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Economy

The Entrepreneurial Age & Global Pandemic Recovery

Edward Burne Jones

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How can a nation save itself from repeated mistakes? Why do huge opportunity losses for not having national mobilization of entrepreneurialism as a safety net and not creating highly skilled citizenry occur?  The intents are always there but why manage differently? The funds are always spent but in which direction? How long will a trillion dollars relief injected into a money-addicted mentality last? What are some immediately deployable solutions?

Erasing micro manufacturing and micro trading; while exporting industrial plants is what dragged once mighty nations to their knees. When numbers do not add up, smashing the calculator is one logical option. Needed today, dedicated formatting of talented productivity colliding with innovative excellence under entrepreneurial wisdom to push out global game-changers out of the garage doors? Is this rocket-science or common sense?

Humankind’s problems are now searching for humankind’s solution; to decipher this Babel, deeper studies on such factum already neglected by scared academia are now prerequisites for better fine-tuning of mindsets, a cry of the time. Study the history of the ecommerce revolution. How brains and decorum left loose just to build. Open the garage doors wider. Climate change issues better served by innovative excellence out of job-creator mindsets and not by gazillion dollar PR and case studies proving who is right and who is wrong. They are all confused, while calamity is visible.

The entrepreneurial age is once again a forlorn rise, The pandemic recovery is a harsh test on our civilization. Gummies flavored yummy vaccines are not the final answers yet. Fighting progressive business ideas on real tactical battlefields of real value creating enterprises and rolling wildly in sand boxes is where future growth hidden.

Nouveau occupationalism as if professional hobbyist on the toboggan slides altering mindsets in real times and going all out adventuring. Of course, this is extremely scary for the traditionalist gold-watch-awaits but extremely fruitful for youthful masses without any direction. Study the last 100 greatest entrepreneurs how they tumbled upon an idea by mistake. Mistakes and failures are non-issues to entrepreneurs, as they never hide it, other mindsets do. Study deeply.

After the Second World War, the survivors created the largest ever-entrepreneurial turnaround.  Ecommerce revolution was not an academic case study, rather born in garages when thousands of youthful techies of the period like Jobs and Gates toyed with technologies and moved mountains. South East Asian entrepreneurship suddenly began after 2000, when experienced, educated and liberated minded immigrants went back to their own countries as America treated them with suspicious looks at airports, offices and society.

This post pandemic assembly of displaced on the march is the largest ever in the history of humankind; most are already out of the box. Most have no idea of the future, an entrepreneurial trait of openness. Now to manage such narratives any academic psycho-mumbo-jumbo will fail. Which nations are bold and smart enough to harness their entrepreneurial powers? Leaving them to migrate from nation to nation, will only break and split host nations apart? Which nation has the frontline teams articulate enough on such agendas? Which nations are busier in acquiring more riot gear? What is stopping national debates and realistic assessment of the calamites? What are the next immediate gateways and pathways?

Such advancements are not the intellectualism of political science primarily based on Machiavellian treachery and now morphed into crypto-tyrannies; this is more a common sense revolution based on rebuilding grassroots prosperity in addition, creating real value based economic development models. Despite its random invisibility, entrepreneurialism is far more disciplined behaviors of risky adventure into perfection. Such fine art of business expansion bearing battlefield scars with only straight lines mentality is a serious mistake.

These undercurrent entrepreneurial movements are only visible to “job-creators” and now expanding towards “job-seekers” with positive options. Few selected leaderships and regions are aware of such transitions, the rest still on their gong-shows waiting for their moment. The COP26, G&, G20 all speak volumes. Best replay the events. The world economy is ready for a modest change where small business declared as big business, to bring a new perspective at the next Cabinet Meetings. Worshiping big business is good but to give them a full set of keys of the house, not wise.   

Why Brainwashing suddenly reversed; across the world, leaders of sorts, already believe they have mesmerized the global populace, but how wrong. The garbage-in-garbage-out social-media-education-systems designed for masses of the world are surprisingly now in reverse order dry-cleaning the brains. Finally, the public discovered their weaknesses and limitations but also their own hidden potentials while surrounded by broken systems.  

The 500-day-isolation created brand new wisdom. The whistle-blower-narratives further verified what the public already knew. Spanning decades, neither the mainstream education, nor the media and political narratives contributed anything significant to unite the citizenry. The bifurcation of all groups of societies, pushed into sequential events to entangle in foolish battles of their own inner sanctums while ignoring the root causes and crumbling realities. The masses are increasingly aware of misguided flamethrowers.

Control the words; control the thoughts, actions and results. The billions, displaced, replaced, misplaced on the march are not amused. They now have better words of their own. Today, it is beyond words on coffee-mugs, t-shirt slogans and election buttons. This is also beyond the teleprompter rhetoric and election promises, because this is when humankind faces humankind-size problems. Truth the only sword left to the populace and common sense the only logical wisdom to guide. Duck is no longer the Swan.

Degrees and bureaucratic experiences bring little or no value, more personality and attitude tests needed to match skills and capabilities, because now mindsets on fixing the future must demonstrate futuristic literacy. Failed and struggling nations showing their own self-inflicting damages are all queued in their respective lines of winners and losers. Technology did create the hyper-telescopic capabilities to observe and expose nation’s performance levels in the open in real time. It is those bureaucracies still frozen in the old time zone mindsets. The squeeze on performance demands will have skills road tested. Without diversity, tolerance and social justice, the societies will stay standstill under dark clouds. The entrepreneurialism is a proven trajectory for the job-creator mindsets. Job seeker mindsets will grow, build and create harmonious grassroots prosperity. Study deeply how national mobilization of entrepreneurialism creates uplifts on local regions and stabilizes economies. 

Why is this happening in 2022? Western Economies, the new world of officeless, workless societies now need a new mobilization strategy on how to transform millions once mighty office workers now either depressed or angry, slowly marching on main boulevards of the nations.  The dark clouds over downtowns now juggling new working models, while the rise of populism in closed-door discussions a hot topic. There is no mass resignation, it is all about readjusting of mindsets and exploring new options, because Covidians now more experienced to evaluate better alternatives.

What will help? As an economic survival strategy, in this vacuum no other than entrepreneurialism must occupy the center stage and fill voids where the art of national mobilization of entrepreneurialism on digital platforms economies turns into a science as a success model. Today, engaging the confused working citizenry with real value creation options with authoritative solutions and entrepreneurial blood to transfuse the lingering economies are the critically missing links.

Who needs to understand mobilization of entrepreneurialism? Nations around the world have tried to create entrepreneurialism but frequently failed. However, these same nations were able to create well-trained armies and high-ranking officers because they all trained in tactical battlefield engagements and by veterans with real life experiences. Soldiers do not draw pictures of battlefields on whiteboards and run around with water pistols. They practice real life situations, repeat, practice and live the battles. The job-seekers mind build organizations but it is the job creator’s mindsets that originate the ideas and deployments necessary to create the existence of that organization in the first place. A massive shift towards understanding entrepreneurialism is necessary and as a battlefield and not as a whiteboard post-it dance. This is a war of the mindsets, take it or leave it.

Which nations are ready? Are there enough trade-groups, Chambers of Commerce, Trade Associations anxious to play on these digitally advanced and globally friendly market places? Outside a minuscule number, around the world, out-dated trade-groups are in rapid transformation so they too would become shiny butterflies for the new global-age. Urgently needed is a major transformation of extraordinary proportion, to help national imbalance on work-disorder and shifts towards new paths. Needed are openly debated fears of mass upskilling and reskilling and various outcomes.

What are the challenges of 2022? What will it take to transform the frontline economic development agencies of the nation to come full circle on job-creators and job seekers’ mindset and discover magic in combinations? Will this remove external trade-wars mindsets toward internal skills-wars to upskill, reskill internal citizenry? Will this bring all trade groups under one large umbrella with global age digital demands and entrepreneurialism as the key driver? Will it transform the old conflict based litigious mindsets? Is it possible we re-entered into an ‘age of curiosity’  where extreme uniqueness and originality will survive. 

What are the amazing facts? The world can easily absorb unlimited exportable ideas in unlimited vertical markets. Fact: The well-designed innovative ideas are worthy of such quadrupled volumes. Fact: The entrepreneurial and dormant talents of a nation are capable of such tasks. Fact: The new global age skills, knowledge and execution are now the missing links.  Finally, why is national mobilization of entrepreneurialism blocked by whom and for what lack of understanding?

The rest is easy.      

Naseem Javed is a corporate philosopher, Chairman of Expothon Worldwide; a Canadian Think tank focused on National Mobilization of Entrepreneurialism Protocols on Platform Economy and exportability solutions now gaining global attention. His latest book; Alpha Dreamers; the five billions connected who will change the world.

Economy

An Uneven Recovery: the Impact of COVID-19 on Latin America and the Caribbean

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Employment rates in some Latin American and Caribbean countries have experienced a relative recovery, although in most, rates fall short of pre-pandemic levels. The quality of available jobs has also declined, as has the number of hours of paid work per week, according to data from a new survey by the World Bank and the United Nations Development Program (UNDP).

The High-frequency Phone Surveys, the second phase of which was implemented this year in 24 countries of the region, provides a snapshot of families’ well-being and their perceptions regarding the crisis. The goal is to take the pulse of the region and measure the impacts of the pandemic in key areas such as the labor market, income and food security, gender equality, and household access to basic services, such as education, health (including the COVID-19 vaccine), Internet connectivity and digital finance. The survey took a representative sample of the population aged 18 and over with access to a telephone in each country.

“The COVID-19 pandemic underscored the pre-existing inequalities in the region, where the most vulnerable and poorest groups have been disproportionately affected,” said Luis Felipe López-Calva, UNDP Regional Director for Latin America and the Caribbean. “This survey allows us to take the pulse of the region and propose evidence-based solutions.”

“The pandemic severely impacted millions of families in the region,” said Carlos Felipe Jaramillo, World Bank Vice-president for Latin America and the Caribbean. “These surveys we present today are crucial for obtaining current data on the scope of the crisis and for recommending informed measures to help improve the quality of life in our countries.”

Survey results demonstrate that the crisis particularly affected women, both because of the stronger initial impact on them and their slower labor market recovery. Mothers of young children (aged 0 to 5 years) have been most affected. In fact, a year and a half after the onset of the crisis, women are twice as likely as men to be unemployed owing to the pandemic. This situation is exacerbated by an increase in women’s household responsibilities, including supervision of children in remote education, and a higher incidence of mental health problems.

For the region as a whole, the employment rate stood at around 62 percent, almost 11 percentage points below the pre-pandemic level. Employment rates surpassed pre-crisis levels only in Guatemala, Nicaragua and El Salvador.

Moreover, formal employment fell 5.3 percent in the region while self-employment grew 5.7 percent, and the proportion of workers employed in small businesses (maximum of four workers) increased by 8 percent. These figures point to a deterioration in the quality of available employment. Even among the employed population, regional survey results identified a decrease in weekly hours of paid work, from 43 to 37, confirming this negative trend.

The survey data found that 28 percent of people employed before the pandemic lost their jobs, and more than half (17 percent) of those with a job before the pandemic have left the labor force. These impacts disproportionately affected women with young children: 40 percent of female workers over 18 with children aged 0 to 5 years lost their pre-pandemic job, compared to 39 percent of women in general and 18 percent of men.

The pandemic had a greater impact on less educated workers (both men and women). Thirty-five percent of those with a primary education or less lost their job during the pandemic, as did 28 percent of employees with a secondary education. Approximately 19 percent of individuals with a tertiary education became unemployed.

Survey data revealed that as a consequence of labor market setbacks, just over half of the households in the region have not yet managed to recover their pre-pandemic income levels. This situation occurred despite government efforts to help families through direct transfer programs and other benefits. Approximately 38 percent of survey respondents had received emergency cash transfers.

The survey demonstrated that food insecurity still affects 23.9 percent of households in Latin America and the Caribbean. This figure is almost double that reported by households prior to the pandemic — 12.8 percent. However, most countries have improved in this area with respect to the levels observed in June 2020.

Results also demonstrated that more than a year after the onset of the crisis, 86 percent of school-age children and youth receive some type of education (face-to-face or remote). However, figures vary widely across countries: in Guyana and Guatemala, it is 64 percent while in Peru and Chile, it reaches 95 and 97 percent, respectively. Additionally, education coverage falls below pre-pandemic levels in the countries surveyed. Just under a quarter of students in the region attended face-to-face classes.

Access to health services improved significantly. However, the percentage of unvaccinated people remains high in some countries. Eight percent of the regional population has not been vaccinated or is not willing to receive a vaccine. This percentage is especially high in the Caribbean: 60 percent in Haiti, 49 percent in Jamaica and 43 percent in Saint Lucia and Dominica.

Finally, according to the survey results, the use of mobile banking and online transactions (e-commerce) rose sharply during the pandemic. The use of digital payments also increased — currently, 26 percent of survey respondents said they used mobile wallets. The highest increases were among the rural population, the population over age 55 and those with low levels of education (primary or less).

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Economy

Gender-based violence in Bangladesh: Economic Implications

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Violence against women is one of the most heinous crimes perpetrated in today’s   world. However, despite the gravity of the violence perpetrated against women, it is still the pervading reality in the world. Bangladesh is also afflicted with this malaise of violence against women which is manifested in the deluge of news across the media about the violence against women in various  form .While Bangladesh has made commendable strides in the economic front, the  perennial subjugation of the women who account  for virtually half of its population remains a hurdle. Against this backdrop, this article investigates the economic toll incurred to the economy owing to the entrenched culture of systemic violence in our country.

Women constitute nearly half of the population of Bangladesh. As such, their innate potentials have considerable bearing on the socio-economic progress of the country. Admittedly, advancement of a country in socio-cultural indicators presupposes the simultaneous improvement of  women from the subjugated position culturally attributed to them. It is impossible  to envisage a prosperous thriving economy without the contribution and participation of the women equally. Therefore, the lack of women’s participation commensurate with their capabilities   hinders the development of the country.

One of the obstacles women confront in their journey of transforming into human capital is perhaps the retrograde views that society harbor about the traditional gender role of the women which fetter their contribution to the economy and society by bestowing them only  the  circumscribed role of  looking after the domestic affairs and rearing and educating child. The pastoral as well as urban culture   perpetuate these traditional gender roles and deny women a free rein over their fate. Whenever  women   disavow the preordained and predictable roles  provided by the society, they  have  to face mounting pressure from society so as to conform to the prevailing norms .Failing to  conform to the  regressive gender role will spell grave consequences for the women .When the society fails to cower the woman with the threats that are at its disposal ,it resort to the egregious path of violence. While   violence against women is one of the most reprehensible crime one can ever commit, it however is normalized through a power dynamics that  reinforces the overbearing male role and relegate women to the subjugation. Therefore, the culture of violence against women isn’t anomalous rather is embedded in the prevailing  patriarchal power dynamics which deem chastising women for their  rebellious attitude is solicited and  invoke often contrived and distorted religious edicts in order to legitimize their deplorable crime. Moreover, the culture of violence against women which has been  aptly termed as a epidemic by the United Nations  is rooted in the prevailing socio-economic  structure of the country that  systematically condone the browbeating of women into submission to patriarchal  norms and wield violent measures when the woman stubbornly gainsay their patriarchal hegemony.

While the social, cultural and health toll of the violence perpetrated against women is undoubtedly strenuous, the economic losses incurred by the violence and the opportunities nipped in the bud owing to violence against women also need to be taken into account in order to the adequately discern the deleterious ramifications of the violence against women .However, despite profound economic toll that are inflicted due to the violence against women, it is still unaddressed in the economic literature worldwide and discussion and cognizance about this momentous issue and its economic implications still scant.

As has been mentioned earlier, women constitute the lynchpin of the economy of Bangladesh which has been adequately manifested in the participation of women in Bangladesh’s much-heralded RMG sector and other productive sectors. However, this success of the economy   overshadows the plight and perils  this working class women confront in their bid to become economically productive. The violence against women is systemically entrenched in the country and women’s engagement in the economic activities are frowned upon by the society and culture .Therefore ,the this patriarchal fetter women behind the door of their  houses  and worst women are inflicted  physical and mental violence in event of questioning the dictates of the elders and the male custodians. Therefore , the fundamental impact of violence against women on the economy of the country related to the untapped opportunities due to the constrains imposed by the patriarchal society on women under the pretext of social, religious and cultural norm. This threat alone or normalization of the gender role of the women as a care-giver hinder women in taking part in the economy on a par with their male counterparts  .

Beside the lost  opportunities that can be tapped, the violence against women has numerous other implications on the economy. Firstly, the violence against women inevitably  results in the physical damage and mental trauma of the victim which has enduring toll on her. Therefore ,violence against women translate to toll on the health of the victim and therefore the cost incurred on the victim due to medical fees  as a result of the violence is also included in the economic cost of violence against women. Secondly, the violence against women also leads to diminished productivity of the victim due to the health hazards. Therefore, violence against women has implicit economic cost on the economy as a result of the lost productivity.

Thirdly,the cycle of the violence against women negatively sensitize women in not challenging the sacrosanct patriarchal norms and therefore women fit themselves with the prevailing adverse society and they themselves reproduce and reinforce these norms .Therefore, a vicious cycle set in which prevents women to actualize their potential and stymie them in their path of realizing their goal .This result a sense of apathy in women with regards to education and other means of social mobility and they deliberately avoid the economically productive activities that are deemed taboo by the prevailing social norms and cultural ethos.

Moreover, violence against women is an egregious form of crime perpetrated by a   patriarchal agent while the society has entrenched roles, norms and ethos that condone and encourage such outrageous violence .Moreover, a vicious cycle is at play in the gender based violence. The economic repercussions of the violence committed against women is considerable. Violence against women hinder the development  of the women commensurate with their inherent potential which nip the dreams of women in the bud. Besides, gender based violence also deter women in challenging the prevailing patriarchal norms and undertaking productive economic activities that are frowned by the patriarchal society and are deemed taboo. Moreover, a widespread sensitization in societal level as well as a drastic  overhaul of the patriarchal structure is necessary in order to avert the adverse socio-economic consequences of gender-based violence and extirpate the heinous root of this deplorable crime.

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Economy

Omicron Variant: Implications on Global Economy

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The prolonged battering of the Covid-19 has been considerably hitting the world economy. While vaccination and a receding in the cases of the cases in virus transmission has provided   brief respite to   the countries that are grappling with the recurring surge of the virus, the resurfacing of another virulent   mutation termed as  Omicron sounds ominous for the future of the world economy .Against this backdrop, this article projects the plausible economic ramifications of the new strand of the virus on the global economy.

The economic downward trajectory occasioned by the Covid-19 has been unprecedented in recent global history. While the economic depression of 2007-08 proved disastrous for the world economy, the toll   emanating from Covid-19 pandemic and consequent   economic stagnation has surpassed all the previous   economic plunge .In fact, some analysts have gone to the extent of   comparing the Covid-19 induced economic depression with the great depression of the 1920s.However, whether the far reaching repercussions of the Covid-19 on the global economy will be as momentous is still remains to be seen. Nevertheless, the   profound   economic jolt triggered by the Covid-19 pandemic is poised to reverberate across the world through shaping socio-economic and political events

The scar inflicted by a protracted economic recession owing to Covid-19 is apparent in the arduous path of economic rejuvenation in the western countries and eastern countries alike. Virtually every country is grappling with the toll that Covid-19 has incurred in the economy. The western countries are finding it   difficult to retrieve the losses that Covid-19 has precipitated. Although the swift vaccination of the western countries at the expense of the developing countries has provided a fleeting lull in their battle against Covid-19,it seem however the virus has resurfaced with increasing virulence in order to offset whatever gain these embattled countries managed to garner in their fight against Covid-19.

The skyrocketing and unprecedented inflation of the western countries coupled with a plummeted consumer confidence has meant a prolonged period of stagnation of their economies. However, in the wake of vaccination induced temporary respite in the viral cases, the economies rebounded strongly from the pits of economic recession. However, these hard-earned   gains will be reversed in the event of the advent of any new strand of the virus. Already, the delta variant which originated in India had triggered a spate of Covid-19 flare-ups in the United   States and United Kingdom. Against this backdrop, the Omicron variant is set to aggravate the   economic woes of the western countries and in turn the world.

While the western countries are reeling from economic stagnation, the developing and underdeveloped countries are confronting many abysmal realities due to their prevailing economic backwardness. Their economic plight has been lingering in want of adequate vaccination due to the apathetic stance of the western countries and global governance institutions .Therefore, while the western countries has rebounded from the Covid-19 induces economic predicaments, the difficulties confronted by the developing countries has continued unabated. While the influence of advanced countries and their less advanced counterparts in world-economy is inextricably tied, the callous attitude of the developed countries to the vaccination of countries in Asia and South Asia turn out to   be sheer lack of economic prudence.

While western countries are considered as the economic hub of the world, it is however the developing countries on which the vital supply chains of the world economy hinges on. Therefore, the tardy pace of vaccination in these countries is prejudicial to the global economic stability. The economic ramification of the slow pace of vaccination is twofold for the world economy. Firstly, the slow vaccination hinders the revival of the economic activities in the developing countries thereby obstructing the supply chain of the commodities .This supply chain crisis has ripple effect in the western economies. The recent predicament of inflation and attending macroeconomic woes in countries like the United States and United Kingdom is manifestation of the supply chain crisis plaguing the world economy. Due to the paucity of commodities and raw materials, the prices of necessary goods has escalated in the western countries which has plummeted consumer confidence and triggered a vicious cycle of stagflation in the economy that is reminiscent of the 1970s when a similar crisis in oil supply has  precipitated economic downturn in the western economies.

Secondly, the slow rate of vaccination also run the risk of allowing the virus to mutating to newer and much virulent variants and due to the unfettered communication as a result of globalization the emergence of any new variant doesn’t remain in the confines of any border rather proliferate like wildfire and precipitate global crisis. Therefore, the lack of vaccination or slack pace therefore has global repercussions. Therefore, it is judicious of the developed countries to concentrate efforts in contributing to the vaccination of the less developed countries which will yield good results for their economy.

The ubiquitous mechanism in battling Covid-19 remains one of containment that entails halting economic and other activities and insulating the countries from other countries through imposing border controls, curbs on air communication and other stringent measures echoing protectionist attitude. However, these measures are antithetical to the spirit of the globalization and global trade. While lockdowns and other protectionist measures yield temporary improvement in the Covid  cases, it is not viable in the longer term. Besides, lockdowns have deleterious ramifications on the economy and further aggravate economic rebounding of the developed countries and developing countries alike. Therefore, efforts should be aimed at preventing the Covid cases rather than grappling with the Covid with a knee-jerk policy of improvisation. .

Moreover,Covid-19 has already occasioned far-reaching economic fallout in the world economy. Indications abound regarding the fact that the world economy is verging on profound and prolonged recession. Against the backdrop of ominous predictions and slackening growth and painful inflation of the world economy, the prospects of the world economy due the advent of a new variant remain mired in obscurity. It can be concluded that the economic repercussions of yet another novel variant will be momentous and will offset hard-earned growth of the countries .Unlike previous precedent of haphazard policy and knee-jerk policy solutions, this time around the countries need to undertake challenge much prudently and should concentrate all of their efforts aiming at universal vaccination of all countries so as to prevent the resurfacing of similar virulent viral strands.

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