Recognizing the widening gap and huge untapped potential in their economic cooperation, Russia and Africa are gearing up efforts in raising the level of trade and business, Lyubov Demidova, Deputy Chairperson of the Regional Chamber of Commerce and Industry at Moscow Region, explained in an interview with me, while emphasizing unreservedly the importance of increasing business and economic cooperation with the African countries.
She says that Russians are constantly interested in partnering with large and medium scale businesses in the African market as well as in the continuing interest of Africans to further cooperate with Russia, and further pointed out that a significant impetus to the Russian-African business cooperation was given by the visit of the then Russian leader Dmitry Medvedev to a number of African countries in June 2009.
Since then, many Russian delegations have visited the continent, the highest ranking delegation headed by Foreign Minister Sergei Lavrov to a few African countries, notably Zimbabwe where he launched the $3 billion project and in Addis Ababa, Ethiopia where he held discussion with Africa Union Commission Chairperson, Nkosazana Dlamini-Zuma, about Russia’s readiness to infrastructural development.
In 2014, Russia started a new $3 billion platinum mine about 50 km north-west of Harare, the Zimbabwean capital. The Russian project, where production is projected to peak at 800 000 ounces year, involves a consortium consisting of the Rostekhnologii State Corporation, Vneshekonombank, as well as investment and industrial group, Vi Holding, in a joint venture with some private Zimbabwe investors as well as the Zimbabwean government.
Brigadier General Mike Nicholas Sango, Zimbabwe’s Ambassador to the Russian Federation, wrote recently that Russia’s biggest economic commitment to Zimbabwe to date was its agreement in September 2014 to invest $3 billion in what is Zimbabwe’s largest platinum mine.
“What will set this investment apart from those that have been in Zimbabwe for decades is that the project will see the installation of a refinery to add value, thereby creating more employment and secondary industries,” Brigadier General Sango explained to the local media.
“We are confident that this is just the start of a Russian-Zimbabwe economic partnership that will blossom in coming years. Our two countries are discussing other mining deals in addition to energy, agriculture, manufacturing and industrial projects. Russia also continues to assist Zimbabwe in training young Zimbabweans in special-skills areas such as medicine, general engineering, agricultural engineering and many other disciplines,” Ambassador Sango added. Groundwork was laid for expanding trade and investment when Zimbabwean President Robert Mugabe met President Vladimir Putin in Moscow in May 2015.
Undoubtedly, Russia has been implementing a number of other large-scale projects with participation of Russian capital in Africa. Among them are the development of the world’s largest bauxite deposit in Guinea and an aluminium plant in Nigeria as well as oil and gas in Uganda.
Of particular importance is also the creation a Russian industrial zone in Egypt. It is expected that products of Russian companies will localize their production and will be in demand not only in the local market, but also in all regions of North and East Africa, the Middle East and Eastern Europe.
Besides projects, trade is also important. Speaking at a symposium organized by the Embassy of the Republic of Ghana as part of the Independence Day (March 6) celebration in Moscow and which was attended by the eminent group of diplomats, industry leaders, prominent international traders and analysts, Dr. Leonid Fituni, Deputy Director of the Institute for African Studies under the Russian Academy of Sciences, called on Russian authorities to take significant practical steps to provide African countries with broad preferences in trade.
He pointed out that “Russia attaches special significance to deepening trade and investment cooperation with African States, including the involvement of Russian economic operators in the implementation of infrastructure projects. It is encouraging that more Russian companies being aware of the prospects that are opening in the large market of the continent work actively in such fields as nuclear energy, hydrocarbon and metallurgy industries.”
On their part to engage Russian investors, Africans have seized efforts and shown activeness in business events (conferences, forums, seminars and exhibitions) in many cities, the latest in St. Petersburg and Yekaterinburg, in the Russian Federation. Official government representatives and private individuals from about fifteen African countries attended the IV Russian-African Forum (RAF) held on 11-14 July as part of the INNOPROM-2016 international industrial trade fair in Yekaterinburg (Urals).
According to the organizing committee, this year the African delegates represented different countries included Burkina Faso, Zimbabwe, Burundi, South Africa, Namibia, Rwanda, Senegal, Cameroon, Mozambique, Chad, Kenya, Ghana, Nigeria, Algeria and Egypt.
The “Russian – African Forum” has become an integral part of the program of the exhibition and it is no coincidence, that the African vector every year becomes more and more significant in the foreign policy of Russia, – said Russian Minister of Industry and Trade, Denis Manturov while addressing the gathering.
He expressed assertively Russia’s readiness to expand its activities in projects of nuclear energy and, oil and gas industry. “We hope that the authorities of the countries of the African continent will contribute their part in creating most favorable conditions for the development of all joint projects that we have been discussing and also here at INNOPROM,” said Denis Manturov.
As already well-known, Russian companies are interested in projects focusing on mineral extraction, the energy sector, construction of large manufacturing facilities, human resources training, healthcare development, agriculture and food security, cooperation in digital technology and communications.
The general or popular sentiments at the 2016 Russian-African forum was that Russia and Africa need a more efficient system of exchanging vital information and effective efforts have to target, first and foremost, the search for new partnerships, new ways directed at boosting the economic cooperation and at implementing the biggest and most promising projects.
Unbelievably for over two decades, Russian officials in their speeches have repeated the same identified pitfalls, speed bumps or setbacks in the bilateral relations between Russia and Africa. The Foreign Ministry published the text of Deputy Foreign Minister Mikhail Bogdanov’s speech at its official website in July 2013 which he highlighted the same decade-old problems at a session of the Urals-Africa economic forum in Yekaterinburg.
“One must admit that the practical span of Russian companies’ business operations in Africa falls far below our export capabilities, on the one hand, and the huge natural resources of the huge continent, on the other,” Bogdanov said.
“Poor knowledge of the African markets’ structure and the characteristics of African customers by the Russian business community remains an undeniable fact,” he said. “The Africans in their turn are insufficiently informed on the capabilities of potential Russian partners,” Bogdanov said.
Experts have also been looking at ways to improve trade relations and economic cooperation. For instance, Andrey Efimenko, an Expert at the Russian Chamber of Commerce and Trade said in an exclusive interview with me that CCI of Russia closely monitored the activities of Russian companies in Africa, as a number of companies – members of Chamber are implementing major investment projects in this region of the world, in particular, Renova group, Gazprombank, LUKOIL, Rosneft, etc.
“Unfortunately,” Efimenko regrettably pointed out, “some large Russian companies operating on the African market, has managed to establish itself negatively in a number of countries. This is primarily due to ignorance of cultural peculiarities of the region, the lack of social responsibility, failure to completely fulfill contractual obligations. These cases damage the image of Russia and Russian companies with further entering the African market.”
The Russian Chamber of Commerce conducted a survey of Russian companies regarding the work on the African markets has shown that in conditions of sanctions have hampered their access to financial and credit resources that could be directed to participate in the implementation of infrastructure projects, the purchase of foodstuffs and agricultural raw materials.
Certain deterrent factor is the cost of logistics from Africa to Russia and/or vice versa and weak solvency of local companies, interested in obtaining Russian products on preferential terms. Another constraint to the development of business cooperation with certain countries in the region (Guinea, Nigeria, Sierra Leone) is currently an epidemic of the Ebola virus, as well as the lack of political stability in several African countries (Chad, Nigeria, Liberia, etc), the Expert explained.
In conditions of high competition on the African markets from China, European Union and the United States believe that public-private partnership with the coordinating and steering role of the state is at this stage the key to success and the best form of development of cooperation of Russia with African countries.
An important factor in the expansion of Russian-African relations – the establishment of development institutions such as the Russian export center and Roseximbank. CCI of Russia is making serious efforts to unite the business community of the country for development of interaction with African countries.
On the initiative of the Chamber and with the support of Russian state, public and private organizations in 2009, established a Coordinating Committee on Economic Cooperation with Africa (south of Sahara) popularly referred to as AfroCom. Today, it unites more than 120 Russian organizations and companies interested in developing relations with Africa.
With the participation of the Committee are regularly conducted business activities, which are important both for the deepening of bilateral relations with individual countries, and to strengthen Russia-African relations in general. The Committee pays special attention to information work. The site completely devoted to the economy of the African continent and the development of Russian-African economic relations.
As a further step, the Africa Business Initiative (ABI) in partnership with the Institute for African Studies of the Russian Academy of Sciences, with the support of the Ministry of Foreign Affairs of the Russian Federation, are also attempting to bring together key representatives from large Russian companies, government and the academic community as a working group to focus on helping Russian companies to enter and work in Africa.
There is still high optimism. “Russia has a large scientific and technical potential, and the Moscow regions also are historically developed as industrial and scientific centers and have good opportunities to develop their export potential to Africa. I would not want to associate the current crisis in the West and in Europe with the development of relations between Russia and African States,” Lyubov Demidova wrote me in an emailed interview.
She further informed that the new regional committee will include representatives of Russian organizations and companies, from government, public and business organizations in Russia, major Russian companies which already occupied a niche in Africa, and those who plan to transact business in Africa.
The main directions of its work are to inform members of the committee, to explore the possibilities of establishing a mechanism of financial support for Russian entrepreneurs, the organization of various business activities, including conferences, seminars, business meetings to establish contacts with potential partners.
One of the most important directions in the committee’s work is working on the information back-up of the image. It consists of several components: forming a positive image of Russia and its business community, the provision of necessary business information about Africa, including the dissemination of information on tenders declared in Africa, analysis of the peculiarities of economic and socio-cultural development in Africa, reference materials about Russia and about the potential of Russian-African cooperation.
In order to bolster trade and raise economic cooperation, another new Regional Council for the Development of Economic Relations with African countries (RCDRA) was created early this February which will serve as a good mechanism for the development of fruitful cooperation in various fields.
For its part, the newly created Council will make every effort to establish large-scale, long-term and mutually beneficial cooperation and hopefully will meet the some positive results on the part of African States.
The main obstacle is insufficient knowledge of the economic potential, on the part of Russian entrepreneurs, needs and opportunities of the African region. For this, the Council hopes to help members of the business community of all African countries to address systematically issues of effective cooperation.
“The main task is to shift to a more comprehensive approach, using the extensive territorial network of the Russian Chamber of Commerce. Russia’s business should be provided with full information on economic development in African countries and their needs in order to establish an ongoing Russia-African mutually beneficial business dialogue,”she suggested.
The most promising option for solving the problem of intensification of bilateral contacts is the practical work to establish links between individual companies and business associations from both sides, which will gradually accumulate positive experience of working together, to understand the capabilities and needs of each other leading to the development of the economy with Russian and with the African side, Demidova concluded.
Currently, the turnover of trade between Russia and Africa is estimated at $2.5 billion, while imports of non-primary goods to the African continent already aggregate to $430 billion and are growing at 10-15 % a year. Nearly, in all economic sectors in African countries, Russia’s major competitors are from foreign countries especially Asia, western Europe and European Union.
Afghan crisis: Changing geo-economics of the neighbourhood
The Taliban takeover of Afghanistan has caused a rapid reshuffle in the geo-economics of South, Central and West Asia. While the impact on the Afghan economy has been profound, triggering inflation and cash shortage, it’s bearing on Afghanistan’s near neighbourhood has wider far-reaching consequences. The US spent almost $24 billion on the economic development of Afghanistan over the course of 20 years. This together with other international aid has helped the country to more than double its per capita GDP from $900 in 2002 to $2,100 in 2020. As a major regional player, India had invested around $3 billion in numerous developmental projects spanning across all the 34 provinces of Afghanistan. Indian presence was respected and valued by the ousted Afghan dispensation. With the US, India and many other countries deciding to close their embassies in Afghanistan and the US deciding to freeze Afghanistan’s foreign reserves amounting to $9.5 billion, the economy of the country has hit a grinding halt. IMF too has declared that Kabul won’t be able to access the $370 million funding which was agreed on earlier. The emerging circumstances are ripe for China and Pakistan to cut inroads into the war-torn country as the rest of the world watches mutely.
Beijing’s major gain would be the availability of Afghanistan as a regional connector in its ambitious Belt and Road Initiative (BRI) linking the economies of Central Asia, Iran and Pakistan. Afghanistan is already a member of the BRI with the first Memorandum of Understanding signed in 2016. Only limited projects were conducted in Afghanistan under the initiative till now due to security concerns, geographic conditions and the government’s affinity towards India. Chinese officials have repeatedly expressed interest in Afghanistan joining the CPEC (China Pakistan Economic Corridor), a signature undertaking of the BRI. CPEC is a $62 billion project which would link Gwadar port in Pakistan’s Baluchistan province to China’s western Xinjiang region. The plan includes power plants, an oil pipeline, roads and railways that improves trade and connectivity in the region.
China also eyes at an estimated $1 trillion mineral deposits in Afghanistan, which includes huge reserves of lithium, a key component for electric vehicles. This mineral wealth is largely untapped due lack of proper networks and unstable security conditions long-prevalent in the country. Chinese State Councillor and Foreign Minister Wang Yi hosted Taliban representatives in late June in Tianjin to discuss reconciliation and reconstruction process in Afghanistan. Taliban reciprocated by inviting China to “play a bigger role in future reconstruction and economic development” of the country. After the fall of Kabul, China has kept its embassy open and declared it was ready for friendly relations with the Taliban. It had also announced that it would send $31 million worth of food and health supplies to Afghanistan to tide over the ongoing humanitarian crisis. Pakistan, a close ally of China, has on its part has sent supplies such as cooking oil and medicines to the Afghan authorities. Pakistan having strong historical ties with the Taliban will possibly play a crucial role in furthering Chinese ambitions..
The immediate economic fallout of the crisis for Iran is its reduced access to hard currency from Afghanistan. After the imposition of US sanctions, Afghanistan had been an important source of dollars for Iran. Reports suggest that hard currency worth $5million was being transferred to Iran daily before the Taliban takeover. Now the US has put a freeze on nearly $9.5 billion in assets belonging to Afghan Central Bank and stopped shipment of cash to the country. The shortage of hard currency is likely to affect the exchange rates in Iran subsequently building up inflationary pressure. Over the years, Afghanistan had emerged as a major destination for Iran’s non-oil exports amounting to $2billion a year. A prolonged crisis would curb demand in Afghanistan including that of Iranian goods with a likely reduction in the trade volume between the two countries. In effect, Iran would find itself increasingly isolated from foreign governments and international financial flows.
India had been the wariest regional spectator watching its $3 billion investment in Afghanistan go up in smoke. Long-standing hostility with Pakistan has prevented land-based Indian trade with Afghanistan and the Central Asian Republic’s (CAR’s). Push by India and other stakeholders for setting a common agenda for alternate connectivity appears susceptible at the moment. India has been working with Iran to develop Chabahar port in the Arabian sea and transport goods shipped from India to Afghanistan and Central Asia through the proposed Chabahar-Zahedan-Mashhad railway line. India is also working with Russia on the International North-South Transport Corridor (INSTC), a 7,200 km long multi-mode network of ship, rail and road routes for freight movement, whereby Indian goods are received at Iranian ports of Bandar Abbas and Chabahar, moves northward via rail and road through Iran and Azerbaijan and meets the Trans-Siberian rail network that will allow access to the European markets. According to the latest reports, the Taliban declined to join talks with India, Iran and Uzbekistan on Chabahar port and North-South Transport Corridor, which has cast shadow on the Indian interests in the region. India’s trade with Afghanistan had steadily increased to reach the US $1.5 billion in 2019–2020. An unfriendly administration and demand constraints may slow down the trade between the two countries.
With the US withdrawal, the CARs would find their strategic and economic autonomy curtailed and more drawn into the regional power struggle between China and Russia. While China has many infrastructure projects in Central Asia to its credit, Russia is trying to woo Central Asian countries into the Russia-led Eurasian Economic Union (EEU), though so far it was able to rope in only Kazakhstan and Kyrgyzstan. CARs would need better connectivity through Afghanistan and Iran to diversify their trade relations with Indo-Pacific nations and to have better leverage to bargain with Russia and China. Uzbekistan, the most fervent of the CARs to demand increased connectivity with South Asia, expressed its interest in joining the Chabahar project in 2020, which was duly welcomed by India. The new developments in Afghanistan would force these countries to remodel their strategies to suit the changed geopolitical realities.
The fact that Iran is getting closer to China by signing a 25-Year Comprehensive Strategic Partnership cooperation agreement in 2020 adds yet another dimension to the whole picture. India’s hesitancy to recognize or engage with the Taliban makes it unpredictable what the future holds for India-Afghan relations.
The hasty US exit has caused rapid reorientation in the geopolitical and geo-economic status-quo of the region. Most countries were unprepared to handle the swiftness of the Taliban takeover and were scrambling for options to deal with the chaos. The lone exception was China which held talks with the Taliban as early as July, 28 weeks before the fall of Kabul, to discuss the reconstruction of the war-torn country. Chinese Foreign Minister Wang Yi also took a high-profile tour to Central Asia in mid-July which extensively discussed the emerging situation in Afghanistan with Central Asian leaders. Since the West has passed the buck, it’s up to the regional players to restore the economic stability in Afghanistan and ensure safe transit routes through the country. Any instability in Afghanistan is likely to have harrowing repercussions in the neighbourhood, as well.
Turkish Economy as the Reset Button of Turkish Politics
Democracy has a robust relationship with economic growth. Barrington Moore can be seen as one of the leading scholars focusing on the relationship between political development and economic structure with his book titled “Social Origins of Dictatorship and Democracy” first published in 1966. According to Moore, there are three routes from agrarianism to the modern industrial world. In the capitalist democratic route, exemplified by England, France, and the United States, the peasantry was politically impotent or had been eradicated all together, and a strong bourgeoisie was present, and the aristocracy allied itself with the bourgeoisie or failed to oppose democratizing steps. In Moore’s book, you can find out why some countries have developed as democracies and others as dictatorships.
It can be argued that economic development facilitates democratization. Following this argument, this article is an attempt to address the Turkish case with the most recent discussions going on in the country. One of the most powerful instruments used by the political opposition today is the rhetoric of “economic crisis” that has also been supported by public opinion polls and data. For instance, the leader of İYİ Party Meral Akşener has organized lots of visits to different regions of Turkey and has been posting videos on her social media account showing the complaints mostly centering around unemployment and high inflation. According to Akşener, “Turkey’s economic woes – with inflation above 15%, high unemployment and a gaping current account deficit – left no alternative to high rates.”
Another political opposition leader, Ahmet Davutoğlu raised voice of criticism via his social media account, saying “As if monthly prices hikes on natural gas were not enough, they have introduced 15% increase on electricity costs. It is as if the government vowed to do what it can to take whatever the citizens have.”
A recent poll reveals that about 65 percent think the economic crisis and unemployment problem are Turkey’s most urgent problems. Literature on the relationship between democracy and economic well-being shows that a democratic regime becomes more fragile in countries where per capita income stagnates or declines. It is known that democracies are more powerful among the economically developed countries.
The International Center for Peace and Development summarizes the social origins of democracy in global scale as the following:
“Over the past two centuries, the rise of constitutional forms of government has been closely associated with peace, social stability and rapid socio-economic development. Democratic countries have been more successful in living peacefully with their neighbors, educating their citizens, liberating human energy and initiative for constructive purposes in society, economic growth and wealth generation.”
Turkey’s economic problems have been on the agenda for a long time. Unlike what has been claimed by the Minister of Interior Affairs Süleyman Soylu a few months ago, Turkish economy has not reached to the level which would make United States and Germany to become jealous of Turkey. Soylu had said, “You will see, as of July, our economy will take such a leap and growth in July that Germany, France, England, Italy and especially the USA, which meddles in everything, will crack and explode.”
To make a long story short, it can be said that the coronavirus pandemic has exerted a major pressure on the already fragile economy of Turkey and this leads to further frustration among the Turkish electorate. The next elections will not only determine who will shape the economic structure but will also show to what level Turkish citizens have become unhappy about the ongoing “democratic politics.” In other words, it can be said that, Turkish economy can be seen as the reset button of Turkish politics for the upcoming elections.
Finding Fulcrum to Move the World Economics
Where hidden is the fulcrum to bring about new global-age thinking and escape current mysterious economic models that primarily support super elitism, super-richness, super tax-free heavens and super crypto nirvanas; global populace only drifts today as disconnected wanderers at the bottom carrying flags of ‘hate-media’ only creating tribal herds slowly pushed towards populism. Suppose, if we accept the current indices already labeled as success as the best of show of hands, the game is already lost where winners already left the table. Finding a new fulcrum to move the world economies on a better trajectory where human productivity measured for grassroots prosperity is a critically important but a deeply silent global challenge. Here are some bold suggestions
ONE- Global Measurement: World connectivity is invisible, grossly misunderstood, miscalculated and underestimated of its hidden powers; spreading silently like an invisible net, a “new math” becomes the possible fulcrum for the new business world economy; behold the ocean of emerging global talents from new economies, mobilizing new levels of productivity, performance and forcing global shifts of economic powers. Observe the future of borderless skills, boundary less commerce and trans-global public opinion, triangulation of such will simply crush old thinking.
Archimedes yelled, “…give me a lever long enough and a fulcrum on which to place it, and I shall move the world…”
After all, half of the world during the last decade, missed the entrepreneurial mindset, understoodonly as underdog players of the economy, the founders, job-creators and risk-taker entrepreneurs of small medium businesses of the world, pushed aside while kneeling to big business staged as institutionalized ritual. Although big businesses are always very big, nevertheless, small businesses and now globally accepted, as many times larger. Study deeply, why suddenly now the small medium business economy, during the last budgetary cycles across the world, has now become the lone solution to save dwindling economies. Big business as usual will take care of itself, but national economies already on brink left alone now need small business bases and hard-core raw entrepreneurialism as post-pandemic recovery agendas.
TWO – Ground Realities: National leadership is now economic leadership, understanding, creating and managing, super-hyper-digital-platform-economies a new political art and mobilization of small midsize business a new science: The prerequisites to understand the “new math” is the study of “population-rich-nations and knowledge rich nations” on Google and figure out how and why can a national economy apply such new math.
Today a USD $1000 investment in technology buys digital solutions, which were million dollars, a decade ago.Today,a $1000 investment buys on global-age upskilling on export expansion that were million dollars a decade ago. Today, a $1000 investment on virtual-events buys what took a year and cost a million dollars a decade ago. Today, any micro-small-medium-enterprise capable of remote working models can save 80% of office and bureaucratic costs and suddenly operate like a mini-multi-national with little or no additional costs.
Apply this math to population rich nations and their current creation of some 500 million new entrepreneurial businesses across Asia will bring chills across the world to the thousands of government departments, chambers of commerce and trade associations as they compare their own progress. Now relate this to the economic positioning of ‘knowledge rich nations’ and explore how they not only crushed their own SME bases, destroyed the middle class but also their expensive business education system only produced armies of resumes promoting job-seekers but not the mighty job-creators. Study why entrepreneurialism is neither academic-born nor academic centric, it is after all most successful legendary founders that created earth shattering organizations were only dropouts. Now shaking all these ingredients well in the economic test tube wait and let all this ferment to see what really happens.
Now picking up any nation, selecting any region and any high potential vertical market; searching any meaningful economic development agenda and status of special skills required to serve such challenges, paint new challenges. Interconnect the dots on skills, limits on national/global exposure and required expertise on vertical sectors, digitization and global-age market reach. Measuring the time and cost to bring them at par, measuring the opportunity loss over decades for any neglect. Combining all to squeeze out a positive transformative dialogue and assemble all vested parties under one umbrella.
Not to be confused with academic courses on fixing Paper-Mache economies and broken paper work trails, chambers primarily focused on conflict resolutions, compliance regulations, and trade groups on policy matters. Mobilization of small medium business economy is a tactical battlefield of advancements of an enterprise, as meritocracy is the nightmarish challenges for over 100 plus nations where majority high potential sectors are at standstill on such affairs. Surprisingly, such advancements are mostly not new funding hungry but mobilization starved. Economic leadership teams of today, unless skilled on intertwining super-hyper-digital-platform-economic agendas with local midsize businesses and creating innovative excellence to stand up to global competitiveness becomes only a burden to growth.
The magnifying glass of mind will find the fulcrum: High potential vertical sectors and special regions are primarily wide-open lands full of resources and full of talented peoples; mobilization of such combinations offering extraordinary power play, now catapulted due to technologies. However, to enter such arenas calls for regimented exploring of the limits of digitization, as Digital-Divides are Mental Divides, only deeper understanding and skills on how to boost entrepreneurialism and attract hidden talents of local citizenry will add power. Of course, knowing in advance, what has already failed so many times before will only avoid using a rubber hose as a lever, again.
The new world economic order: There is no such thing as big and small as it is only strong and weak, there is no such thing as rich and poor it is only smart and stupid. There is no such thing as past and future is only what is in front now and what is there to act but if and or when. How do you translate this in a post pandemic recovery mode? Observe how strong, smart moving now are advancing and leaving weak, stupid dreaming of if and when in the dust behind.
The conclusion: At the risk of never getting a Nobel Prize on Economics, here is this stark claim; any economy not driven solely based on measuring “real value creation” but primarily based on “real value manipulation” is nothing but a public fraud. This mathematically proven, possibly a new Fulcrum to move the world economy, in need of truth
The rest is easy
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