America from communist Czechoslovakia in 1948 at the age of 11. "Because of this nation's generosity, I was able to prosper…The American journey is an upward journey. Today as business people and citizens, we look forward not with trepidation, but determination," she said.

Special Reports /

Madeleine Albright calls on industry leaders to address global risks during Applied Net's keynote address

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