Tag Archives: world economy

Christmas Gift Made In China? Historical Long Distance Trade Lead To Modern Global Lives Of Things

Until quite recently, the field of early modern history largely focused on Europe.

The overarching narrative of the early modern world began with the European “discoveries,” proceeded to European expansion overseas, and ended with an exploration of the fac-tors that led to the “triumph of Europe.” When the Journal of Early Modern History was established in 1997, the centrality of Europe in the emergence of early modern forms of capitalism continued to be a widely held assumption. Much has changed in the last twenty years, including the recognition of the significance of consumption in different parts of the early modern world, the spatial turn, the emergence of global history, and the shift from the study of trade to the commodities themselves.

Sometimes conferences disappear from view as soon as the delegates disperse.

Other times, when the papers are published in an edited volume, conferences come to be seen as important milestones in the historiography. The two volumes edited by James Tracy, entitled The Rise of Merchant Empires and The Political Economy of Merchant Empires published in 1990 and 1991, respectively, move through their various stages of production, ownership, transmission and transformation .

Moreover, those stages are overlapping, circulatory and contradictory; objects move in and out of collections, as they move in and out of fashion, and meanings are never stable. When a feathered crown is produced in Spanish America, for example, it has a very different meaning from when it enters into a cabinet of curiosity, and when it is taken out of the cabinet to appear in a spectacular performance in the street or in the theatre, it once again takes on a different meaning.

Objects gain biographies; earlier meanings of objects are never erased but reshaped and translated to new circumstances, as Leah Clark showed in her study of the circulations of gems and jewels through the hands of a variety of owners in quattrocento Italy. Have we lost this meaning connection with mass produced items from China?

Such insights have benefitted not only from the global turn but also from developments in the fields of anthropology and art history, making the field more interdisciplinary than it was when the study of the trade in goods focused more on their trade than on the goods themselves.

The Founding of a New Journal

Despite Tracy’s efforts, European actors continued to hold central stage in the field. When the Journal of Early Modern History (JEMH) was established in 1997, a decade after the Minnesota conference, the centrality of Europe in the emergence of early modern forms of capitalism, for example, continued (and still continues) to be a widely held assumption.  In part, this can be explained by the powerful legacy of giants in the field like Fernand Braudel and Immanuel Wallerstein.

1 James Tracy, ed.,The Rise of Merchant Empires: Long-Distance Trade in the Early Modern World, 1350-1750, Studies in Comparative Early Modern History (Cambridge, 1990); James Tracy, ed., The Political Economy of Merchant Empires, Studies in Comparative Early Modern History (Cambridge, 1991).

2 Herman Van der Wee, “Structural Changes in European Long-Distance Trade, and Particularly in the Reexport Trade from South to North, 1350-1750,” in The Rise of Merchant Empires, 14-33; Niels Steensgaard, “The Growth and Composition of the Long-Distance Trade of England and the Dutch Republic before 1750,” in The Rise of Merchant Empires, 102-52; The importance of comparative methodologies is also spelled out in the short editorial that accompanies the first part of the first volume of the JEMH. See James D. Tracy, “From the Editors,” Journal of Early Modern History 1 (1 January 1997):3

Braudel’s concern was entirely with European history over the longue durée; Wallerstein’s 1976 study identified Europe as one of the core regions in the modern capitalist economy as it emerged in the sixteenth century. Regions like Central Africa, India and China were designated as peripheries, meaning that their natural resources and low-skill, labor-intensive production sustained the economic growth of the core region. Wallerstein’s framing of the relationship between the early modern European core and its peripheries formed the base for much of the scholarship of the past decades, including numerous studies of the long-distance or intercontinental trade between core and periphery.

Much that was written also continued to identify long-distance trade as the preserve of either the various East India Companies associated with individual nations, or of the specifically named merchant communities such as the Armenians, the Jews, Wang Gungwu’s Hokkien merchants, or the Bajaras and Banyas merchant communities.

Such groups appear in the literature as having a clear identity that separates them from other groups and an often marginal status that makes them especially suited to the life of the itinerant merchant who covers vast distances.

And for much of the 1990s and beyond, the emphasis continued to be on commodities traded over long distances, from Asia to Europe via land or sea routes, including luxury items that justified the high cost associated with their transport. Precious metals were sent from the Americas to Asia, silks and spices arrived in the Levant via overland trade routes, and once the Europeans had rounded the Cape of Good Hope, luxury goods like porcelains, precious stones, and exotic hardwoods were shipped across the oceans along with silks and spices. Long-distance trade as it appears in Tracy’s two volumes on merchant empires was undoubtedly seen as important, but as essentially different from the bulk trade in grains, timber and salt that, for example, underpinned the growth of the early modern Dutch economy.

3 Fernand Braudel,Civilization and Capitalism, 15th-18th Century, trans. Siân Reynolds, 3 vols. (Berkeley, 1992); Immanuel Maurice Wallerstein, The Modern World-System: Capitalist Agriculture and the Origins of the European World-Economy in the Sixteenth Century (New York, 1976). At least 23 research articles published between 1997 and the present in JEMHquote Braudel’s work, and a further five quote Wallerstein.

4 Gungwu Wang, “Merchants without Empire: The Hokkien Sojourning Communities,” in The Rise of Merchant Empires, 400-422; Irfan Habib, “Merchant Communities in Precolonial India,” in The Rise of Merchant Empires, 371-99.

In other words, when the JEMH was founded, the centrality of Europe in shaping global trade relations, the separation of agents into distinct nation-based groups, and the classification of goods over long distances as luxuries of less importance all still had a very strong presence.

One major change did occur, however, more or less between the appearance of The Rise of Merchant Empires in 1990, and the establishment of the JEMH in 1997.

John Brewer and Roy Porter’s 1993 Consumption and the World of Goods was one of those transformative collections of articles that inaugurated a whole new way of doing history.6 Brewer and Porter were not the first to use the title; Mary Douglas and Baron Isherwood had already published a book with a very similar title in 1979. But Brewer and Porter, and many others who went on to publish in the field of what we might call consumption studies, took the study of the consumer in a new direction, away from the eighteenth-century European debates over whether the consumption of luxury goods was morally justifiable, and towards sophisticated studies of the complex contexts in which people desired goods and in which that desire and demand for goods went on to transform society, culture and the ………… to continue reading click here for full document in PDF format.

For the Silo by Anne Gerritsen, University of Warwick. Paper courtesy of academia.edu

The Godlike Power Of Money

God-like powers? The United States Federal Reserve essentially drives the entire world economy. image: imagesci.com

    God-like powers? The United States Federal Reserve essentially drives the entire world economy.

Money runs the world’s economy. It determines who rules nations, and it rules lives.

These are the three most significant properties attributed to the power of money, in addition to its basic function as a medium of exchange. But we can attribute several less significant properties, although similarly important, to the power of money.  They include:

1. Money separates people of the same nation into classes, divisions and groups.

2. The pursuit of money and wealth can turn man against man, son against father, family against family and nation against nation.

3. Money’s devaluation of natural values makes Nature the object of buying and selling.

4. The ability of man to perform labor by placing a price on his head allows one man, or group of men, to enslave another individual or group of individuals.

5. The ability of money to corrupt tends to change man’s personality from social being to self-oriented individual.

6. The power of money drives people to produce services in order to pursue everyday life. This inflicts stress upon people, leading to a spiritual breakdown manifested in acts of crime and mental illnesses.

Bitcoin- electronic currency invented in the 21st century- poised to revolutionize what money is and can be? It's value in US dollars has tripled in one year. CP
Bitcoin- electronic currency invented in the 21st century- poised to revolutionize what money is and can be? It’s value in US dollars in 2013 tripled in one year. CP

Amazingly enough, not many people in modern society are aware of the source of the power or money, including businessmen such as bankers, money market brokers and financiers, who consider themselves money experts.

Perhaps one of the reasons the origin of money’s power is one of the least discussed subjects among academics is the non-existence of prehistoric written records. The second reason is historians’ failure to unveil when and how currency converted from an ordinary medium of exchange into the dominant value of society by expanding its usage to include rendered labor compensation. Also, when and what societal changes elevated the abstract value of currency into an absolute ruling power over humans, including all natural values and treasuries of the Earth.

The blank page left by the theory of early civilization about the invention and rise of money invited independent thinkers to develop their own theories.

The records indicate that this enigma is hidden in the formation of the first state and government. Reforms enacted almost 4,000 years ago led to the breakup of the original communion society, creating conditions that enabled different classes of people to pursue independent ways of life.

From above... 2. The pursuit of money and wealth can turn man against man, son against father, family against family and nation against nation.
From above…
2. The pursuit of money and wealth can turn man against man, son against father, family against family and nation against nation.

Regulating all natural values and treasuries, including human labor, through money, one individual was able to declare himself the king, and establish absolute ruling power over society by entrapping people within guarded wall.

This historic event advanced the abstract value of money from the ordinary medium of exchange to an absolute ruling power unparalleled in the real world. Some ancient spiritual leaders expressed a serious concern about the prudence of the proposed reforms.  They warned that the enactment of these reforms would void the God-given dominant role of natural values within society at the expense of the abstract value of money. This would subsequently interrupt the relationship between man and nature, and change the original role of man upon the Earth from the guardian of nature to the biggest annihilator of nature.

But the followers of the philosophical doctrine of man’s uniqueness compared to other species dismissed such warnings. Promoting man’s spiritual virtue of freedom to make his own norms and laws instead of following the law of nature, they were delighted by the proposed reforms.

Ever since, the corruption, exploitation of one man over another and class warfare became the norms of the New World Order leadership.

The comparatively recent freedom movements that led to the French and Bolshevik revolutions failed to liberate people from the chains of money’s absolute power. Despite that, the idea of freedom lives on in people’s minds, inspiring liberators to wonder why the formation of a communist state failed to succeed.

The liberators failed to realize that the institution of state and government is the foundation that, by providing the conditions for money currency to function, imposes absolute ruling power over society. This means that the institution of state and government is not a suitable foundation for the establishment of a free, classless society.

Is the only way to liberate society from the absolute power of money a return to the system of farming communities and declaring abolition of money currency, which would ultimately lead to dismantling the institutions of state and government?

However, taking into account that man is biologically a mortal relative entity incapable of resisting temptation offered by the absolute power of money, the prospect for the abolition of money is not practically realistic. For the Silo, Michael Vladimirovich Trisho.

Featured image: imagesci.com

Michael Vladimirovich Trisho is the author of “How Did Humanity Become Enslaved to Money?”  Born in Panchevo, currently part of Serbia, Trisho’s tendency to inquire about the mysteries of the world using reason and logic were evident at an early age. All his life, he wondered how humankind became entrapped by money and why people believe a money-based society is best. After immigrating to the United States, he continued to examine early history in search of answers about the monetary system and its relation to the institution of state. Examining archeological fossils and excavations focused only on a narrow part of early human experience and did not reveal important events that played a critical role in society’s development. Michael created his own reconstruction of events, the product of which is his debut novel.

Supplemental- How does the U.S. Federal Reserve drive the world economy? http://www.cnbc.com/id/100430256

The 20th Century spread of Bolshevik power-  http://schools.cbe.ab.ca/b628/social/russia/post_revolution_history.html

US/Canada Poll- Quick Economic Recovery From COVID-19 Unlikely

Many think it’s unlikely the economy will recover quickly once COVID-19 lockdown is over

Most negative about an economic recovery in hard-hit countries except China

Paris, France April , 2020 — A majority of people in 10 of the 15 countries polled by Ipsos disagree that the economy will recover quickly once the lockdown from the coronavirus pandemic is over – suggesting a lasting impact.

People in Spain (76%), France (72%), Italy (68%), the United Kingdom (67%), Russia and Japan (64%), and Canada (62%) feel most strongly against a quick economic recovery in a survey of nearly 29,000 respondents conducted from April 9 to 12. Those in Vietnam (80%), China (68%) and India (63%) are most likely to say a quick recovery will take place.

At the same time, one of the countries most divided on this question is the world’s largest economy – the United States  ̶  with nearly half of those surveyed (49%) disagreeing on a quick recovery, while 43% think it will happen.

V2, wave 8, pr 2, graph 1.png

In terms of actions taken, majorities in India (56%), Brazil and Germany (54%) say all of the restrictions on travel and mandates for self-isolation will not stop the spread of COVID-19. That compares with majorities in China (63%), Australia (59%), Italy and Canada (58%), Spain (57%), the U.K., and Vietnam (54%) and France (51%) who think the restrictions do work.

Countries that have the seen the most significant change on this measure since mid-March are the ones where optimism has increased. Australia saw a drop of 17 percentage points in the number of those that agree the measures will not stop the spread of the pandemic, while the number of respondents in Japan fell by 13 points.

V2 wave 8, pr 2, graph 2.png

About the Study

These are the results of an Ipsos survey conducted April 9th to 12th , 2020 on the Global Advisor online platform among 28,000 adults aged 18-74 in Canada and the United States and 16-74 in Australia, Brazil, China, France, Germany, Italy, India, Japan, Mexico, Russia, Vietnam and the United Kingdom. Where available, tracking results from previous studies, conducted through March and selected results from February are referenced by date.

The sample consists of approximately 2,000 individuals in each country with the exception of Vietnam each at 1,000. The samples in Australia, Canada, France, Germany, Italy, Japan, the U.K. and the U.S. can be taken as representative of these countries’ general adult population over age 16 or 18 (as above) and under the age of 75. The sample in Brazil, China, India, Mexico, Russia, and Vietnam is more urban, more educated and/or more affluent than the general population and should be viewed as reflecting the views of the more “connected” segment of the population. The data is weighted so that each market’s sample composition best reflects the demographic profile of the adult population according to the most recent census data. Sample sizes may vary in prior waves. 

Where results do not sum to 100 or the ‘difference’ appears to be +/-1 more/less than the actual, this may be due to rounding, multiple responses or the exclusion of don’t knows or not stated responses. The precision of Ipsos online polls are calculated using a credibility interval with a poll of 1,000 accurate to +/- 3.5 percentage points. For more information on the Ipsos use of credibility intervals, please visit the Ipsos website (www.Ipsos.com).

Record-Breaking Global Mobility Grounded By COVID-19 Pandemic

With global travel almost at a standstill, the latest results of the Henley Passport Index offer disturbing insight into the indiscriminate havoc caused by the COVID-19 pandemic. Since its inception in 2006, the index has provided the authoritative annual ranking of global passport strength. Travel freedom has increased dramatically over the period in 2006, a citizen could travel to 58 destinations on average without a visa from the host nation; 14 years later, this number has almost doubled to 107. 

The first ranking of the new decade published in January this year conclusively confirmed that overall, people were the most globally mobile than we had ever been in the history of humankind, with the top-ranking passport (Japan) offering its holders access to a record-breaking 191 destinations without requiring a visa in advance. Just three months later, the picture looks very different indeed.

Australia's Coronavirus Travel Bans Feed Old Fears
The result of the latest travel ban in Australia. Image: jacobinmag.com

Japan’s passport continues to hold the top spot on the Henley Passport Index as we enter the second quarter of 2020, but the reality is that current stringent travel restrictions mean that most non-essential travel for Japanese nationals is heavily curtailed.

This is true for almost every country of course, as more travel bans are implemented daily, and ever-more stringent coronavirus lockdown regulations are imposed by governments worldwide. With 3.5 billion people, nearly half the global population, presently living in voluntary or mandatory confinement, the latest results from the index — which is based on exclusive data from the International Air Transport Association (IATA) — raise challenging questions about what travel freedom and global mobility really mean, both currently and in a deeply uncertain post-pandemic future.

Dr. Christian H. Kaelin, Chairman of Henley & Partners and the inventor of the passport index concept, points out that in an unprecedented global health emergency such as this, relative passport strength becomes temporarily meaningless. “A Swiss citizen can, in theory, travel to 185 destinations around the world without needing a visa in advance, but the last few weeks have made it apparent that travel freedom is contingent on factors that occasionally can be utterly beyond our control. This is, of course, something that citizens of countries with weak passports in the lower ranks of the index are all too familiar with. As public health concerns and security rightfully take precedence over all else now, even within the otherwise borderless EU, this is an opportunity to reflect on what freedom of movement and citizenship essentially mean for those of us who have perhaps taken them for granted in the past.”

Q&A: New travel ban shakes up airlines, passengers - NEWS 1130
Image: citynews1130.com

The future of international mobility after COVID-19

Commenting on the latest Henley Passport Index, bestselling author and the Founder and Managing Partner of FutureMap, Dr. Parag Khanna, says the combined effect of the COVID-19 pandemic on public health, the global economy, and social behavior could lead to much deeper shifts in our human geography and future distribution around the world. “This may seem ironic given today’s widespread border closures and standstill in global transportation, but as the curtain lifts, people will seek to move from poorly governed and ill-prepared ‘red zones’ to ‘green zones’ or places with better medical care. Alternatively, people may relocate to places where involuntary quarantine, whenever it strikes next, is less torturous.

In the US, both domestic and international migration were surging before the pandemic, with Gen-Xers and millennials shifting to cheaper, second-tier cities in the Sun Belt or abroad to Latin America and Asia in search of an affordable life.

Once quarantines lift and airline prices stand at rock bottom, expect more people across the globe to gather their belongings and buy one-way tickets to countries affordable enough to start fresh.”

This is supported by emerging research and analysis commissioned by Henley & Partners, which suggests that despite freedom of movement currently being restricted as a temporary measure, there is a risk that this will negatively affect international mobility in the long run. Political science researchers Uğur Altundal and Ömer Zarpli of Syracuse University and the University of Pittsburgh, respectively, note that public health concerns have historically been used to justify restricting mobility, but governments usually adopt travel restrictions temporarily, in response to short-term health needs. Until now, health security has not been a significant determinant or requirement when negotiating visa waivers, but Altundal and Zarpli warn that “increasing public health concerns due to the outbreak of COVID-19 may change thisthe quality and level of health security of a country could be a significant consideration for visa waivers in future”. The unprecedented and overwhelming focus on health security and pandemic preparedness we now see may change the face of global mobility forever.

On the other hand, Prof. Simone Bertoli, Professor of Economics at CERDI, Université Clermont Auvergne in France, says that the necessity of international collaboration in fighting the pandemic could ultimately reduce current barriers to international mobility. “Humanity is confronted with a truly global challenge against which no country ­— irrespective of its level of income — can fully protect itself. This pandemic could therefore trigger renewed and more intense international cooperation, something that has (so far) not happened with the other main global challenge that the world is currently facing, namely climate change.”

No Official Travel Ban In The U.S., But Isn't It Time To Self-Ban?

Brexit, travel bans, and changing timelines

The chaos caused by the COVID-19 pandemic has cast further doubt on the timeline for the implementation of the UK’s post-Brexit immigration system, according to Madeleine Sumption, Director of the Migration Observatory at the University of Oxford. The UK, currently in 7th place on the Henley Passport Index, with citizens theoretically able to access 185 destinations without acquiring a visa in advance, was set to end free movement with the EU in January 2021. However, as Sumption says, “The UK can only implement its new immigration system when the post-Brexit ‘transition period’ is over, and if this is extended to give negotiators more time to discuss trade and other issues, we may not be seeing the end of free movement with the EU quite yet.”

In the US, also in 7th place on the Henley Passport Index, the impact of travel bans implemented at the beginning of the year appear to have been compounded by the pandemic, according to Greg Lindsay, Director of Applied Research at NewCities. “For the children of a rising global middle class with more and more options, this pandemic may prove to be the tipping point in terms of choosing educational destinations. When the world gradually recovers with China, South Korea, and Singapore already succeeding in slowing the outbreak through effective quarantines don’t be surprised if the best and brightest take coronavirus responses into consideration when deciding on their future options.”

A unique hedge against volatility in an uncertain future

Commenting on the ever-expanding growth and popularity of the investment migration industry, Dr. Juerg Steffen, CEO of Henley & Partners, says: “We believe that in the post COVID-19 environment, investment migration will take on a dramatically enhanced importance for both individual investors and sovereign states. Acquiring alternative residence or citizenship will act as a hedge against the significant macro-economic volatility that is predicted, creating even more sovereign and societal value across the world.” For the Silo, by Sarah Nicklin.

Supplemental

Global Headlines for Q2 2020: growth in travel freedom over past decade

  • Japan retains its top spot on the Henley Passport Index, with a visa-free/visa-on-arrival score of 191. Over the past decade its travel freedom score has increased by 31 points: in 2010, the country was ranked 6th worldwide, with a visa-free/visa-on-arrival score of 160.
  • Singapore continues to hold onto 2nd place, with a visa-free/visa-on-arrival score of 190. Over the past decade Singapore’s travel freedom score has increased by 35 points: in 2010, the country was ranked 11th worldwide, with a visa-free/visa-on-arrival score of 155.
  • Germany remains in 3rd place, with access to 189 destinations compared to the 161 destinations its passport holders were able to access a decade ago. It shares 3rd position with South Korea, which has increased its travel freedom score by 38 points: in 2010, South Korea was ranked 13th worldwide, with a visa-free/visa-on-arrival score of 151.
  • The UK is currently ranked 7th on the index, with a visa-free/visa-on-arrival score of 185. Over the past decade the UK’s travel freedom score has increased by 19 points: in 2010, the country was ranked 1st worldwide, with a visa-free/visa-on-arrival score of 166.
  • The US is also currently ranked 7th on the index, with a score of 185. Over the past decade, the US’s travel freedom score has increased by 26 points: in 2010, the country was ranked 7th worldwide, with a visa-free/visa-on-arrival score of 159.
  • The UAE has seen the biggest increase in travel freedom over the past 10 years. In 2010, the country was ranked 65th worldwide, with a visa-free/visa-on-arrival score of 64. It is now ranked 18th, with a score of 171  which means the country has added a remarkable 107 visa-free travel destinations over that period. 

Our Cashless World Of Alternative Payments

The payments world has long been governed by the world’s great financial institutions. Banks and states have dominated the world’s spending habits, regulating transactions and payment methods.

The last decade has seen a shift away from the great institutions having total control over the financial landscape, and it’s been largely down to the digital revolution. Recent years have seen growing partnerships with the technology industry. Tech has sought more innovative ways for the financial industry to operate, and a greater freedom for consumers to spend their money.

Find current trends and what the future has in store for spending in this interesting infographic below from our friends at moneyguru.com.  At the time of posting 1 British Pound = $1.42 US and $1.79 CDN.

Alternative Spending Methods for Cashless World