Conversations host Harry Kreisler welcomes author Adam Segal for a discussion of his new book Advantage. Analyzing the role of innovation in a globalized world, Segal explains why the parameters of national security must be reconsidered. States and multinational corporations must recognize the decisive role emerging markets now play in defining the cutting edge. Segal identifies the factors in U.S favor as it competes in this multi-polar world. Building on this model, he distinguishes the "hardware" from the "software" of innovation; he explores the dynamic relationship between the local and the global; and he enumerates the policy options for the U.S. as it adapts to the competitive challenge of China and India. Segal outlines the features of a "smart grid" for American innovation in order to compete in the 21st century. He also offers suggestions for students trying to prepare for the challenges of a globalized world in which technological innovation is the key to success.