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[octuscle]

Blood is thicker than water

Peter hated being out in the fresh air. He had hated working on the farm ever since he had had to help his grandparents muck out the barn during the summer vacation. Yes, there weren't many other ways to earn money here in Lincoln now. But Nebraska wasn't Peter's future either. He was very sure of that. His future would be somewhere in New York, Singapore or London. Somewhere where the big money was. That's where he wanted to go. And that was where he belonged.

The job at the local bank wasn't that glamorous yet. But it was the starting point. Working at the cash desk, processing loan applications, it was all just a prelude to the glittering world of investment banking and hedge funds. He was hardworking, he was smart and charming. And he looked incredibly good in a suit.

When the board called him into his office, Peter saw his big moment had come. He adjusted his tie knot, took a deep breath, knocked and entered the office of his top boss. "Peter, good to see you, have a seat!" Mr. Harrison greeted him. "I hear wonderful things from you. I thought it was long overdue to meet you in person." Peter had to make an effort to stay cool. "As you probably know, the head of our corporate client department is being replaced. And even though you're actually a bit young for a position as head of department, I've been advised to consider you." Strike, thought Peter. "However, I have a, shall we say, delicate task… But if you master it successfully, I have no doubts that you are the right man for the job." A few minutes later, Peter wished he had never started at the bank.

The farm he was on his way to belonged to his uncle Cleatus. It had once been his grandparents' farm. His mother's parents' farm. Not the one where he had had the humiliating experience in the cowshed. This was his father's parents' farm. Damn it, he thought to himself. I must have manure running through my veins. I come from a clan of cows. "Anyone home?" he called out as he arrived in the yard between the stables and the house. The farm looked run-down. He hadn't been here for a long time. Suddenly he heard someone loading a shotgun. "I'm not expecting visitors!" Peter heard a harsh voice. Peter turned around and grinned as friendly as he could. "Hi Uncle Cleatus! It's me, Peter" "Peter, damn it, why are you in disguise? You look like an asshole from the bank!" Peter gulped. This was going to be fun. His uncle invited him into the large kitchen. It was dirty and untidy. Peter saw the pile of unopened post. He took a deep breath, declined the offered beer and began: "Uncle Cleatus, I'm actually not here by choice. And let me get straight to the point: I'm one of those assholes from the bank…"

"Junior!" roared Cleatus. "Say goodbye to your cousin!" Peter looked down the barrel of the shotgun. It hadn't gone as well as he had hoped when he told his uncle that the farm would have to be foreclosed. "Junior, now!". The floor shook as Junior approached the kitchen. It was beginning to stink. Slurry, sweat… And then his cousin Junior stood in front of him. A colossus! He took him in his arms and almost crushed him. "Throw him out, the asshole!" Peter lost the ground beneath his feet. Junior carried him out into the yard. And threw him into the mud. He lay in mud, cow shit and manure. Peter picked himself up and turned around. He wanted to protest. But one look in Junior's direction was enough. And he took off in the direction of the town.

Something was strange… Peter should actually feel humiliated and bad. But he was fine. The dirt on his ruined suit was drying. He was sweating in the warm air. He whistled a song. He was doing well. Of course, his uncle's farm hadn't been saved, but at least he hadn't put his own family out on the street. Shit, that wouldn't be worth a promotion on this planet either. He was beginning to develop pride in his grandparents' accomplishments working this land. They had made this country great. That made him very proud. And he was growing, without realizing it, in his suit.

He had parked his car outside on the country road so as not to get it dirty on the muddy dirt track. Peter now stripped out of his dirty suit on the road and sat in the car half naked so as not to soil the seats. The suit lay crusty, but neatly folded, in the trunk. It wasn't the end of the day yet. He had to report to the bank. He needed something to wear. And, given the way he smelled of cow shit and manure, a shower, too. Peter scratched his chin to think. His chin was scratchy. Very scratchy. And his upper arm looked kind of powerful. His cock in his boxer shorts was getting hard. Shit, what was he going to do now? Fortunately, he remembered the workwear store at the entrance to the town. He would find something to wear there. Maybe nothing from an Italian designer. But it would certainly be better than underwear.

The waitress in the store looked as if she was always serving men in their underwear. Peter mumbled that he needed something for the office. The waitress nodded understandingly and said that a guy who was built like him was certainly not the kind of person who would fit into an office. Peter didn't understand, but nodded. "Go into the changing room, I'll bring you something," said the sales assistant. Peter did as he was told. He looked in the mirror. Yes, he was a man who, in his underwear, you would probably expect to see as a construction worker or tree cutter. Arms like his didn't really fit into a shirt. "You look like you have an appointment at the bank," said the sales clerk. "You'll want to look respectable." Peter actually wanted to say that he worked at the bank. But somehow he had the feeling that wasn't true… "Yes, I have a farm to save," Peter replied. "Shit situation," replied the salesman. "Bankers are all vultures!"

When Peter arrived back at his small office, where he was a corporate account manager, he took a deep breath. Yes, he too was a vulture. But not as bad as the money-grabbing careerists up there. He was a passionate banker. He wanted to help people. His people. Before he called Mr. Harrison, he took a deep breath. His huge chest rose and fell. He reeked of sweat in his cheap polyester shirt. And after his visit to the farm, he probably had cow shit in the treads of his rough boots. But he just wasn't the type for penny loafers and Egyptian cotton shirts. He was a guy from Nebraska. Even if he did work in a bank.

The conversation with Mr. Harrison went as Peter had expected. You couldn't expect sympathy from a man like that. And Peter didn't want to work with a man like that again. He had saved hard. His dream had been to buy a house in the suburbs soon. But now there were more important things. One word followed the next in the phone call with Mr. Harrison. Until Peter plucked up his courage and told the vulture to stick his money up his ass. Peter would pay off his uncle's debts. And then turn his back on the bank. He threw his tie in the garbage can. And unbuttoned his shirt. Free! Free at last!

Junior was quite a challenge. His cousin was a few weeks older than him. And he hadn't been softened up by working in the city. But Pete had been living on the farm for a few weeks now and, thanks to his cooperation, there was a silver lining. The auction was off the table. Everything would be fine. And at the next wrestling match in the cowshed, Junior would lose and Pete would win. And the winner would get his cock sucked by the loser. Life on the farm was wonderful!

[markthekng]

Hey non-tiktok users on Tumblr, especially the non-Americans that want to be kept in the loop. Let me tell you about the bullshit going on cause I made the mistake of drinking two cups of coffee before bed and am livid.

For years, our government has been shouting about banning TikTok for being a Chinese app. Trump has been the one to start the argument, claiming TikTok was a security risk.

The United States Congress has been blatantly racist to the TikTok CEO, claiming Singapore isn't real because they've never heard of it and insisting that he is a member of the Chinese Communist Party. During this time, the CEO was also making posts about how he supported free speech and the world needed free speech.

We have been asking as soon as we heard the ban would take affect what would happen. We got nothing from the creators of TikTok. We had people theorize that it would slowly fade from existence, but no mention of what was actually to come.

On Saturday, January 18th, TikTok went dark, claiming that the ban was in effect and that the creators would be working with the future trump administration to get the app back. Two hours before the promised time. No one could get in, no one could do anything. We didn't even get to say goodbye.

Then, January 19th it's back up, claiming that "President Trump" brought it back. This is bizarre. Why? Trump isn't president yet, he has no power to bring back an app yet. Yet the pop up claims we have him to thank.

The pop up in question:

But whatever, everyone is happy to be back right? Wrong.

For starters, Lives are banned. We cannot access the part of the platform that encouraged activism and protests and allowed those who couldn't attend protests to show their support. It won't directly tell you you can't access lives, it will give you a pop up error and tell you to try later. There is no later, it doesn't work.

Then we get into the political aspect. The CEO is a bootlicker. Because as soon as we came back, he made a video praising "President Trump" for "fighting for Tiktok" he thanked the man who started the fire for putting it out. Then of course, meta platforms also seem to have accounts now on TikTok, and they are being pushed heavily to the users.

But how about the people speaking up, that's the thing, you have to tiptoe. You can have as many anti-biden or Kamala tags you want, but no longer can you create anti trump, Elon, Zuckerberg, or any fascist or CEO tags in videos. And as for the contents? Well, a lot of users have been getting shadow banned for saying things. Comments on videos speaking out against oligarchies and fascists are being hidden or deleted before the video creator can approve of them or delete them themselves.

This has affected me too. I made one video to a song with only text, no tags, and a caption about patriotism. This video had no problems other than the expected struggle with reach. The other, I made a joke about how everything feels forced and like someone is being controlled with the caption "Something ain't right, I'm going back to cat videos on xhs" and immediately the video was put under review.

The video, which never got the chance to reach the public:

The American public is being censored and propagandized. We do not support Donald Trump no matter what videos show up. Our fyp is soulless and refuses to show us anything that might stir an opinion against their funding principle. Billionaires are controlling our narrative and trying to rewrite it to make themselves look like the good guys. We are not okay and our main source of spreading social and political information is now being censored. The app is also slow and wonky , and anyone who deleted it during the "ban" isn't getting it back. No one is happy, but there's no one to listen.

[centrally-unplanned]

VOR of... *spins the wheel*... Dwight Eisenhower, William Wilberforce, Lee Kuan Yew.

Dwight Eisenhower: Low confidence here, but I would say low VOR, probably C Tier. He definitely was "very good" at consensus management, but that was done during an era of good feelings towards the idea - and punishment at the ballot box for radicalism, particularly in 1954. Ending the Korea war was something most would have done (the process started under Truman) and based more on Soviet & Chinese exhaustion, the highway system was conceived of under FDR, and the details were primarily threshed out by others like Lucius Clay, Eisenhower wasn't a visionary on. His foreign policy 'achievements' are again spotty, with real attempts at things like Soviet rapproachment fizzling out. NASA funding was consensus. And so on.

Its almost not his fault, this was an era of American economic prosperity and plentiful resources for investments into obvious projects, and strong bipartisan consensus. It had its share of drama and fights, don't get me wrong, but none that I think he tipped the scales on that matter.

William Wilberforce: I don't know enough about him! I have never dug in detail into the British abolitionist movement compared to the US side - that is a gap, I should do so.

Lee Kuan Yew: He is probably overrated! Still strong of course, A-, but two things I think. First, the foundation of Singapore was a chaotic mess - it was part of Malaysia for a few years! Which Lee Kuan Yew led the effort to achieve! Then it backfired and was forced to secede. Those early years were a lot of actors in the pool, LKY certainly was a big one but he wasn't implementing some unitary vision. Secondly, when you hear about the policy visions of Singapore, its a lot of "oh and then Lee Kuan Yew implemented the public housing projects yadda yadda" but from my view it was way more often the party apparatus coming to a decision on that and him agreeing with that consensus. He sort of gets credit as the mouthpiece of the party, but he wasn't as active as one might think. I would like to dig into this more though, admittedly

His A- does have to come from his party leadership - the PAP was not the ordained-from-on-high ruling party of Singapore. LKY started out hustling trade unionist votes in his first election, he would organize elaborate smear campaigns against opponents, or employ legal tricks to monopolize air time on the radio for his own faction. In 1961 the left-wing faction of PAP was expelled by Lee to push the party right and monopolize his control - which he did while being secretly allied with the Communist Party of Malaysia!

So he certainly played a unique role in building monopoly power in Singapore; I just don't think he is a visionary on what to do with that power the way some other leaders in history have been.

[royalpain16]

THE SECOND ANNUAL SUMMIT WILL UNVEIL THE FIFTEEN 2023 EARTHSHOT PRIZE FINALISTS WHO ARE TRAILBLAZING CLIMATE SOLUTIONS TO REPAIR OUR PLANET BY 2030

The Earthshot Prize and Bloomberg Philanthropies today announced they will co-host the second Earthshot Prize Innovation Summit on September 19, 2023, in New York City with the founder of The Earthshot Prize, Prince William, expected to attend.

Held during New York Climate Week and the 78th Session of the UN General Assembly, the Summit will convene previous Earthshot Prize Winners and Finalists with policymakers, global business leaders, philanthropists, and climate activists to scale their innovative solutions.

At the Summit, The Earthshot Prize will reveal this year’s 15 Finalists and introduce their groundbreaking climate and environmental solutions to repair our planet this decade on one of the biggest international stages.

To help drive meaningful change, and accelerate the collaborations and investments needed to scale those solutions, the Summit will connect the new and previous Earthshot Prize Finalists and Winners with forward-thinking business leaders, philanthropists, and governments already working to regenerate the planet. September’s Summit begins the countdown to The Earthshot Prize’s third annual Awards ceremony in Singapore, where, on November 7, 2023, five of the 15 Finalists will be awarded a catalytic £1 million to scale their cutting-edge solutions.

Alongside Prince William, Michael R. Bloomberg, Global Advisor to the Winners of The Earthshot Prize, will address the assembled guests. Other featured speakers will include policymakers, business leaders, climate innovators, and previous Earthshot Prize Winners and Finalists. The full agenda will be announced in due course

Founded by Prince William and The Royal Foundation in 2020, The Earthshot Prize is a global environmental prize to discover, accelerate, and scale ground-breaking solutions that can help put the world firmly on a trajectory toward a stable climate where communities, oceans, and biodiversity thrive in harmony by 2030.

Inspired by President John F. Kennedy’s Moonshot, which united millions of people around the goal of reaching the moon, The Earthshot Prize recognizes Finalists and Winners across five challenges, or ‘Earthshots’: Protect and Restore Nature, Clean our Air, Revive our Oceans, Build a Waste-free World, and Fix our Climate. The Prize aims to turn the current pessimism surrounding environmental issues into optimism and will discover 50 winners over 10 years with the power to repair the planet

The inaugural 2021 Earthshot Prize Finalists have already driven incredible impact with more than 1.5 million people benefiting directly from their solutions. Over 7,000 hectares of land and almost 2.1 million hectares of ocean have been protected or restored, while over 35,000 tonnes of CO2 emissions have been reduced, avoided, or sequestered. The 2022 Finalists, announced this past autumn, are well on their way to creating similar impact.

To help accelerate the work of the inaugural Finalists at last year’s Earthshot Prize Innovation Summit, Bloomberg Philanthropies committed more than $20 million through direct grants, co-funding, and other efforts to support the success of the inaugural Finalists and Winners of The Earthshot Prize 2021, including:

Scaling Takachar’s technology, which reduces smoke emissions from agricultural waste by up to 98%, through a pilot program in villages in the state of Punjab and Haryana, India.

Supercharging Pristine Seas’ 30×30 ocean protected goal through funding major ocean expeditions, helping establish more marine protected areas, and enhancing diplomacy and advocacy efforts. Pristine Seas has already helped establish 26 marine reserves worldwide, across an area over twice the size of India.

Scaling Coral Vita’s research capabilities to identify new restoration sites and monitor both restoration progress and local marine health after installation. Coral Vita’s cutting-edge methods to grow coral up to 50 times faster than nature can help replant our oceans and give new life to dying ecosystems.

Expanding the capacity of the Institute of Public and Environmental Affairs and Blue Map App to scale its data, research, and reporting capabilities.

Convening at least ten North American and European cities in partnership with C40 and NRDC to accelerate efforts to address food waste and food insecurity by sharing best practices from and helping to scale the City of Milan’s Local Food Waste Hub initiative, which currently provides about 260,000 meals to those most in need, to other cities.

As a mayor, entrepreneur, and philanthropist, Michael R. Bloomberg has long been a global leader in the fight against climate change. He has committed more than $1 billion to efforts across the world to mobilize cities and local leaders to reduce emissions, improve air quality, advance the global transition to clean energy, protect and preserve ocean ecosystems, and help unlock billions of dollars in sustainable finance.

Bloomberg helps lead a number of efforts including the C40 Cities Climate Leadership Group, Global Covenant of Mayors for Climate & Energy, America Is All In Coalition, Task Force on Climate-related Financial Disclosures, Climate Finance Leaders Initiative, and the Glasgow Financial Alliance for Net Zero.

“To effectively tackle the climate crisis, we need to invest in innovative solutions and new ideas that can accelerate global progress and help repair the planet. This year’s Earthshot Prize Finalists are great examples of the kind of bold action and creative thinking we need, and our team is looking forward to working with Prince William to support them as they expand their ambitions.”

Michael R. Bloomberg, the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, Founder of Bloomberg LP and Bloomberg Philanthropies, and 108th Mayor of New York City

“The Earthshot Prize scours the world to find entrepreneurs and innovators who exemplify the power of human ingenuity to address our most significant climate and environmental challenges. Our next class of Finalists are on the cutting-edge of some of the most exciting ideas and technologies, and with the support of our Global Alliance Partners and the global community gathering at the UN General Assembly, they have the potential to transform communities around the world for the better. By spotlighting the incredible work of our 2023 Finalists at the Earthshot Prize Innovation Summit, we hope to inspire a wave of positive change and unlock a more sustainable and resilient future.”

Hannah Jones, The Earthshot Prize CEO

[mariacallous]

In case you hadn’t noticed, the world economy’s gone rather topsy-turvy.

Japan is up while China is down—and in danger of Japan-like deflation. The United States is practicing Japanese-style protectionism and industrial policy, while Japan is championing what Washington used to promote: newer, better open trade rules.

These trends represent a virtual reversal of the neoliberal narrative we had grown used to since the end of the Cold War, when the disintegration of Soviet communism appeared to discredit the whole idea of government-directed economic growth. This was followed by the collapse of Japan’s bubble economy in the early 1990s, which in turn touched off a long period of slow, geriatric growth in the granddaddy of the East Asian “miracle.” But the economics profession, having made so many bad calls since this long, strange trip of globalization began, can’t keep up. That’s because most mainstream economists still have trouble admitting that their model of free-market fundamentalism—the “Washington Consensus”—has failed catastrophically, and in several dimensions.

While Brexit has proved a disaster for Britain and the U.S. is floundering with ever-worsening inequality, Japan may well have entered a new chapter of its extraordinary postwar story. It is enjoying a new spurt of activity, including annualized growth of nearly 5 percent in the second quarter and some price and wage increases. These indicators “suggest the economy is reaching a turning point in its 25-year battle with deflation,” as the government said in its annual white paper. Japan also remains socially stable to a degree that should make Americans envious, since it doesn’t suffer the huge income inequality problem that bedevils the United States, though Japan is, of course, far less ethnically diverse. Japan is hardly a perfect model—it is still backward, for example, in recognizing women’s rights—but its Human Development Index is rising among the rich countries. Whether measured by equality, life expectancy, or its stellar jobless rate of 2.7 percent, Japan is today in the “top rung of the most affluent and most successful societies in the world—and now seven and a half years longer than for America,” as economics historian Adam Tooze puts it.

Other economists who have long invoked the Japanese and East Asian “middle way” of market-sensitive government industrial support agree. “I wouldn’t attribute too much to Japan’s quarterly growth rate—but I would give them some credit for not leaving as many people behind,” said Nobel-winning economist Joseph Stiglitz of Columbia University. “The big advantage they had was that before their malaise set in, they had achieved a far more egalitarian state.” Or as International Monetary Fund (IMF) economists Fuad Hasanov and Reda Cherif conclude in one recent paper, the Asian miracles’ economic models—mainly the ones used in Hong Kong, South Korea, Singapore, and Taiwan—“resulted in much lower market income inequality than that in most advanced countries.”

How did East Asia do it? By focusing on export competitiveness and forcing subsidized firms to compete in global markets, these countries created good jobs for the middle class and avoided the pitfalls of failed “import substitution” policies that have characterized bad industry policy in the past across countries from Latin America to Africa. Building upon that, they also imposed progressive tax systems.

By contrast, there is also some agreement that one reason for China’s slowdown is that its dictatorial leader, Xi Jinping, has cracked down too harshly on the market part of the economy, disturbing the delicate balance of government-vs.-market control that began in the late 1970s. Xi “doesn’t seem to know how to use the levers of government with subtlety or within a market framework,” Stiglitz said.

All this is surprising, because in the policy debate with advocates of East Asian-style market intervention, the Washington Consensus had until fairly recently been winning, hands down. “Industrial policy” of the kind practiced by Japan and other East Asian nations was toxic and had to be practiced, at best, below the radar, especially in the United States. Capital flows were heedlessly unleashed around the world and market barriers eliminated at the insistence of both Democrats and Republicans in Washington. When the Asian financial crisis hit in the late 1990s, the neoliberals at first claimed vindication, saying corrupt crony capitalism and heavy government interference were to blame. But after the 2008 crash sank Wall Street—and nearly the entire U.S. financial system—it was clear that the crisis was, in fact, one of global capitalism and the excesses of neoliberalism. The problem in both the U.S. and Asia wasn’t the heavy hand of government so much as its opposite: totally unregulated capital flows and financial markets, not to mention (in the United States) regressive tax policies that favored Wall Street and capital gains earners.

As Eisuke Sakakibara, Japan’s former vice minister of finance and international affairs and one of Asia’s intellectual champions for an alternative model, told me presciently back then: “Global capital markets are responsible to a substantial degree. If you look at the so-called Asia crisis, the root cause has been the huge inflow of capital into Malaysia, Thailand, South Korea, and China. And all of a sudden … all of that has [fled] from those countries. Borrowers have been borrowing recklessly, and lenders have been lending recklessly. And not just Japanese banks. American banks and European banks as well.” Sakakibara proved to be correct, and something similar—indeed, much worse—struck the U.S. economy nearly 10 years later.

Beyond that, it was also clear during this three-decade period that China was paying scant attention to trade rules, deploying among other systematic violations industrial espionage, investment controls, currency manipulation, and intellectual property theft. During the same period, American confidence was badly misplaced that the nation’s high-tech advantages would automatically translate into a new manufacturing age for the middle class. It wasn’t just American capital that was fleeing abroad: By the mid-1990s, it was obvious that Silicon Valley-style startups don’t take one’s economy very far when most of the scale-ups—the manufacturing and downstream jobs, in other words—are happening overseas in low-wage countries.

So neoliberalism’s been dying ever since, and Donald Trump and Joe Biden have delivered the death blows. The most significant failure, perhaps, was not purely economic but social and political. It has become clear that in the United States, as well as in other major Western economies such as Great Britain, deepening inequality brought about by an almost religious devotion to neoliberal thinking has generated jarring social instability and populism on the right and left. Trump and former British Prime Minister Boris Johnson turned the two democracies that built the postwar global economic system into anti-globalist, inward-looking confederacies. Trump focused his ire on starting a trade war and crippling the World Trade Organization (WTO), and Johnson stormed out of the European Union. How did we get to this topsy-turvy place? A little historical perspective might help.

What’s been playing out on the global stage all this time has been nothing less than a historic test of alternative approaches to economic development—and an unprecedented test of social stability, too.

It began about three decades ago, when U.S. President Bill Clinton rolled into office in the triumphalist aftermath of the collapse of the USSR and decided that markets and globalization were the answer—even for formerly progressive Democrats like him. Command economies were utterly discredited. So was big government in the United States. And in the developing world, government intervention—so-called import substitution, meaning the support of domestic industry and the closing of trade barriers to foreigners—had also been an abysmal failure, especially in Africa and Latin America, leading to corruption and endemic poverty.

But then there was that strange outlier, East Asia. The East Asian “Tigers,” inspired by the postwar champion of managed economies, Japan, had dared to tinker with market forces like demiurges playing with elemental fire, and they had largely succeeded. Around that time, Masaki Shiratori, Japan’s executive director at the World Bank, lobbied passionately for a study of East Asia’s unusual success, its unique and savvy combination of deft government promotion of markets.

The World Bank came up with one—350 pages long—that hesitantly concluded that “market-friendly state intervention” might sometimes work. But it was so heavily hedged that it had little impact. Washington didn’t want to risk turning countries like India into government-supported export giants with East Asian-style policies, especially when U.S. markets were already seen as being under assault and Clinton was preaching “jobs, jobs, jobs.” And U.S. policymakers didn’t want countries like Russia to find excuses for only half-reforming their way out of command economics.

Mainstream economists rolled out their big guns against the idea that East Asia had a viable alternative. In a 1994 Foreign Affairs article, “The Myth of Asia’s Miracle,” Paul Krugman argued that pouring all that capital into industry at home was only going to yield “diminishing returns” and compared the Asians to the Soviet Union, saying that people forget “how impressive and terrifying the Soviet empire’s economic performance once seemed.” Krugman cited in particular the work of economists Alwyn Young and Lawrence Lau, who argued that East Asia’s “total factor productivity” numbers showed East Asian economic growth was entirely based on “inputs” such as rapid labor force increases, not on improved efficiency. It was merely “economic growth on steroids,” Young told me in an interview for Institutional Investor magazine in 1993. “You look impressive, but inside you’re rotting.”

Young and others pointed to Japan’s slow-growth period as evidence of this, but he and other economists failed to take into account the ultra-long time frame of the East Asian model—the fact that these countries were laying the institutional groundwork for later improvements in productivity and efficiency. And all the while neoliberalism was being slowly undermined by the departure of U.S. capital for foreign shores, along with cheaper labor. What the Clintonites and their advocates failed to see was that “[a]s capital becomes internationally mobile, its owners and managers have less interest in making long-term investments in any specific national economy—including their home base,” Robert Wade—then a renegade World Bank economist—argued at the time.

Wade and others were, of course, ignored. The historical tide of neoliberalism was too powerful, and the Japanese too meek about asserting their views. Japan, as ever, was bad about “forming universal theories from the economic success of Japan,” Naohiro Amaya, one of the country’s legendary bureaucrats, told me in 1992 when I lived there. It was a culture of pragmatism; the Japanese had no Keynes or Marx of their own. And frankly, few bureaucracies were as savvy as those of the East Asians, with their agile technocratic class and Confucian tradition of service. India, for example, which had grown up with Nehru socialism, had suffered for decades under the “license raj,” which involved a bureaucratic tangle every time someone wanted to start a business.

Yet much of this long-entrenched economic “wisdom” is now cracking—much like the melting glaciers that neoliberal capitalism, during its rampage across the planet, has helped to promote. As Cherif and Hasanov write in “The Return of the Policy That Shall Not Be Named”: “Our summary of 50 years of development showed that only a few countries made it from relative or absolute poverty to advanced economy status,” giving rise to the idea that government can’t make much of a difference. East Asia proved that it could, but “until recently, the experiences of the Asian miracles have been mostly considered as ‘accidents’ that cannot and should not be emulated, at least from the point of view of standard development economics.”

That is no longer the case. For better or worse, a new global economic consensus is being born, if rather painfully. As John Maynard Keynes wrote in the preface to The General Theory of Employment, Interest, and Money: “The difficulty lies, not in the new ideas, but in escaping from the old ones…”

The new look in economics is being driven by two related factors. One is the anger of the Western middle class—which has been hammered by globalization and the spread of technological advances around the world—and the other is the rise of China. As if awakened collectively from a Pollyannaish, post-Cold War dream, the U.S. political class has, in the space of a few years and across both political parties, cast off Reagan-era free-market thinking and re-embraced the mindset of the early Cold War. In particular, the China threat has reawakened memories—so long buried—of how successful industrial policy was back then.

As Wade—author of one of the original East Asia studies, Governing the Market—has pointed out, the U.S. remains by far the most innovative economy in the world due in no small part to an ongoing, if stealthy, industrial policy. The Defense Advanced Research Projects Agency, the National Institutes of Health, and several other federal agencies have helped produce U.S. breakthroughs in “general purpose technologies.” Among them, the National Science Foundation funded the algorithm behind Google’s search engine, and early funding for Apple came from the Small Business Innovation Research program. In her 2013 book, The Entrepreneurial State: Debunking Public vs. Private Sector Myths, economist Mariana Mazzucato notes that all the technologies that make the iPhone “smart” are also state-funded, including the internet, wireless networks, the global positioning system, microelectronics, touchscreen displays, and the voice-activated SIRI personal assistant.

Hence a new conventional wisdom has come out of the closet, economically speaking—at least among policymakers. This fresh approach amounts to what one critic, Douglas Irwin, a Dartmouth College economist and nonresident senior fellow at the Peterson Institute for International Economics, disapprovingly calls “the new Washington-Beijing-Brussels Consensus of building up certain national industries through government subsidies and trade restrictions.” Instead of the Washington Consensus, we are seeing the rise of what some are calling the “Washington Constellation,” a collection of many disparate growth theory concepts.

But the economics profession itself is still not sure it ought to abandon its neoliberal convictions. “Prominent people in the profession still have convictions against this,” said Nathan Lane, a young economist at Oxford who wrote a pathbreaking paper that employed neoclassical economics to explain the success of South Korea’s state investment in heavy industry. “It’s a very uncomfortable thing that’s going on, which is economics made this empirical turn the past couple of decades, and people like myself, who are not attached ideologically to the Washington Consensus, said, ‘We’re just empiricists. Let’s explore this.’ People said, ‘Don’t do that.’ People get extremely reactive to even asking the question of whether it works.”

At the IMF, once the face and voice of the Washington Consensus, acceptance of industrial policy has been an uphill battle over the past few decades. That’s why, in 2019, Hasanov and Cherif were forced to coyly title that working paper “The Return of the Policy That Shall Not Be Named.” A year later, they followed with a higher-ranking departmental paper, “The Principles of Industrial Policy.” But the IMF still published a rebuttal from Irwin this past June.

“The debate over industrial policy has long been locked in a stalemate,” Irwin wrote. “Some see it as essential to productivity growth and structural transformation, while others see it as abetting corruption and fostering inefficiency.” Irwin echoed generations of neoliberal thinking in concluding that “quantitative models suggest that the gains from even optimally designed industrial policies are small and unlikely to be transformative.”

Yet new empirical data from the last few years indicates that many of East Asia’s industrial policy investments from decades ago have paid off big time. Younger economists such as Ernest Liu of Princeton University have debunked some of the old biases against industrial policy—mainly that it lacks the reliable information necessary to target appropriate sectors—by showing that new measures of market distortions can supply just that.

Even as the Biden administration has fully adopted industrial policy, it uses, instead, the term “industrial strategy.” As IMF First Deputy Managing Director Gita Gopinath said in a speech earlier this month, the fund’s advice is “to tread carefully. History is replete with examples of IPs [industrial policies] that were not only costly, but also hindered the emergence of more dynamic and efficient companies.”

Nowhere does the success of industrial policy play a greater role in the world today than in Taiwan. One of the reasons Taiwan has become such a hot issue geopolitically—as the U.S. and China vie over its future as a state—is because of its world-beating semiconductor industry, which produces an astonishing 60 percent or more of the world’s chips. This was not the work of the private sector alone but the creation, in 1987, of the Taiwan Semiconductor Manufacturing Company, which received at least half of its initial funding from the government and over subsequent decades emerged as the preeminent maker of advanced chips. In South Korea, the World Bank once advised against setting up an integrated steel company, saying it wasn’t in Korea’s comparative advantage. But what became POSCO (formerly Pohang Iron and Steel Company) “fairly soon became the most efficient steel plant in the world,” Wade said.

So it’s unavoidable to conclude that a subject that was once taboo—the idea of government-directed industrial subsidies, along with semi-closed markets and economic nationalism of the kind practiced by Taiwan—is being embraced on all sides. A paper summing up these effects, “The New Economics of Industrial Policy,” by economists Réka Juhász, Nathan Lane, and Dani Rodrik, is slated for publication early next year by the mainstream Annual Review of Economics. And the chairman of Biden’s Council of Economic Advisors, longtime progressive economist Jared Bernstein, has invited the co-authors to speak to the council later this month, according to Lane.

In the last two and a half years, Biden has enacted what his former National Economic Council director, Brian Deese, calls its “modern American industrial strategy” based mainly on “four foundational laws”: the American Rescue Plan, which brought our economy back from the brink, and more recently the Bipartisan Infrastructure Deal, the CHIPS and Science Act, and the Inflation Reduction Act (under which Washington is subsidizing low-carbon technologies and prioritizing homemade technological leadership).

What this means, Deese said, is that rather than “accepting as fate that the individualized decisions of those looking only at their private bottom lines will put us behind in key sectors,” the government plans a long-term strategic investment “in those areas that will form the backbone of our economy’s growth over the coming decades, areas where we need to expand the nation’s productive capacity.” There have been some promising early results: U.S. manufacturing employment has hit its highest levels since the early 2000s, and the White House boasted in June that nearly 800,000 new manufacturing jobs have been created under Biden, while private-sector companies have announced more than $480 billion in manufacturing and clean energy investments since he took office.

The key factors: building sophisticated industrial sectors with government seeding, export orientation, competition, and accountability for the support received. While the policy is not yet fully articulated, the administration is seeking to emulate some of the key principles of the Asian miracle’s success—and at the same time recognize the deficiencies of neoliberalism.

“If neoliberalism is going to generate inequality, then you need government to compensate the losers,” said former World Bank economist Nancy Birdsall, referring to education, retraining, and other major investments. “That didn’t happen in the U.S. The government came up with sort of pathetic little programs that did not come close to dealing with the China shock” of jobs moving there in the last two decades.

In a recent essay in Foreign Policy, Adam Posen, president of the Peterson Institute, argued that while industrial policy is occasionally useful, the “zero-sum” economics it embraces is bound to backfire based on “four profound analytic fallacies: that self-dealing is smart; that self-sufficiency is attainable; that more subsidies are better; and that local production is what matters.”

Deese has sought to address these common neoliberal objections to industrial policy, arguing the administration is not cherry-picking winners and crowding out private investment but instead seeking to use “public investment to crowd in more private investment, and make sure that the cumulative benefits of this investment strengthen our national bottom line.” By this he means transportation infrastructure, which “literally lays the groundwork for private investment”; government-funded technological innovation; and government investing in STEM education and training at schools and universities nationwide. Harking back to the glory days of the Cold War, Deese said Biden is “making a larger investment in innovation than even President [John F.] Kennedy and the Apollo program that took us to the moon.”

Another major area for industrial policy is clean energy, Deese said. “We know the climate crisis cannot be addressed by market forces alone. We know public leadership and investment is key to the solution. And yet for decades, our country stood by. But now, with our industrial strategy, we’re making the largest investment in clean energy ever in our nation’s history” so as to “encourage the private sector to invest at massive scale.”

And yet aspects of the new policy scheme remain incoherent. One such area in Biden’s plan is his embrace of Trump’s tariffs: Economists such as Hasanov say the East Asian model works much better if there is a vibrant export market around the world to sustain competition.

These inconsistencies arise partly “because the mainstream is still coming up with bogus arguments about crowding out other ‘good’ investments,” Stiglitz said. “It’s an embarrassment. The U.S. is all over the place. The Republicans have no coherent framework for thinking about the role of industrial policies—other than the market can’t compete with China. The Democrats can’t come up with the kind of coherent approach that is needed because of the politics of [Sen. Joe] Manchin—the policy is whatever we can get through Congress.”

Today, ironically, Japan is one of the countries carrying the banner of free trade in the absence of Washington. During the Trump administration, Tokyo helped resurrect the Trans-Pacific Partnership after Trump pulled out by joining with other members such as Canada to renegotiate the successor Comprehensive and Progressive Agreement for Trans-Pacific Partnership. In a 2019 interview, James Carr, Canada’s then-international trade minister, told me that “the Japanese position, attitude, and support for the rule-based multilateral trading system and fair trade has been exemplary and very important.” This year, Japan sought to rescue the WTO by joining the Multi-Party Interim Appeal Arbitration Arrangement, a multilateral framework that duplicates the Appellate Body by enabling members to resolve WTO disputes among themselves.

The European Union is also embracing industrial policy, launching the Green Deal Industrial Plan and Net-Zero Industry Act—which emulates Biden’s IRA by giving member states greater flexibility to incentivize private investors and match foreign subsidies such as those available under the IRA. The European Commission also recently launched a European Critical Raw Materials Act, to aid in identifying and securing access to those raw materials that are critical across various sectors of the European economy, and is leading multiple initiatives in artificial intelligence and digital technologies. Today, it is the policymakers who are surging ahead, while economists straggle behind.

[miscmeanderings]

So what do we do? Good journalism takes more money because good journalism takes more work! Think about it. How long does it take to fart out a click-bait article that's largely made up or basically fed to the writer by someone with an agenda? Or that only interviews a single source? (I'm not so sure about WaPo but NYT at least makes the effort to do it's homework and add context and more sources.)

The sad thing is ad revenue isn't enough anymore to pay for a paper's operations (or at least not whole large enough buffer to keep many of them as profitable as their owners like). There's too much competition of other spaces for eyeballs (attention). So a lot of newspapers are becoming increasingly reliant on subscriptions for money.

(there are exceptions of course - but since this was obviously American-centric like so much on Tumblr, I'm going to leave out the issue of countries where internet penetration is lower so dailies are still doing better. I'll also skip the fact that paywalls are a tiny part of the lack of thoughtful news consumption trend - the impact from the fact that most people get their fucking news from a social media post instead of long form articles is making a much worse impact. I'll skip the fact that some countries don't have a free press so hahahaha enjoy the experience of paying to read the publicly-funded public broad sheet that is STILL PAYWALLED and STILL controlled by the govt and still not even good writing. Looking at you Singapore's The Straits Times.)

There are ways around it - you can try a blend of content (more infotainment) to draw more viewer, boost ad revenue. But that's traditionally not worked very well and I'm not enough of an industry expert to know why :/ my guess is the corporate temptation to just funnel the profits into the money-making side of work to do MORE of that (entertainment) is just tough to fight.

You can go niche and small - but then you're probably not going to have a bandwidth to cover more stories. Also, lower and revenue and smaller subscriber based.

So where CAN the money come from? What could we possibly do if we feel the fourth estate is actually an important public good?

Public funding.

The Brits and the BBC got this right a long time ago. It's not perfect of course and the BBC is getting some blowback for how much it pays popular show anchors to retain them, but on the quality of news front, they're pretty good. The BBC is publicly funded but editorially independent and so their well-written, detailed articles are FREE. The only problem is because they're a British publication, their coverage of America will largely focus on the big headline events. But still pretty good.

So what can you do? Well, read BBC for US news for starters it's less horribly partisan. And if you can afford it, subscribe to the publications you like so they keep going and maybe put out more stuff for free. Or consume the media they do produce that's free like podcasts - those usually have advertising.

And support politicians in favour of higher taxes and more public goods.

[glocalopportunitiess]

Best Scholarships available to Indian students in Japan

Do not panic; you are not alone! Although Japan has many educational possibilities, funding your study might be rather important. Good news: Indian students hoping to follow their academic dreams over here will find various scholarships available in Japan.

The scholarship to study in Japan for Indian students serves purposes beyond just paying for tuition. They cover living costs, grants for research, and other needs so you may concentrate on your studies free from financial concerns.  Whether your intended program is undergraduate, postgraduate, or research, this blog article will highlight some of the best scholarships available to Indian students in Japan.

Top Indian student scholarships available in Japan

Although studying in Japan might be fascinating, many students find the financial element to be difficult. The good news is, however, that some scholarships are especially meant to help Indian students in Japan follow their academic aspirations.

Scholarships for Research Students

Research/master courses/Ph.D. courses represent a graduate school-level scholarship. Your age has to be less than 35 years; hence, applicants had to have been born either on April 2, 1990 or after.

JT Asia Scholarship

Students from Asian countries, including India, Indonesia, Cambodia, Singapore, Sri Lanka, Thailand, China, Korea, Taiwan, Nepal, Pakistan, Bangladesh, Philippines, Bhutan, Brunei, Vietnam, Malaysia, Maldives, Myanmar, Laos, and Timor-Leste, applying to private universities can apply for this scholarship in Japan.

It is a merit—and need-based scholarship providing a stipend of up to 150,000 JPY per month, covering your tuition expenses as well.

Conclusion

All things considered, scholarship to study in Japan for Indian students provides exceptional chances to pursue academic achievement in Japan.

[krupa192]

Unlocking Financial Success: Is the CFA Designation the Right Path for You?

The Chartered Financial Analyst (CFA) designation stands as one of the most prestigious credentials in the finance industry. Recognized globally, it paves the way for exciting opportunities in investment management, financial analysis, and beyond. But is pursuing a CFA the right career move for you? This article dives into the benefits, challenges, and career paths tied to the CFA program and explores how the Boston Institute of Analytics CFA Course can help you achieve your goals.

What is the CFA Designation?

The CFA charter is a globally acknowledged professional credential awarded by the CFA Institute. It’s tailored for individuals looking to master investment analysis, portfolio management, and financial decision-making. To earn the CFA designation, candidates must:

Pass three challenging exams (Level I, Level II, and Level III).

Accumulate four years of relevant work experience.

Adhere to the CFA Institute’s Code of Ethics and Professional Standards.

This rigorous program equips professionals with the analytical skills and ethical framework needed to excel in finance.

Why Pursue the CFA Designation?

1. Global Recognition

The CFA designation is a badge of honor in the finance world. Whether you’re in New York, London, Mumbai, or Singapore, employers recognize its value.

2. Career Growth

A CFA charter can unlock doors to senior roles in investment banking, asset management, and equity research. It signals to employers that you possess the skills and dedication to succeed in demanding financial roles.

3. Comprehensive Knowledge Base

The CFA curriculum spans a wide array of topics, including:

Financial reporting and analysis

Economics

Equity and fixed-income investments

Portfolio management

Ethical standards

This extensive coverage ensures you’re well-prepared to tackle real-world financial challenges.

4. Networking Opportunities

As a CFA charterholder, you join a global network of finance professionals. The CFA Institute organizes events, webinars, and conferences, providing opportunities to connect with peers and industry leaders.

5. Higher Earning Potential

CFA charterholders often command higher salaries compared to their non-chartered counterparts. Over time, the designation can lead to substantial financial rewards.

Challenges of the CFA Program

1. Demanding Exams

The CFA exams are known for their difficulty, with pass rates typically below 50% for each level. Candidates need to dedicate significant time and effort to succeed.

2. Time Investment

Balancing CFA studies with work and personal commitments can be tough. Candidates spend an average of 300 hours preparing for each exam level.

3. Cost

While more affordable than an MBA, the CFA program involves registration fees, exam costs, and expenses for study materials or prep courses. However, many see it as a worthwhile investment given the career benefits.

Is the CFA Right for You?

Deciding whether to pursue the CFA depends on your career aspirations, interests, and current standing in the finance world. Here’s what to consider:

1. Your Career Goals

The CFA designation is ideal for those targeting roles in investment management, portfolio management, or equity research. It’s also valuable for professionals in corporate finance, risk management, or consulting.

2. Passion for Finance

The CFA program delves deep into finance and investment principles. Candidates should have a genuine interest in these areas to stay motivated throughout the journey.

3. Commitment to the Process

Earning the CFA charter takes years of hard work. If you’re ready to dedicate the necessary time and effort, the rewards can be life-changing.

Career Paths for CFA Charterholders

1. Investment Analyst

Analyze market trends, financial data, and company performance to provide investment recommendations.

2. Portfolio Manager

Oversee investment portfolios for individuals, institutions, or mutual funds, striving to meet specific financial goals.

3. Equity Research Analyst

Conduct detailed research on stocks and provide insights to clients or internal teams.

4. Risk Manager

Identify and manage financial risks to ensure organizational stability and compliance.

5. Corporate Finance Specialist

Work on mergers, acquisitions, capital raising, and strategic financial planning within corporations.

How the Boston Institute of Analytics Supports CFA Aspirants

For aspiring CFA charterholders, quality training can make all the difference. The Boston Institute of Analytics’ CFA Course is tailored to help candidates excel in the program and achieve their career goals.

Key Features of the Course:

Comprehensive Coverage The course covers all topics for CFA exams, ensuring thorough preparation for each level.

Expert-Led Training Learn from seasoned professionals with years of experience in finance and investment management.

Interactive Learning Participate in live sessions, case studies, and practical exercises to reinforce your understanding.

Flexible Schedules Designed for working professionals, the program offers flexible learning options.

Exam Preparation Tools Access mock exams, practice questions, and personalized feedback to boost confidence.

Career Development Support Receive mentorship, resume-building assistance, and networking opportunities to advance your career.

By enrolling in this course, candidates gain the tools and guidance needed to succeed in the CFA program and beyond.

Final Thoughts

The CFA designation is an excellent career choice for individuals passionate about finance and investment. It offers global recognition, diverse career opportunities, and the potential for significant professional growth. However, success requires dedication, perseverance, and a clear vision of your career objectives.

If you’re ready to embark on this transformative journey, programs like the Boston Institute of Analytics have CFA Course can provide the support and resources you need. With the right preparation and mindset, earning the CFA charter can be a defining moment in your financial career.

[singaporefundedcourses]

WSQ Courses Singapore

Discover accredited WSQ courses Singapore, rigorously designed to meet the highest educational standards. With our diverse range of qualifications, from vocational to academic, unlock pathways to career advancement and personal growth. Elevate your skills and credentials with trusted WSQ-regulated training.

[sametschoolofmanagement]

The Intersection of Innovation and Education at an MBA Institute in Bhubaneswar

The SAMET School of Management stands as a benchmark of academic excellence and innovation in Bhubaneswar. As the demand for business leaders grows, this MBA institute in Bhubaneswar bridges the gap between traditional education and the evolving needs of global industries. By combining cutting-edge technology, research-driven methodologies, and practical training, SAMET offers students a transformative learning journey.

Advancing Education with Technology

SAMET integrates modern technology to redefine how students learn. Virtual classrooms, AI-powered analytics, and simulation labs have revolutionized its teaching framework. For example, students in operations management courses use simulation software to analyze supply chain efficiency, allowing them to work on real-world challenges during their studies.

Research by McKinsey indicates that companies with technologically adept managers outperform others by 48%. SAMET ensures that every graduate possesses these competencies, making them industry-ready professionals. The focus on data analytics, digital marketing, and AI-enabled business solutions equips students with relevant tools for the workplace.

Industry-Aligned Curriculum

At this MBA institute in Bhubaneswar, the curriculum evolves alongside the business world. Every course is carefully crafted to reflect emerging industry trends. Students gain exposure to practical learning through internships, case studies, and live projects. For example, SAMET collaborates with Fortune 500 companies and leading startups to offer internships that allow students to solve real-world problems.

Additionally, guest lectures by CEOs, startup founders, and subject matter experts add value to classroom discussions. SAMET recently hosted a leadership summit attended by over 25 business leaders, giving students a unique chance to learn directly from top professionals.

Entrepreneurship and Innovation Labs

Innovation thrives at SAMET’s dedicated entrepreneurship lab. The lab encourages students to think beyond conventional career paths and explore startup opportunities. In the past three years, more than 15 startups have been incubated within the campus, spanning fields such as fintech, healthcare, and renewable energy.

In 2023, a SAMET-supported fintech startup secured seed funding of ₹2 crore, highlighting the institute’s commitment to fostering entrepreneurship. Students receive mentorship, funding guidance, and resources to transform their business ideas into viable enterprises.

Building Leadership through Global Exposure

Global business education is incomplete without international exposure. SAMET partners with reputed institutions in Singapore, the United Kingdom, and Canada for student exchange programs and global internships. These opportunities prepare students to navigate multicultural workplaces and complex business environments.

For instance, the 2023 Global Business Exchange Program saw 30 SAMET students working with multinational teams on sustainability projects, enhancing their leadership skills and cultural adaptability.

Beyond Academics: A Focus on Holistic Development

Business leadership requires more than technical knowledge. SAMET emphasizes personal growth through workshops on communication, negotiation, and emotional intelligence. The institute also prioritizes community engagement, encouraging students to participate in initiatives that address pressing societal challenges.

The campus boasts a 95% placement rate, with graduates securing positions in sectors like finance, consulting, and marketing. Companies such as Deloitte, Amazon, and Tata Steel actively recruit SAMET graduates, drawn to their ability to innovate and lead.

Shaping Tomorrow’s Leaders

SAMET School of Management has redefined business education in India. This MBA institute in Bhubaneswar stands at the intersection of innovation and education, equipping students to lead in dynamic and competitive environments. By fostering a culture of technology adoption, industry alignment, and global perspective, SAMET ensures that its graduates are not only ready for the challenges of today but are also equipped to shape the future. For More Details Visit Us-: https://sametschoolofmanagement.in/.

[stanford-language-center]

Explore SkillsFuture Language Courses at Stanford Language Centre. Enhance your skills with government-funded programs tailored for effective learning. Achieve fluency and expand opportunities today!

[lorien1208]

IDFC First Bank Abroad Education Loan

In an increasingly globalized world, pursuing higher education abroad has become a highly sought-after goal for many students. However, the cost of international education, which includes tuition fees, living expenses, and travel costs, can be a significant barrier for many families. To address this challenge, IDFC First Bank offers an Abroad Education Loan that empowers students to achieve their dreams of studying overseas without financial constraints.

Key Features of IDFC First Bank Abroad Education Loan

IDFC First Bank Abroad Education Loan is designed to cater to students who have been accepted into a recognized foreign institution for higher studies. The loan covers a wide range of expenses, offering financial assistance to ensure a smooth transition and uninterrupted education abroad.

1. Loan Amount

IDFC First Bank offers loan amounts up to INR 1.5 crore, depending on the course, institution, and the student’s profile. The loan amount can cover tuition fees, travel expenses, living costs, and other related expenses.

2. Competitive Interest Rates

The bank offers attractive and competitive interest rates on its education loans, ensuring that students can avail themselves of the necessary funding at an affordable cost. The rates are designed to minimize financial burden and maximize convenience.

3. Flexible Repayment Options

IDFC First Bank understands that students may need time before they start earning after completing their education. Therefore, they offer flexible repayment options, including a moratorium period (the time before the borrower is required to start repaying the loan). The repayment tenure can extend up to 15 years, making it easier for students to manage their finances.

4. No Processing Fee

In a bid to make studying abroad more affordable, IDFC First Bank does not charge any processing fees on the loan. This is a significant advantage as it helps keep the overall cost of borrowing lower.

5. Quick and Easy Application Process

The loan application process is streamlined and designed to be hassle-free. With minimal documentation, students can apply online or in person at any of the bank's branches. The application process is designed to be swift, with loan approval and disbursal happening quickly so that students do not miss out on deadlines.

6. Loan Tenure and Repayment Flexibility

IDFC First Bank offers a long loan tenure, which helps in reducing the monthly EMI burden. The repayment can be stretched over a period of up to 15 years, providing students with ample time to secure a job and begin repaying their loan comfortably.

7. Part-Time Job Options

Many international students opt for part-time jobs to support themselves during their education. IDFC First Bank takes this into consideration and ensures that the loan is structured in a way that does not interfere with a student’s ability to work part-time while studying.

8. Collateral-Free Loans for Up to INR 20 Lakhs

Students who apply for loans up to INR 20 lakhs do not need to provide collateral, making it easier for students from different financial backgrounds to avail of the loan. For loans above INR 20 lakhs, collateral may be required, which can include property, fixed deposits, or other financial assets.

Eligible Courses and Institutions

IDFC First Bank’s Abroad Education Loan is available for students wishing to pursue undergraduate, postgraduate, and doctoral courses in various fields such as:

Engineering

Medical Sciences

Business and Management

Law

Arts and Humanities

Science and Technology

Social Sciences

The loan is available for students planning to study at reputed universities and institutions in countries like the United States, the United Kingdom, Canada, Australia, Singapore, and many more. The loan is offered for full-time courses from recognized educational institutions.

How to Apply for an IDFC First Bank Abroad Education Loan?

Applying for an education loan with IDFC First Bank is a simple and efficient process:

Eligibility Check: The first step is to check the eligibility criteria. Generally, applicants must be Indian citizens, have an offer of admission from a recognized foreign university, and meet the age criteria (usually 18-35 years).

Submit the Application: Students can apply online through the bank’s website or visit a branch to submit the required documents. Common documents required include proof of admission, academic records, proof of identity, and income proof of the co-applicant (usually parents or guardians).

Loan Assessment: The bank will assess the application, review the student’s financial background, and evaluate the collateral (if any). Based on this, the loan amount will be approved.

Loan Disbursal: After approval, the loan is disbursed directly to the educational institution or the student’s bank account, depending on the purpose of the payment.

Repayment: Once the student completes the course and finds employment, they can begin repaying the loan as per the agreed terms.

Why Choose IDFC First Bank for Your Education Loan?

Customer-Centric Approach: IDFC First Bank is known for its customer-first approach, offering personalized services to cater to the specific needs of students.

Global Reach: With partnerships and tie-ups with leading international universities, IDFC First Bank has a strong global presence.

Transparency: There are no hidden charges, and the loan terms are clearly outlined, ensuring students know exactly what to expect.

Financial Support at Every Step: From pre-approval to loan disbursal and repayment, IDFC First Bank offers comprehensive support to students throughout their education journey.

Conclusion

Pursuing education abroad is an exciting journey, but it requires adequate financial planning. With IDFC First Bank’s Abroad Education Loan, students can receive the financial support they need to turn their global education aspirations into reality. With competitive interest rates, flexible repayment terms, and a customer-friendly application process, IDFC First Bank is the perfect partner for students seeking to study abroad.

[whattheabcxyz]

2024-11-24

Singapore

Contractor uncontactable after home owner pays $150K for Novena penthouse renovation

How scam victim went from $130K in savings to $600 in 2 months

Stricter measures by 2026 to raise quality of courses funded by SkillsFuture

Christmas tree on Design Orchard rooftop catches fire

Singaporean man arrested for allegedly making fake bomb threat at Bangkok airport

Health

Now there's a new mosquito-borne virus: Oropouche - it can be sexually transmitted too 😣

Science

^ Mathematicians discover a new kind of shape that’s all over nature - basically they're talking about tessellations

Mathematician David Bessis claims that everyone can be a "maths person"

Food

Raw cheese product recalled as it may contain pathogen that causes bloody diarrhoea in children

[siahsblogg]

Third Blog

Revenue Models for Social and Non-Social Enterprises

What are Revenue Models?

Financial blueprints that outline how businesses generate income.

Serve as the foundation for operational sustainability and growth, helping enterprises stay financially viable while fulfilling their mission.

Understanding Social and Non-Social Enterprises

What is a Social Enterprise?

Organizations prioritizing social or environmental goals alongside revenue generation.

Social Good (Benefit for Society)

Revenue Generation

What is a Non-Social Enterprise?

Businesses primarily focused on profit without an inherent social mission.

Importance of Revenue Models

Why Revenue Models Matter

Determine sustainability and growth potential.

Guide financial planning, resource allocation, and strategic decisions.

A well-chosen model ensures stability, while a poor one can lead to failure.

Challenges Without a Strong Model

Example: A tech startup failing due to reliance on a single revenue stream.

Recommendation: Maintain 3-4 revenue streams, with one primary and at least three backups.

"Diverse and strategic revenue streams mitigate risks and sustain operations during market shifts."

Revenue Models in Non-Social Enterprises

Traditional Revenue Models

Direct Sales: Products/services sold directly to consumers.

Subscription Services: Ongoing revenue through recurring payments.

Pros: Immediate cash flow (Direct Sales), stability (Subscriptions).

Cons: Higher reliance on market retention for subscriptions.

Examples: Spotify, Netflix, YouTube.

Subscription Types

Yearly (Popular in Singapore, Europe, USA).

Quarterly.

Monthly (Preferred by 78% of Filipinos).

Innovative Revenue Models

Freemium: Free basic services with premium features for a fee.

Pay-as-you-go: Charges based on usage.

Example: SaaS companies leveraging tiered plans to attract diverse users.

Package Service Revenue Model effective in the Philippines.

Additional Models

Advertising Revenue: Free products funded by advertisers.

Affiliate Marketing: Partnerships generate income via referrals.

Revenue Models in Social Enterprises

Grants and Donations: Philanthropic and government funding.

Sales of Mission-Driven Products/Services: Examples include fair-trade goods.

Crowdfunding: Platforms supporting social initiatives.

Fee-for-Service: Education workshops or memberships.

Social Licensing: Generating revenue through licensing agreements.

Note: Low-cost fees can be unsustainable; focus on value rather than price.

"When price is the main selling point, you race to the bottom, not the top. Sell to the middle class and the rich—charge higher prices."

Combining Strategies for Hybrid Models

Blend traditional and innovative approaches to diversify revenue.

Example: Companies selling physical products and offering related online courses or subscriptions.

Case Study: TOMS Shoes

Model: “One for One” initiative integrating social good and profit.

Outcome: Millions of shoes donated, but challenges in scalability emerged.

Lesson: Balance social mission with long-term sustainability.

Leveraging Market Analysis and Technology

Market Analysis

Identify gaps and evaluate competitors.

Tools: SWOT analysis to assess strategic positions.

Role of Technology

AI-driven data analysis for adaptive pricing.

Example: Dynamic pricing based on demand algorithms.

Scaling for Growth

Key Indicators for Pivoting

Declining demand, saturated markets, or unsustainable costs.

Example: Instagram pivoted from a location-based app to a photo-sharing platform.

Common Pitfalls

Pricing too low or failing to adapt to market changes.

Recommendations

Reevaluate strategies every 3 months using performance metrics.

Gather customer feedback via forms, live sessions, or regular interactions.

Building Customer Loyalty

Strategies

Loyalty programs.

Personalized content.

Regular updates.

"Valued customers are more likely to return and recommend your service."

Financial Forecasting and Metrics

Tools for Financial Planning

Microsoft Excel, QuickBooks, or specialized forecasting software.

Key Metrics to Monitor

Monthly Recurring Revenue (MRR)

Customer Lifetime Value (CLV)

Churn Rate

Insights from Top Enterprises

Always adapt.

Diversify income streams.

Build a loyal customer base.

Lessons from Case Studies

Newspapers lost 12% of users over five years due to digital disruption.

Enterprises like Amazon, Tesla, and Unilever succeeded through innovation and adaptability.

Final Advice

Only spend revenue on initiatives that grow your mission or profit.

Important Notes: Revenue Models for Social and Non-Social Enterprises

Revenue Models Are Vital

They determine sustainability, guide strategic decisions, and create financial stability.

Diversifying revenue streams mitigates risks and supports long-term growth.

Differences Between Social and Non-Social Enterprises

Social enterprises prioritize social/environmental missions alongside revenue.

Non-social enterprises focus primarily on profit generation.

Traditional vs. Innovative Revenue Models

Traditional models (Direct Sales, Subscriptions) offer predictable income.

Innovative models (Freemium, Pay-as-you-go) attract diverse customer bases.

Subscription Insights

Subscription services are effective globally, with preferences varying (e.g., monthly in the Philippines).

Challenges Without a Strong Revenue Model

Over-reliance on a single revenue source can lead to failure.

Successful businesses combine multiple models for resilience.

Social Enterprise Revenue Strategies

Depend on grants, donations, and mission-driven sales.

Low-cost fees may be unsustainable; focus on value creation.

Hybrid Models Drive Success

Blending physical products with digital services diversifies income.

Case Study: TOMS Shoes highlights the balance between mission and sustainability.

Market Analysis and Technology Are Crucial

Use SWOT analysis and AI tools for strategic and adaptive revenue planning.

Scaling and Pivoting

Monitor key indicators to pivot when markets shift or demand changes.

Regularly review strategies and adapt based on customer feedback.

Building Customer Loyalty

Loyalty programs and personalized content foster repeat business.

Customers who feel valued are more likely to recommend your brand.

Financial Planning and Metrics

Use tools like Excel or QuickBooks to forecast and track performance.

Monitor metrics such as Monthly Recurring Revenue (MRR), Customer Lifetime Value (CLV), and Churn Rate.

Lessons from Leading Enterprises

Adapt to market trends, diversify income streams, and prioritize customer satisfaction.

"The key to success is balancing innovation, sustainability, and customer engagement while leveraging data-driven strategies."

Reflection

Building and maintaining a successful business requires an understanding of revenue models. As I think back on the lesson, I've come to the conclusion that, although making money is important, social and non-social businesses take quite different approaches to doing so. Driven by a desire to improve society or the environment, social entrepreneurs encounter particular difficulties in striking a balance between purpose and profitability. Non-social businesses, on the other hand, put maximizing profits first yet still need to be flexible in a cutthroat industry.

The significance of diverse revenue streams is among the most surprising revelations. As the tech startup example illustrates, an excessive dependence on one model might endanger a company's ability to survive. This idea strikes a deep chord, highlighting the fact that strategic planning and innovative thinking are frequently necessary for financial security.

Additionally, I thought the lesson on subscription models was especially pertinent because it demonstrated how customer preferences are influenced by cultural and economic settings. Businesses must localize their strategy, as evidenced by the Philippines' preference for monthly subscriptions over annual models in wealthier regions.

It's evident from considering the difficulties faced by companies such as TOMS Shoes that striking a balance between scalability and social goals is no easy task. However, it is a motivating illustration of how businesses can innovate to change the world while maintaining their financial viability.

Last but not least, a key component of sustained success is client loyalty. Practical tactics that not only promote trust but also create a robust brand community include rewarding loyalty, providing personalized content, and involving customers in feedback loops.

My understanding of the intricacy of revenue creation and the delicate choices that companies must make in order to succeed has grown as a result of this lecture. I'm motivated to use these ideas going ahead in any business I work on since they combine creative thinking, flexibility, and customer-focused strategies.