Many people in Europe consider the recent financial crisis a sign of the failure of capitalism, but this sentiment is much less common in North America and generally derided in emerging markets, a Fortune 100 CEO said Thursday in the Mary Eddy and Fred Jones Auditorium.

James Turley, chairman and CEO of Ernst and Young, said leaders in Europe are attempting to implement protectionist and socialistic policies that deny the inevitable effects of globalization.

“Whether we all like it or not, globalization is here to stay,” he said.

Ernst & Young was the 10th largest private company in the U.S. in 2009, according to Forbes magazine. Fortune magazine listed the company, which has approximately 144,000 employees in 140 countries, among the 100 Best Companies to Work For.

Turley said he believes a prediction about the recovery from the financial crisis that he described as LUV, wherein the shapes of the letters represent the type of recovery for each area of the world. Europe (L) will not recover, North America (U) will gradually recover and emerging markets (V) will bounce back rapidly.

He said this isn’t the only division of perspectives about the financial crisis, citing a study his company carried out at the height of the crisis, in which only 20 percent of multinational corporations surveyed said they were looking for new opportunities rather than focusing entirely upon minimizing their losses, and 67 percent of entrepreneurs surveyed said they were looking for new opportunities.

“These are really, really turbulent times. They’re game-changing times,” Turley said.

He said individuals and groups with a sharp focus on execution and a prudent yet aggressive investing strategy will thrive.

He also gave his thoughts on more long-term trends on business, stating that the two most important shifts in the next two decades would be financial shifts from West to East and a demographic trend toward greater diversity among business people.

On this first trend he said China will continue to grow because of its willingness to learn from others. He said Russia also would grow, though “[Russia doesn’t] have the same willingness to learn as China.”

However, he said China will not be the greatest winner in Asia, casting it as the hare to India’s tortoise. He bases this upon India’s more democratic society and population, which will remain younger than China’s during the next few decades.

As for the second trend, he said, “Really diverse teams are either world class or they stink.”

He ascribed the difference to the specific culture, which either allows the participants to share a wide variety of understandings and experience, or simply results in internal conflict and miscommunication.