“An Era of Division, Frenzy, and Fear… Yet ‘Prosperity’ Will Still Emerge” [ESF2026]

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“An Era of Division, Frenzy, and Fear… Yet ‘Prosperity’ Will Still Emerge” [ESF2026]

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Day 2 of the 17th Edaily Strategy Forum

Noreena Hertz, Professor Emerita of Institute for Global Prosperity at University College London (UCL)

“Prosperity Amid Anxiety… Innovation Accelerates Across Various Fields”

“A Broad Perspective, Solidarity, and Time to Think Are Essential”

[Edaily By Reporter Yu-rim Lee and Yeon-seo Kim] A warning “The old rules of the game no longer work.” has emerged among rapid change of economies and societies brought by geopolitical conflict, protectionism, and artificial intelligence (AI) revolution. World-renowned economist Honorary Professor Norina Hertz of University College London‘s (UCL) Institute for Global Prosperity diagnosed the crises facing our society and raised the role of new leaders as a central issue.

Noreena Hertz, Honorary Professor at the Institute for Global Prosperity, University College London (UCL), delivers her keynote speech on the topic of "How to Thrive in an Age of Division and Uncertainty" at the 17th Edaily Strategy Forum held at the Shilla Hotel in Changchung-dong, Jung-gu, Seoul on June 17. (Photo = Young-hoon Lee, Edaily Reporter)

Serving as a keynote speaker on June 17 at the 17th Edaily Strategy Forum, convened at the Shilla Hotel in Jung-gu under the theme “The Age of Power, Recasting Civilization : Who Designs the New World?”, Professor Hertz delivered a keynote speech and identified the so-called “4F” as the key words defining the world today: ’Fractured,‘ ’Frenzied,‘ ’Fearful,‘ and, despite everything, ’Flourishing.‘

She began by addressingaddressed the reality that the era of globalization and free trade, which we took for granted for a long time, is fading, while protectionism and trade barriers have become the new normal. Regarding this state of “Fractured,” Professor Hertz forecasted, “This goes beyond mere conflicts between nations; it will inevitably lead to internal domestic division driven by widening gaps in generations, gender, and wealth.” She specifically mentioned the frustration of Generation Z, who have lost the dream of homeownership and have grown distrustful of large corporations and democratic institutions, stressing that “Korea, too, must also prioritize the task of healing these internal societal conflicts as its top priority.”

Professor Hertz described the unprecedented speed of AI adoption as “Frenzied.” While roughly one out of ten people worldwide now uses AI regularly, she pointed out that we are deploying it in the field before properly testing its limits and risks. “No one can be certain whether AI will become a genius in our pockets or a risk that weakens critical thinking and decision-making abilities,” she warned.

In such a rapidly changing environment, the public’s sense of “Fear” has reached at an extreme level. “People around the world feel that the ground beneath their feet is less stable than it used to be”, diagnosing “This includes economically, socially, and professionally.” She expressed concern that fear of survival-of-the-fittest could influence voting behavior, noting that “The more fearful people become about the future, the more likely they are to be drawn toward extreme politicians.”

Yet, Professor Hertz‘s final keyword was “Flourishing (Prosperity).” Despite mounting global uncertainty, patent applications and clinical trials are currently hitting historical highs, and innovations within the cultural arts and robotics industries are actually accelerating. “The companies I find most interesting are not the ones looking for a place to hide from the storm, but those that use the current turbulence as an opportunity to innovate, sharpen their focus, and move ahead,” she said.

Noreena Hertz, Honorary Professor at the Institute for Global Prosperity, University College London (UCL), delivers her keynote speech on the topic of "How to Thrive in an Age of Division and Uncertainty" at the 17th Edaily Strategy Forum held at the Shilla Hotel in Changchung-dong, Jung-gu, Seoul on June 17. (Photo = Young-hoon Lee, Edaily Reporter)

Professor Hertz then outlined the attitudes leaders should adopt to seize opportunities in a crisis and design the new world.

She emphasized the importance of “a broad perspective,” she said, “The companies that truly stay ahead are the ones that create more options, build wider networks, and invest more deeply.” She also advised, “Keep challengers close to you” and “Expand the range of voices you listen to.”

She also stressed “solidarity” and “cohesion.” “Smart thinking alone is not enough to navigate difficult times,” she said. “Solidarity helps absorb shocks, endure sacrifices, and think strategically.” She added, “When everything around you are chaotic and constantly changing, you must aggressively secure dedicated time to think. Do not expect that time to appear naturally. Reduce unnecessary noise from emails, messages, and notifications.”

Professor Hertz concluded by stating, “In a world marked by fractured, frenzied, and fearful, the ability to think clearly is an essential element of leadership. Only then can leaders recognize the opportunities hidden within the noise and become the architects of a new world.”