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Economy

Are We Entering a Post-Capitalist Era?

Emanuel L. Paparella, Ph.D.

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It was the worst of times, it was the best of times.” Thus begins A Tale of Two Cities. Perhaps we are now living in such times, when the vision of a new social system beyond capitalism can finally be entertained if not realized. The inevitable question arises: what exactly needs to be done?

The philosopher Alfred N. Whitehead’s stated once that theory without praxis is sterile and praxis without theory is blind, but even such an insightful statement remains pitifully inadequate to the challenge of that simple question. Let’s analyze briefly the current situation and then hazard some suggestions on what ordinary citizens can do hic and nunc without waiting for a Charismatic Politician (Nietzsche’s Uberman) to appear walking on water, for to expect miracles in political life is to be eventually sorely disappointed!

Few people doubt nowadays that the entire capitalist system is in crisis. The media and the politicians try to focus our attention on how to repair the system with some tinkering here and there, but a growing number of common citizens are having second thoughts on the idea of fixing a broken system. Some things are better left broken and need to get worse before they get better. They are beginning to entertain the more radical idea that we should instead be using this moment of crisis to fundamentally transform the realities that have historically shaped our lives, especially those of us who live in the democratic West.

This is indeed the silver lining of the whole crisis. The current moment allows us to move from being an object in someone else’s system, with the market as a sort of demiurge to be slavishly worshipped, to becoming the active subject of our own history and destiny. Suddenly we have new choices and we can envision and create realities that just a few years ago would have been ridiculed and caricaturized as naïve and utopian.

The crucial question at this point in time is this: can we get out of this crisis before it is too late and the whole elaborate capitalist scheme comes crashing down causing tremendous suffering to most ordinary people? Is our jubilation at having survived another global regression, which almost became a depression, in any way justified?

Not easy to answer such a question, but one thing remains clear: to embrace the possibilities of the moment means to stand outside the political frame developed by the media and the politicians. This puts progressives, those who are convinced that things always get better and better and there is no sliding back, in a rather difficult position. The present historical moment calls for something far more imaginative and radical than what administration on both sides of the Atlantic have managed to muster so far. And it is not a mere lack of civility and mutual respect, a failure at compromise and tolerance or worse, a matter of “political correctness” or ideological purity.

There is, however another take on this issue: that the ideology of anti-ideology is simply another face of global capitalism. The neoliberal policies that are now crumbling before our eyes were brilliant attempts to extend the basic underlying philosophy of capitalism-that the common good is best served when everyone pursues his or her own economic interests, the famous “laisse faire” economic model whose fruits are dubious at best: what we have seen over several decades is that the rich have gotten richer and tripled and quadrupled their wealth, with the rationale that their wealth would trickle down to the rest of society. What has happened indeed is that while the rich have gotten richer, the poor have gotten the crumbs and have become poorer. The divergence continues to expand. Those are mere market forces, we are told, not to be tampered by ideology.

Indeed, to be non-ideological in a world in which one out of every three people is living on less than $2 a day is to be a champion of inequality, even when one sheds crocodile tears over children starving as we speak, and throws a few miserable billion dollars toward “foreign aid.”

If the truth be told, however, we need to begin to acknowledge that the economic crisis of the West is symptomatic of another deeper malaise: spiritual impoverishment. So spiritual progressives must move beyond the struggles of the moment and provide a different paradigm. People have to be reminded that when the economic system was going full force not long ago, it was also on an immediate collision course with the environment, as Al Gore found out, to his surprise, only after he was out of office and could do nothing on a purely political level. Fortunately, he went into the field of education, environmental education, and we are all better off for it.

People indeed remain to be educated to the hard to swallow empirical evidence that the extremes of selfishness that has led so many of the “big wheels” in the economy to loot their own firms for the sake of personal advantage were not a product of individual pathology (many of those people still consider themselves virtuous and decent) but rather an inevitable working out of the essence of the capitalist ethos and its primary appeal: that if you focus on your own needs and maximize your own interests, without any regard to the well-being of others, you can “make it” and have a very comfortable life. Indeed, when the concept of the common good has all but disappeared, a society will inevitably find itself in a spiritual crisis.

In short, the system that our political leaders are presently trying to revive is already morally bankrupt and environmentally dangerous, but if they know it, they are not telling anybody, yet; often they deny such a reality. But plans to rev up the system so that it can return to those good old days are fundamentally irrational. Which is to say we need a new global economic system; a system under which institutions, corporations, public policies, laws, and even individual behaviors are perceived as “rational,” “productive,” or “efficient” not only to the extent that they produce power or money or new technologies for someone, but also to the extent that they enhance our capacities and our desire to be loving and caring, kind and generous, and ethically and ecologically sensitive.

We are in desperate need of an economy that transcends the narrow utilitarian or instrumental approach of classical liberalism; a novel system which allows us to develop our capacities for awe, wonder, and radical amazement at the grandeur of the universe and the dignity of other human beings. That is something that the ancient Stoics (who were no Christians) seemed to be fully conscious of, but we moderns seem to have all but forgotten, while we pay lip service to spiritual realities.

But to return to the question of what exactly needs to be done, we need a grassroots movement of people meeting together in their communities in “After-Capitalism” groups, discussing their own original ideas on how to create a better global economy. Spiritual progressives should play a central role in stimulating these discussions, not only in every church, synagogue, mosque, and ashram, but also on college campuses, in union halls, in professional organizations, and at town meetings, that is to say the “agora” from which the voice of religion should not be focibly suppressed.

Which is to say, that the activist Left perhaps needs to get out of the way and stop its bad habit of criticizing rather than to propose new options, especially when it comes to the spiritual sphere of human existence. The failure of communist and socialist ideals in the twentieth century has unfortunately led progressives to mere cynical criticism rather than envisioning a new social system. They seem too comfortable in merely criticizing what is or was rather than proposing and leading struggles for what might be. From being idealist they have become realists steeped in “real-politik” Machiavellian thinking. They don’t trust the politicians but they trust even less the idealism originating from a religious paradigm. Deprived of the moral compass of the socialist ideology provided in former times, they now seem at a loss. Some have moved from the Left to the Right. We have the incredible spectacle of a Vladimir Putin financing right wing political movements all over the EU in cynical attempt to divide and conquer.

What in fact needs to be overcome is a cynical pessimism in the West about the possibility of ever creating a society in which people routinely act in altruistic and generous ways toward others. We seem to be constitutionally unable nowadays to imagine ourselves into unselfish cooperative roles. The attempt on the part of conservatives of every stripe to diminish the huge levels of cooperation that made possible the New Deal and that characterized many of the movements of the 1960s and 1970s have been successful in part because of their control over the media, the educational system, and the government. The last twenty years have been especially devastating.

We should frankly acknowledge that the economy itself on both sides of the Atlantic fosters an ethos of selfishness wherein others are treated as instruments for one’s own satisfaction and needs. There is something missing and as hinted above it is the absence of a spiritual dimension to progressive politics without which it is hard to sustain commitment for any kind of long-term struggle. It has not escaped notice that organizations created on the Left by radical activists may champion the ideal of caring for the victims of capitalism but rarely provide active caring for the activists themselves. And without that kind of attention, people quickly burn out and leave their activism behind. They eventually settle for winning the lottery and escape the common misery. It is the blind praxis devoid of theory of which Whitehead spoke about.

Ultimately the real question facing us today is whether the seriousness of the contemporary crisis can lead people to transcend these negative dynamics enough to form a coherent movement that could address the need for a vision for after capitalism. In short, we need to replace selfishness and materialism with charity and magniminity. How would the world look like after capitalism? There is no lack of literature in this respect.

More pragmatically, the New Deal employed artists to paint, poets and writers to write, and took some tentative steps to build a culture of caring. A dramatically expanded program for the unemployed should and in fact could address the cultural and spiritual dimension of human needs aside from mere utilitarian pragmatic considerations. People have to be taught that “we” is more important that “me” and it simply means to take care of each other and that each of us is responsible for his/her own brother or sister’s welfare. Admittedly, this is an “outside the box” vision; one born within the worst of times in which to operate, but also within the best of times. A paradox, perhaps; or an opportunity to be seized. Any takers?

Professor Paparella has earned a Ph.D. in Italian Humanism, with a dissertation on the philosopher of history Giambattista Vico, from Yale University. He is a scholar interested in current relevant philosophical, political and cultural issues; the author of numerous essays and books on the EU cultural identity among which A New Europe in search of its Soul, and Europa: An Idea and a Journey. Presently he teaches philosophy and humanities at Barry University, Miami, Florida. He is a prolific writer and has written hundreds of essays for both traditional academic and on-line magazines among which Metanexus and Ovi. One of his current works in progress is a book dealing with the issue of cultural identity within the phenomenon of “the neo-immigrant” exhibited by an international global economy strong on positivism and utilitarianism and weak on humanism and ideals.

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Economy

How U.S.’s Response to Covid-19 Could Precipitate 2nd Great Depression

Eric Zuesse

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On March 10th of this year, there were 290 daily new U.S. cases of Covid-19 (coronavirus-19).

On March 13th, U.S. President Donald Trump declared a pandemic national emergency, because the number of daily new cases was now suddenly doubling within only three days. However, no lockdown was imposed. The policy-response was instead left to each individual. This is in accord with America’s libertarian idelogy. Trump even announced that “he was allowing his health secretary to bypass certain regulations to provide more flexibility to doctors and hospitals responding to the outbreak” — outright reducing, insead of increasing, federal regulations, this being his way to address the matter. That’s the libertarian response.

Covid-19 (coronavirus-19) cases started soaring in the U.S., from 600 daily new cases on March 13th, to 25,665 on March 31st. Americans were scared to death, and facemask-usage soared, and independent small businesses started laying people off en-masse. (Restaurants, hair salons, travel agencies, inns, dental offices, etc., were hard-hit.)

Immediately, the alarming rise in new cases halted on April 4th (at 34,480), and the daily new cases remained approximately flat, but slightly downward, from March 31 to June 9th (when it reached bottom at 19,166), but then soared yet again, to 78,615, on July 24th.

But, then, it again declined, so that, on September 8th, it was at only 28,561. This was already returning to around what the new-cases rate had been back on March 31st. So: despite peaking again on July 24th, the rate of daily new cases was little changed between March 31st and September 8th. And, all during that 5-month period, people were coming back to work.

The key immediate and direct economic variable affected by Covid-19 is the unemployment rate. Here, that economic effect is clearly shown:

U.S. unemployment: March 4.4%, April 14.7%, May 13.3%, June 11.1%, July 10.2%, August 8.4%

Though the daily-new-cases rate went down after March 31st and after July 24th, the unemployment rate progressed far more gradually downward after March 31st: the small businesses that had been panicked by the explosion of new cases during March were now gradually re-opening — but they remained very nervous; and, so, unemployment still was almost twice what it had been during March.

Here, that experience will be compared with two Scandinavian countries, starting with Denmark, which declared a pandemic national emergency on March 13th, just when Trump also did. “Starting on 13 March 2020, all people working in non-essential functions in the public sector were ordered to stay home for two weeks.” The daily new cases fell from the high of 252 on March 11th, down to the low of 28 on March 15th, but then soared to 390 on April 7th, and gradually declined to 16 (only 16 new cases) on July 9th. Then it peaked back up again, at 373, on August 10th, plunged down to 57 on August 26th, and then soared yet again back up to 243 on September 8th. The new-cases rates were thus irregular, but generally flat. By contrast against the experience in U.S., Denmark’s unemployment-rate remained remarkably stable, throughout this entire period:

Denmark: March 4.1, April 5.4, May 5.6, June 5.5, July 5.2

Sweden’s Government pursued a far more laissez-faire policy-response (“The government has tried to focus efforts on encouraging the right behaviour and creating social norms rather than mandatory restrictions.”), and had vastly worse Covid-19 infection-rates than did the far more socialistic Denmark, and also vastly worse death-rates, both producing results in Sweden more like that of the U.S. policy-response than like that of the Danish policy-response, but far less bad than occurred on the unemployment-rate; and, thus, Sweden showed unemployment-increases which were fairly minor, more like those shown in Denmark:

Sweden: March 7.1, April 8.2, May 9.0, June 9.8, July 8.9

That was nothing like the extreme gyration in:

U.S.: March 4.4%, April 14.7%, May 13.3%, June 11.1%, July 10.2%, August 8.4%

Why was this? 

Even though Sweden’s policy-effectiveness was more like America’s than like Denmark’s at keeping down the percentages of the population who became infected, and who died from Covid-19 (i.e., it was not effective), Sweden’s policy-effectiveness at keeping down the percentage of the population who became unemployed was more like Denmark’s (i.e., it was effective, at that). Unlike America, which has less of a social safety-net than any other industrialized nation does, Sweden had, until recently, one of the most extensive ones, and hasn’t yet reduced it down to American levels (which are exceptionally libertarian). Therefore, whereas Swedes know that the Government will be there for them if they become infected, Americans don’t; and, so, Americans know that, for them, it will instead be “sink or swim.” Make do, or drop dead if you can’t — that is the American way. This is why Swedish unemployment wasn’t much affected by Covid-19. When a Swede experienced what might be symptoms, that person would want to stay home and wouldn’t be so desperate as to continue working even if doing that might infect others. Thus, whereas Sweden’s unemployment-rate rose 27% from March to May, America’s rose 202% during that same period. Americans were desperate for income, because so many of them were poor, and so many of them had either bad health insurance or none at all. (All other industrialized countries have universal health insurance: 100% of the population insured. Only in America is healthcare a privilege that’s available only to people who have the ability to pay for it, instead of a right that is provided to everyone.)

On September 9th, Joe Neel headlined at NPR, “NPR Poll: Financial Pain From Coronavirus Pandemic ‘Much, Much Worse’ Than Expected”, and he reported comprehensively not only from a new NPR poll, but from a new Harvard study, all of which are consistent with what I have predicted (first, here, and then here, and, finally, here), and which seems to me to come down to the following ultimate outcomes, toward which the U.S. is now heading (so, I close my fourth article on this topic, with these likelihoods): 

America’s lack of the democratic socialism (social safety-net) that’s present in countries such as Denmark (and residual vestiges of which haven’t yet been dismantled in Sweden and some other countries) will have caused, in the United States, massive laying-off of the workers in small businesses, as a result of which, overwhelmingly more families will be destroyed that are at the bottom of the economic order, largely Black and/or Hispanic families, than that are White and not in poverty. Also as a consequence, overwhelmingly in the United States, poor people will be suffering far more of the infections, and of the deaths, and of the laying-off, and of the soon-to-be-soaring personal bankruptcies and homelessness; and, soon thereafter, soaring small-business bankruptcies, and ultimately then big-business bankruptcies, and then likely megabank direct federal bailouts such as in 2009, which will be followed, in the final phase, by a hyperinflation that might be comparable to what had occurred in Weimar Germany. The ceaselessly increasing suffering at the bottom will ultimately generate a collapse at the top. Presumably, therefore, today’s seemingly coronavirus-immune U.S. stock markets, such as the S&P 500, are now basically just mega-investors who are selling to small investors, so as to become enabled, after what will be the biggest economic crash in history, to buy “at pennies on the dollar,” the best of what’s left, so as to then go forward into the next stage of the capitalist economic cycle, as owning an even higher percentage of the nation’s wealth than now is the case. Of course, if that does happen, then America will be even more of a dictatorship than it now is. Post-crash 2021 America will be more like Hitler’s Germany, than like FDR’s America was.

The Democratic Party’s Presidential nominee, Joe Biden, is just as corrupt, and just as racist, as is the Republican nominee, Donald Trump. And just as neoconservative (but targeting Russia, instead of China). Therefore, the upcoming November 3rd elections in the U.S. are almost irrelevant, since both of the candidates are about equally disgusting. America’s problems are deeper than just the two stooges that America’s aristocracy hires to front for it at the ballot-boxes.

Author’s note: first posted at Strategic Culture

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Economy

Democracy in the doldrums

Samudrala VK

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It is clear that during the COVID-19 pandemic  times, Democracy has gone pear shaped throughout the world. Power and Political activity are considered as alpha and omega of the modern day democracy.
The Modern state(political authority),which is based on legitimacy and a tool to deliver political, economical and social justice, has been rendering yeoman service to
corporates, both domestic and foreign. The ruling dispensations all around the globe have resorted to authoritarianism under the guise of health emergency. In addition, the topsy turvy of Democracy, through excessive centralisation and the iron curtain imposed on political activities during this pandemic, has left minimal space to raise the concerns of the urban poor. The pandemic, a bolt from the blue, has caught our health systems off guard. In India, the labour class has caught between the devil and the deep sea, thanks to the recent twin moves of the central government, privatization and the helter-skelter lockdown. The pernicious effects of the lockdown are yet to hit the masses. Seemingly, the rudderless policies of central government have created enough space to further pauperization of masses, mostly have-nots.
Now, the federal governments of third world countries have to walk on razor edge by meeting the fiscal deficit targets on one hand and by connecting the welfare dots on the other.It is not surprising to say that the big corporates are making good fortunes with the relaxation of tax rates and new labour codes. As unemployment is hanging like the sword of domacles over the working class, the corporate class would expect this surplus labour to be at their beck and call.The early warnings of intelligentsia on the consequences of disastrous lockdown  were remained as the voices crying in the wilderness. The ruling elite has been trying to enshroud the general despondency among the civic force by shifting the propaganda machinery to sensitive elements like religion, hyper nationalism and sloganeering-not to mention self aggrandizement.

Neo-liberalism and corporatisation

The diktats of the world bank and the IMF(International monetary fund) on the third world nations like pruning the subsidies, roll back of welfare measures and the abatement of labour laws as an essential sina qua non for any sort of relief package during the crisis of BOP(Balance of payments) have left labour class of the thrid world nations in quandary. The US with the support of the WTO( World Trade Organization)had exhorted all these countries to provide untrammeled access its products. Apparently, the aims and paths of federal governments of these nations ,the WTO and the IMF are congruent with regard to free trade and the globalization of capital. The lawful protections for the working class under the labour laws have proved disastrous for the interests of the capitalist class and being viewed as shackles for the exploitation. The decades-long struggle to retain these labour rights in independent nation states has been ending in smoke due to weakened trade unions and the decline of social capital. The time has come to fight tenaciously and move heaven and earth to restore their rights which are otherwise go to the dogs. When the market space is being dominated by Monopoly or Duopoly or Tripoly, the free and fair competition which the unhindered market guarantee is an absolute sham. Extolling the virtues of Neo-liberalism, the modern nation states have centred their development agenda in and around urban centres. Economically, in the post-liberal era of India, the upward mobility is largely confined to a few sections of the urban middle class.

Welfare economics

It is wrong to mention that welfare economics is based on “Rob Peter to pay paul principle” when Peter has direct access to resources(natural, political, economical and social) vis-a-vis Paul. It is not the Peter but the Paul who is running from the pillar to post in search of opportunities. The notion of political equality of liberal ideological stream revolves around freedom and liberty of an individual and overlooks the core elements of equality like social and economical justice. The central governments all over the world have successfully repudiated the pro-poor agenda and this volte face from welfare state to pro-capitalist state has pushed the labour class out of the frying pan into the fire.

Nexus between political class and biggies

The unholy nexus between the political class  and corporates has been riding roughshod over the interests of poor. This alliance behooves the political class to safeguard the vested interests of corporate bigwigs. It is apposite to mention that representative democracy has been metamorphosing into a turncoat democracy. Back in the day, Politicians were known for their erudition, statesmanship and uncompromising ideological commitment. On the contrary, present day representatives are turning into snollygosters for their personal gains. There are several voluminous reports from different corners on rising economical disparities in the post-liberal era on which no political party is keen to act upon. As Michael Jackson, king of pop, penned in one of his famous tracks “All I want to say is that they don’t really care about us”-the lyrics are still relevant in this pandemic times.

Globalization and dependency

The South Asian nations have started their LPG (Liberalisation, privatization and Globalization) path at the same time, with the exception of Sri Lanka which had opened its economy by fits and starts.They had adjusted their economical apparatus with a new global integration process at a time when the global economical architecture was dominated by unipolar power, the US.
The lopsided globalization process has been converting many third world countries as dependents and in some cases almost to a level of aid recipients upon the erstwhile colonial powers or the US. Under the banner of global integration, all these nations were dragged into this complex whole, in most of the cases through persuasion. In the name of free trade, the Western powers have been  bleeding these nations white of their resources. The asymmetrical globalization has also challenged the sovereignty of these nations while the same has remained intact in case of developed nations. The US has been playing a rigged game of globalization under the auspices of the WTO, the world bank and other agencies. The time has come for these players to bury their hatchet and rise as a one voice to have a just order at the international sphere.

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Economy

Objectives and Importance of Advertising in a Competitive Business World

Ahsan Siraj

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The best way to communicate with the customers is communication through advertisements. Through advertising customers are informed about the available brands in the market and also variety of new and existing products useful for them.Here are different definitions of advertising.

According to Kotler’s definition: “Advertising is any paid form of non-personal presentation & promotion of ideas, goods, or services by an identified sponsor.”

According to the Advertising Association of the UK: “Advertising is any communication, usually paid-for, specifically intended to inform and/or influence one or more people.”

Advertising is done by using different media types and different techniques and methods as per the requirements. It also aims to attract all age groups depending on the nature of brands and products they are offering to their customers. Communication between companies and customers are basically carried out in a very artistic way and for this effective communication in order to fulfil desired objectives one should possess great communication skills and convincing power.

What are Advertising Objectives?

Advertising is part of marketing and one of the most creative fields. Advertising is part of marketing but normally people confuse advertising with marketing. Hence, the objectives of Advertising are completely different from Marketing. The main objective of advertising is to carry out communications between the brand and the customer. Here are some more important objectives of advertising.

  • The introduction of the new product in the market is the most common reason behind the advertising by the brands and these brands can be new in the market as well as existing brands. The objective here is to tell customers about the new product launched in the market.
  • There are a lot of new businesses starting in the market and many among those are service providing businesses. For services the business are marketed as a brand instead of marketing their individual products.
  • Businesses use advertising to get attention as well as creating desire to buy a certain product or service and according to the AIDA model mostly followed in advertising basically getting attention is awareness creation while desire creation leads to buying. By advertising companies capture attention of people and make them aware of the products available in the market.
  • Another important objective of advertising is seeking customers. These customers can be both new and the ones purchasing from other brands. By effective advertising potential customers can be attracted to a certain brand making existing customers to switch brands.
  • In a competitive business world, it is very important to differentiate a brand’s product and service from its competitors and it is done by effective advertising. A customer can only differentiate between products and services based on the value a certain business provides over its competitors. That’s why advertising is used to create value and to differentiate one brand’s products and services from others in the market.
  • Brand building is also an important objective of advertising. So, when a brand regularly advertises and delivers quality products and fulfills the promises it makes, automatically the value of the brand is built.
  • Increasing the sales is another objective being achieved by effective advertising. The more customers attracted to a brand by advertising the more increase in sales is recorded.
  • With the value being communicated and the brand being differentiated as well as sales being increased, there is no doubt that advertising can contribute a lot to increasing profits.

What is the Importance of Advertising?

Advertising is equally important to customers, businesses and society. So, here are some of the important factors to all above mentioned areas.

Importance of advertising to Customers

Convenience: Advertisement is very helpful for customer’s decision-making process because through advertisement customers are well aware of their desired products available in the market. So, it is convenience for them to find their desired products in the market.

Awareness: It is due to the advertising that customers are well aware of the products and their features available in the market.This awareness not only helps customers to make purchase decision but also enable them to compare different products and choose the best product for them.

Quality Assurance: When we look at the trends in the market we come to know that advertising is done by brands only about their products and services. No local businesses go for advertising because no advertisements are required for unbranded products. This ensures quality products to the customers.

Importance of advertising to Business

Awareness: It is because of advertising that people are well aware of their desired brands and productsavailable in the market.

Brand Image: It is very important to create a positivebrand image and brand personality in the minds of the customers and it is done efficiently by advertising.

Product Differentiation: One business is able to differentiate its product from those of its competitors’ and communicate its features and advantages to the target audience by using effective advertising.

Profit MaximizationDue toadvertising brands are able to deliver their message to a large audience and hence more people tend to buy from those brands ultimately making them able to earn more money.

Importance of advertising to Society

Advertising is really helpful in educating people. There are some social issues required to be addressed for social benefits and advertising deals with them like child labor, smoking, family planning education, etc. therefore, advertising plays a significant role in society.

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