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  • johnpi 11:39 am on February 10, 2010 | 14 Permalink | Reply
    Tags: , , economic downturn., , entrepreneurialism, fatalism in America, , jobs,

    We probably don’t write enough around here about the economy and how the current economic downturn is affecting families and societies. The Atlantic article below ends on the point “…both inside and outside the U.S., lengthy periods of economic stagnation or decline have almost always left society more mean-spirited and less inclusive, and have usually stopped or reversed the advance of rights and freedoms.”

    But I was also interested in this article for what it has to say about fatalism. I’ve blogged a few times recently about fatalism in Islam, but it’s important to put that in the context of fatalism in the larger society.

    Ron Alsop, a former reporter for The Wall Street Journal and the author of The Trophy Kids Grow Up: How the Millennial Generation Is Shaking Up the Workplace, says a combination of entitlement and highly structured childhood has resulted in a lack of independence and entrepreneurialism in many 20-somethings. They’re used to checklists, he says, and “don’t excel at leadership or independent problem solving.”

    Alsop interviewed dozens of employers for his book, and concluded that unlike previous generations, Millennials, as a group, “need almost constant direction” in the workplace. “Many flounder without precise guidelines but thrive in structured situations that provide clearly defined rules.”

    All of these characteristics are worrisome, given a harsh economic environment that requires perseverance, adaptability, humility, and entrepreneurialism. Perhaps most worrisome, though, is the fatalism and lack of agency that both Twenge and Alsop discern in today’s young adults. Trained throughout childhood to disconnect performance from reward, and told repeatedly that they are destined for great things, many are quick to place blame elsewhere when something goes wrong, and inclined to believe that bad situations will sort themselves out—or will be sorted out by parents or other helpers.

    “Millennials” are those born between 1980 and 2001. On the other hand, many first-generation Muslims in the US are entrepreneurial, so it seems there are good examples in the community, though whether Muslim ‘millennials’ have been raised to value those examples or to integrate to the college-educated class culture described above is another question.

     
  • johnpi 12:39 pm on December 16, 2009 | 0 Permalink | Reply
    Tags: , , , , , economic downturn., , , , , , , , , ,

    Good news: Gulf petro-powers to launch currency in latest threat to dollar hegemony.

    “The Gulf monetary union pact has come into effect,” said Kuwait’s finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.

    The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts. Between them they amount to regional superpower with a GDP of $1.2 trillion (£739bn), some 40pc of the world’s proven oil reserves, and financial clout equal to that of China.

    Moves like this signal the death-knell of the kind of gross right-wing ideological economic irresponsibility we saw during the Bush administration. The eventual loss of dollar hegemony will be one of the most significant and far-reaching-into-the-future responses to the Bush era.

     
  • johnpi 7:42 am on November 30, 2009 | 3 Permalink | Reply
    Tags: , Dubai World, , economic downturn., ,

    Dubai & Abu Dhabi markets plunge on debt woes.

    Stock markets in the Gulf emirate of Dubai and its neighboring capital of Abu Dhabi fell sharply on Monday and then ground to a halt amid a lack of buyers after Dubai World’s shock proposal to suspend debt payments.
    ….

    Dubai World property unit Nakheel, builder of the iconic Palm Jumeirah man-made island, asked to suspend trading of its sukuks, or Islamic bonds, listed on the Dubai-based Nasdaq Dubai exchange.

    One of the key loans affected by Dubai World’s planned debt moratorium is a Nakheel issue of $3.5 billion of Islamic bonds or sukuks, scheduled to mature on Dec. 14.

     
  • johnpi 6:42 pm on November 1, 2009 | 5 Permalink | Reply
    Tags: , , , , , economic downturn., , , , , , , , , , , ,

    Global recession fuels child sex boom.

    Increasing poverty in children’s countries of origin and smaller budgets for social services are two of the factors heightening children’s vulnerability. Deterioration of living conditions often compels young people to abandon school in order to contribute to the family income, putting them at risk of seeking livelihood options that lead to their being exploited, according to ECPAT International.

    and

    ECPAT International’s recent report also warned that the number of children and young people trafficked within their own country is increasing. Such trafficking frequently involves movement from rural to urban areas or from one city or town to another without the need for travel documentation.

    Muslim country bonus fact: The International Labor Organization says sex tourism contributes as much as 14 percent of the gross domestic product of Indonesia and Malaysia. The real question is would more conservative, religion-based governance better confront the problem with harsher policies, or make it worse as puritanical attitudes turn the victims into untouchable wretches and scapegoat them for the crimes of their victimizers?

    America doesn’t seem to be doing any better at coming up with just solutions:

    16-year old got life without parole for killing her abusive pimp — Should teens be condemned to die in jail?

    See an interview with the girl here. The judge had little choice because of California’s harsh mandatory sentencing guidelines. His options were life without possibility of parole, or 25 to life.

     
  • wangdaiyu 12:33 pm on February 2, 2009 | 0 Permalink | Reply
    Tags: , economic downturn.,

    Meanwhile in China more than 20 million migrant workers are out of work because of the economic downturn. This figure does not include the other jobless people who are based in cities.

     
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