The world economy is being rapidly transformed from an industrial model, based on physical goods to an information model, based on knowledge and ideas. Competitive advantage in this new knowledge-based world is increasingly dependent on ideas and skills, rather than traditional input costs.

Our future in the new world economy is one of significant challenge. The industries we relied on to generate our wealth are threatened by globalization, economic restructuring and regulatory reform. Our social institutions are under pressure to become more accountable and responsive and our economic and cultural heritage is in danger of being overwhelmed by external influences.

Our future is also one of significant opportunity. Our industrial base, cultural sector and broad-based social institutions---governments and educational institutions being foremost---are restructuring to meet the challenges of an information-based global economy. Citizens from all walks of life are anxious to participate in the new competitive landscape to ensure a strong economy for future generations.

Evidence emerging from the United States and other advanced industrial nations has demonstrated that variations in local institutions and the shape and size of corporations have much to do with regional capacities for adaptation. In fact it is now recognized that differences in economic performance within nations can be as great or greater than the differences between nations. In other words, economic success is much more dependent on regional than national leadership. The implication is that the responsibility for our economic success will reside within our local economies. How we work together will determine our level of employment, our possibilities for generating wealth and our quality of life.