It was September 6, 1943 and Winston Churchill was delivering an important speech at Harvard University upon the occasion of his being awarded an Honorary Doctorate. Two points emerged from that speech which are of great significance in today's world. The first is Churchill's reflection on the British Empire of past centuries, upon which the sun never set, but which would not be the empire of the future. He noted that in contrast: "The empires of the future are the empires of the mind."

Thus, in an Information Age, wealth is less likely to be found in real estate and more often to be in the form of various types of intellectual property. This is a world shaped and ruled by patents, trademarks and domain names, designs, computer chips, nanotechnology, robotics, artificial intelligence, gnomes, plant variety species, and many other new forms. The U.S. and China have both invested heavily in and actively promoted this new form of economic wealth.

The second major point raised by Churchill, and one that is as relevant today as it was in 1943, was that in this environment major economic powers cannot choose to be disengaged in the world. In order for the new economic and social order to work, the leading powers must lead and be actively engaged. Interestingly, after WWI, the U.S. rejected President Wilson's League of Nations and retreated into isolationism. Then over the next several decades, tensions and conflict escalated resulting in the devastation and destruction of WWII.

Churchill also observed with his wonderful wit, that: "You can always count on Americans to do the right thing – after they've tried everything else." Let us hope that President-elect Trump will not adopt such a strategy.

Our 21st Century world is a very small, crowded and interconnected place. Challenges such as global warming, rising population, disparity between rich and poor and a shortage of resources require, more than ever before, international cooperation. In contrast to the inward looking view expressed by President-elect Trump, world leaders need to be stepping up and arguing the case for enhanced globalization and internationalization.

By internationalization, I mean the move towards harmonization of national laws so that a common international law emerges. Globalization refers to the growing interdependence of economies; specifically and generally the trend to take a world or global view of issues rather than a narrow sectarian or purely nationalistic view.

International trade benefits everyone by ensuring that goods and services are produced at the lowest possible cost and with the greatest efficiency by those who are best placed to carry out this activity. This results in a win-win for both the producer/supplier of such goods and services and for the consumer. Internationalization facilitates world trade, maximizes efficiency and provides a process by which nations may both partner for success and resolve differences, thus promoting peaceful development from which all benefit.

President Xi Jinping, at the APEC Economic Leaders' Summit in Peru, spoke out against protectionism and in favor of globalization. He signaled China's commitment to lead by opening up its economy. While this statement is both welcomed and applauded, it will need to be followed-up by concrete actions that make the intention a reality.

Indeed, the world needs more than ever all leaders to work together so that we avoid unnecessary trade wars and the resultant rising tensions that endanger peaceful development, spawn distrust and result in wasteful activity such as heightened arms races. It is now time for other world leaders similarly to advocate a global approach that is genuinely win-win and not resort to a win-loss context characterized by short-term gains for one country won at the expense of another.

Finally, Churchill also stated in his 1943 speech, that "the price of greatness is responsibility." I remain optimistic that the world's leaders will take that responsibility seriously in the decades ahead.

Eugene Clark is a columnist with China.org.cn. For more information please visit:

http://www.ccgp-fushun.com/opinion/eugeneclark.htm

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