This initiative is intended to offer the world’s academic institutions a challenge of the highest order. Prizes will be awarded for the best papers and case studies (Submissions) on the subject: :

"Consideration of the economic, business and social impact of the development and use of International Standards for end-users at any level of business activity."

Successful societies have flourished by their ability to trade effectively. Trade has always been supported by perceptions of value based on standards of function, quality and performance. These "standards" can either be:

• Explicit or implicit;
• Formal or informal.

Whatever the "business context", whenever a transaction takes place there is always a question of "what are the standards of function, quality and performance being offered?"

During the past 100 years there have been more inventions than in all of the previous history of mankind. This unprecedented technological advancement coupled with worldwide trade liberalization demands close examination of the connection between standards and business development.

The impact of standards and standardization in the political, economic, sociological, technological and natural environments at national, regional and international levels will play a significant role on how business and markets develop.

Note: Click here for an example of the type of business and standards related issues that can be addressed. A print version of this article by Michael Yaziji, Professor of Strategy and Organizations at the IMD Institute in Lausanne , Switzerland was published by the Financial Times of London, UK on 24 June 2005 .