Deliberations at the World Economic Forum in Davos last month did not go entirely as planned but few of the 2 400 people attending the meeting were deterred by the plunging market. In this opinion piece management professor Michael Useem who directs Wharton’s Center for Leadership and Change Management and who attended the forum discusses how Davos has emerged as a ”classroom on globalization.” Among the key lessons from this year’s class: Central bankers have lost their way; sovereign wealth hedge and private equity funds are the new power brokers; and no new authority should be put in control.

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While changing jobs and shifting careers is hardly unusual in today’s business world Russ Palmer is somewhat unique in that he has been the leader of three very different organizations over the past several decades. He was CEO of Touche Ross (now Deloitte & Touche) for 10 years dean of Wharton for seven years and now owner chairman and CEO of The Palmer Group a corporate investment firm. Each of these positions required very different skills and the ability to adapt to a unique set of challenges -- what Palmer calls ”a context-driven approach to leadership.” In his new book Ultimate Leadership: Winning Execution Strategies for Your Situation Palmer describes how today’s leaders can adapt to and succeed in any business environment.

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It’s been quite a week. Stock markets around the world showed sharp declines on Monday; on Tuesday the Federal Reserve cut its benchmark interest rate by three-quarters of a percentage point. The rate cut helped stem the losses on some indexes but by January 23 the volatility had returned. The obvious fear is one of recession -- a possibility that the White House and Congress are trying to avert by coming up with a stimulus package that will keep the economy off life support. How effective will the Fed’s interest rate cut be and what is the outlook for the Asian and European economies? Knowledge at Wharton asked finance professors Jeremy Siegel and Franklin Allen to comment on these issues.

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On January 10 Amazon.com announced a partnership with Sony BMG Music Entertainment to offer music downloads without digital rights management software which typically limits how content can be used. Amazon now has all four major music labels along with thousands of independent ones selling songs without DRM technology. While DRM may be all but dead in the music industry experts at Wharton point out that it is still widely used in the online video industry due to what one faculty member calls ”a different market dynamic.”

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Most industries do not begin on a single day but it’s easy to see Facebook CEO Mark Zuckerberg’s presentation on May 24 2007 as the starting gun in an entrepreneurial race that some have dubbed ”the Facebook Economy.” Zuckerberg announced that the social networking site would open to third-party developers transforming itself into a platform on which other businesses can operate. Eight months later more than 14 000 applications from third-party developers are live on Facebook including Scrabulous an online version of the word game Scrabble. But Scrabulous one of Facebook’s biggest hits may also become a victim of its own success.

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The worldwide collapse of stock prices has many victims -- pension funds insurance companies hedge funds financial services firms. But those are players who if they are smart have the wherewithal to withstand a steep sell-off. What about the small investor the individual who is socking away modest sums for retirement or college costs? Should small investors rush for the sidelines? Or should they view this as a buying opportunity? Knowledge at Wharton asked six experts for advice on investment strategy.

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Even against the backdrop of an increasing likelihood of recession television advertising spots for February’s Super Bowl XLII were nearly sold out by early January -- several weeks sooner than in the past -- and advertisers are paying record prices. While the power of television has waned as new media compete for consumers’ attention the Super Bowl appears to have retained -- and solidified -- its position as the ultimate in television marketing according to Wharton faculty and industry analysts.

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The rise in delinquencies on auto loans is one sign that America’s auto industry is in trouble -- along with the rest of the economy. How hard are the auto makers being hit and what should the Big Three do to stem the damage? Meanwhile the global auto industry has seen some interesting developments including the introduction in India of Tata Motors’ Nano and the arrival of five Chinese auto manufacturers at the Detroit auto show earlier this month. Will China and India be big players in the global market for cars? What is the current state of Europe’s auto industry? Knowledge at Wharton asked Wharton management professors John Paul MacDuffie and Mauro Guillen to steer us through the turmoil.

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Most energy experts agree that global warming is a serious threat and they also agree that green technology has the power to fundamentally reshape how business gets done. But at this early stage these experts -- including investors -- are finding it hard to separate truth from exaggeration when it comes to the benefits that green technology can offer. That was the consensus of industry speakers at the recent Wharton Energy Conference who participated in panels on renewable energy oil and gas energy finance and power.

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When Givenchy dressed Audrey Hepburn for her role in the 1961 film Breakfast at Tiffany’s luxury was still exclusive the particular provenance of the refined social elite. By 1980 all that was changing. When Brooke Shields announced that nothing came between her and her Calvins the message was not that Calvin Klein jeans were for her alone; it was that they were for everyone. In the 20-year span between the film and the ad luxury entered the mass market -- and quite arguably stopped being truly luxurious as Dana Thomas cultural correspondent for Newsweek suggests in her book Deluxe: How Luxury Lost Its Luster.

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