THE new buzzwords are "k-economy" and "new economy," as if the                                                                    
year 2000 is the watershed between the new economy of the 21st                                                                                        
century and the old economy of the 20th century.                                                                                                      
                                                                                                                                                      
There are others who are inclined to coin further refinements                                                                                         
to suggest that we are now moving into the new-new economy and                                                                                        
that the closing decades of the 20th century should be more                                                                                           
appropriately referred to as the old- new economy, in which                                                                                           
the focus was on hardware (discs, wafers) while today's new                                                                                           
new economy focuses on software (dot-com companies,                                                                                                   
e-commerce).                                                                                                                                          
                                                                                                                                                      
Our present has been predicted a long time ago. Peter Drucker,                                                                                        
some 50 years ago, referred to knowledge work and knowledge                                                                                           
workers of the future. The primary resource of these workers                                                                                          
is intellectual capital which can be considerably enhanced                                                                                            
with information technology support.                                                                                                                  
                                                                                                                                                      
The current enormous interest in technology stocks, in                                                                                                
particular dot- com companies, is the consequence of the                                                                                              
application of very focused knowledge work to create new and                                                                                          
innovative business opportunities.                                                                                                                    
                                                                                                                                                      
The fantastic appeal of Li Ka Shing's Tom.com (www. Tom. com)                                                                                         
is an example of exciting expectations of what the future                                                                                             
holds.                                                                                                                                                
                                                                                                                                                      
The new business opportunities have been created as a                                                                                                 
consequence of the dramatic and exponential growth of the                                                                                             
cyber market of the Internet. Historical dot-com companies                                                                                            
like Amazon.com (www.amazon.com) and America Online                                                                                                   
(www.aol.coni) have shown to the rest of the world how wealth                                                                                         
is created by exploiting cyberspace, literally moving from the                                                                                        
traditional physical market in favour of the cyber market.                                                                                            
                                                                                                                                                      
The Asian cyber market is now on the threshold of an                                                                                                  
explosi6n, as not only new technology companies have been                                                                                             
created but also many traditional companies are investing in                                                                                          
the new economy.                                                                                                                                      
                                                                                                                                                      
How has this extraordinary gateway of the new economy come                                                                                            
about? While credit can be given to the separate developments                                                                                         
in the science of computerisation, the science of                                                                                                     
telecommunication and the science of Disneyland entertainment,                                                                                        
the crucial thrust is the timely convergence of the separate                                                                                          
disciplines to produce the multidimensional communication and                                                                                         
interaction that can be obtained from today's state of                                                                                                
information technology.                                                                                                                               
                                                                                                                                                      
Shortly, voice will be coupled to text and visuals and the end                                                                                        
product will be infinitely faster and much cheaper to access                                                                                          
than through the physical market.                                                                                                                     
                                                                                                                                                      
The IT world is only one of many scientific developments under                                                                                        
way. Other branches of science are also progressing at an                                                                                             
exceptional rate.                                                                                                                                     
                                                                                                                                                      
Biotechnology and genetics have led to cloning of animals and                                                                                         
the next step to human replication is now a real possibility.                                                                                         
                                                                                                                                                      
Nanotechnology and molecular electronics have incredible                                                                                              
possibilities. Given the exponential rate of progression, it                                                                                          
is very likely that by 2020 we will be able to construct                                                                                              
machines, in quantity, a million times as powerful as the                                                                                             
personal computers of today.                                                                                                                          
                                                                                                                                                      
Robotics, still at its infancy, also has considerable                                                                                                 
potential. Robin Williams' bicentennial man conjures up the                                                                                           
image of an intelligent robot behaving more human than                                                                                                
mortals!                                                                                                                                              
                                                                                                                                                      
We have always welcomed scientific progress, so long as we                                                                                            
recognise that they are opportunities to help mankind improve                                                                                         
on its quality of life. But when different branches of science                                                                                        
converge, the end result may be totally unexpected.                                                                                                   
                                                                                                                                                      
Imagine a robot with super intelligence introduced by                                                                                                 
nanotechnology and built to resemble humans through genetic                                                                                           
engineering. Is this the end of the human race and the                                                                                                
beginning of another race?                                                                                                                            
                                                                                                                                                      
In our excitement over scientific progress, we should be                                                                                              
mindful that it is the dog that should wag the tail God forbid                                                                                        
the tail having to wag the dog!                                                                                                                       
                                                                                                                                                      
If the purpose of technology is to serve Man, then Man has to                                                                                         
come to terms with the seemingly limitless potential of                                                                                               
technology and lay down the conditions that will allow                                                                                                
scientific developments to progress in desirable directions.                                                                                          
Already, concerns over morality and ethical issues surround                                                                                           
the question of human cloning.                                                                                                                        
                                                                                                                                                      
The human race is special. We have evolved over the millennia                                                                                         
to be the superior species.                                                                                                                           
                                                                                                                                                      
What separates us from other living things, apart from                                                                                                
superior intellect, is our set of values; what separates us                                                                                           
from each other are our cultural beliefs.                                                                                                             
                                                                                                                                                      
It will be our values that will preserve our humanity. We                                                                                             
value freedom, equality, justice, peace and stability, and we                                                                                         
show compassion and affection and have a bias for honesty,                                                                                            
respect and community.  We formulate laws to govern action and                                                                                        
believe in the virtues of a civil society.                                                                                                            
                                                                                                                                                      
But we also have violent streaks that can inflict suffering                                                                                           
and death to others. We are very capable of using science and                                                                                         
technology for human destruction.                                                                                                                     
                                                                                                                                                      
We must learn to control ourselves. It will be so easy to turn                                                                                        
tools of service into tools of destruction.                                                                                                           
                                                                                                                                                      
We really have no choice. We cannot and should not stop                                                                                               
scientific progress. The only option open to us is to continue                                                                                        
to educate ourselves, propagate human values and humanise                                                                                             
technology so that, despite the wonders of the new economy,                                                                                           
the concerns of Man will come first.                                                                                                                  
                                                                                                                                                      
Community, human interaction and the spirit of humanness                                                                                              
should be our priority. As we move into high-tech, we also                                                                                            
need to walk along a parallel road of high-touch.                                                                                                     
                                                                                                                                                      
It is against this emerging scenario that the Malaysian                                                                                               
Institute of Management is conscious of the need for a balance                                                                                        
between the unstoppable technological upsurge and the overdue                                                                                         
resurgence of human values.                                                                                                                           
                                                                                                                                                      
In the context of management, technology offers the promise of                                                                                        
better products, faster deliveries, lower costs, higher                                                                                               
customer satisfaction and larger returns.                                                                                                             
                                                                                                                                                      
But unless the values of the organisation are in place, these                                                                                         
promises may be delivered only for the short term and,                                                                                                
ultimately, may be illusory.                                                                                                                          
                                                                                                                                                      
How the balance can be achieved is the focus of a Millennium                                                                                          
Conference that MIM will be convening on May 2 to 4 at the                                                                                            
Palace of the Golden Horses in Kuala Lumpur.                                                                                                          
                                                                                                                                                      
The conference is particularly relevant for companies and                                                                                             
their management staff as it will showcase companies that have                                                                                        
demonstrated excellence in achieving technological                                                                                                    
breakthroughs and companies that have developed enviable                                                                                              
corporate cultures.