From 600+ conversations with the world’s leading thinkers.
We've created a reflex for paternalism whereby a donor looks upon the recipients of large assets with an attitude akin to saying 'well, you need me don't you... here I am... take what I have regardless of what you want and need.' There's also a kind of overambition about what money alone can achieve.
The standard models were formulated through a process that started well before computers were in place, and I would say it's undergone a certain lock-in. Once you start going down that path, it's hard to break out of it to another path. As a result, economics is stuck.
What's unnerving is that when students learn about this character (rational economic man), over time they begin to value self-interest and competition over altruism and collaboration. These models are performative. When we say rational economic man, we become more like him. Who we tell ourselves we are, shapes who we become…
The cost of inaction far exceeds the cost of action. Every day we delay comprehensive HIV programs, we're not just counting dollars - we're counting lives.
When individual countries hit a crisis, they've got 2 options, they can either look after themselves (at the cost of their neighbours) or they can create rules which they (and everyone else) will abide by, which requires institutions.
A corporate bond is ultimate a long-term loan structured in the form of a bond. Corporate entities are not default-remote and are not guaranteed to pay-back their debts.
None of this is new. The Romans traded forward contracts in commodities 2000 years ago; a Dutch fugitive, Isaac le Maire, conducted the first ever bear attack on a stock in 1610, leading also to the first ever regulatory ban on short-selling that same year.
I actually think social media can be fine, and in fact if you look at the first year or two of any particular social media, they often start out quite charming before the stupid business model kicks in where companies can only make money by having third parties inject money into the system.
For large corporations, globalization opened up opportunities without the correlate responsibilities which usually travel with that- so things that banks must do at home (in terms of being carefully regulated) they didn't have to do abroad... This took globalization out of balance, into a vicious cycle – and we're now dealing with the consequences of that.
It's really complicated to work-out how much of our wealth came from empire, it's like trying to take the egg out of a baked cake. It's better to look at individual wealth and businesses.
We can now, more accurately than ever before, view the transactions occurring within our system, identifying the originator(s), beneficiary(ies) and intermediaries along the chain.
One of the common myths about setting up business in the UAE is that funding is challenging to obtain in the country. This couldn't be further from the truth. With UAE's pro-investment laws and a robust financing sector, new businesses find it very easy to secure funds through various channels.