ISB’s 10th Anniversary Celebrated in New York

Friday, September 16, 2011

New York City was the last stop for a series of events to mark the Indian School of Business (ISB) 10th anniversary celebrations, in the US. The event was graced by notable academics, prominent members from the industry as well as alumni of the ISB.

The highlight of the evening was a conversation between Paul Romer, Professor of Economics, NYU Stern School of Business and Reuben Abraham, Clinical Assistant Professor and Executive Director, Centre for Emerging Markets Solutions at the ISB, about Professor Romer’s unique idea of charter cities.

A charter city is a special economic zone that is governed externally and which, operates upon the following four elements: Firstly, the land has to be an unoccupied site that is large enough to house an entire city. Secondly, the city has a charter that specifies the rules of the place. Thirdly, there is a strong commitment to inclusion, where all residents enjoy the same rights and privileges and lastly, they enjoy the free will to enter and exit the city.

Professor Romer illustrated the concept of charter cities by using the example of Honduras, which has set aside a piece of land on its coast to build such a city. The idea is to create a place for Hondurans, within their own country, which offers the same kinds of opportunities that they seek through migration to the US. He also explained how the mechanism of governance, democracy, finance and infrastructure development would work under this model.

Girish Reddy, Founder, Prisma Capital Partners LP and member of ISB’s Executive Board, and Uday Khemka, Vice Chairman, SUN Group and member of ISB’s Governing Board, were also present at the occasion.

New York
United States