A former city of London economist and now economic adviser to the city's mayor, Gerard Lyons takes a positive view of the prospects for the world economy and society in the coming decades. In the next 20 years, he says, the global economy will enjoy one of its most positive periods of growth, with increased innovation and technical advances increasing opportunity. While the West's share of the global economy will shrink in the next 20 years as the forces of economic power shift eastwards, there will be more to share than ever before.

One of the most exciting aspects of the coming decades will be how economic systems change across the world. The combination of new social media, improved communication and technology and an increased information-led economy will make us more aware of best practice around the world, raising questions as to why some countries perform better than others.

There is a need for a two-handed approach to the future however. Lyons says we need to look to Adam Smith’s advocacy of the need for both a visible and an invisible hand.The invisible hand is the importance of the market while the visible hand ensures the right morals and ethics. Get these right and there will be consolations for every economy, he says.