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Yesterday Kim Hill of Radio NZ interviewed New Zealand film director Justin Pemberton about his latest film documentary – Capital in the Twenty-First Century. It is based on the best-selling book of the same name by acclaimed French economist Thomas Piketty. You can listen to the interview here.

The film looks at the French Revolution, two world wars and the impact of technology. It exposes fraud and growing inequalities instead of the assumption that the accumulation of capital benefits all. It features some leading writers and thinkers – Gillian Tett, Rana Foroohar, Paul Mason, Joseph Stiglitz, Maiza Shaheen. Below is the official trailer. Well worth a look.

Below is a very good video on the aircraft market – a duopoly involving Airbus and Boeing. Cole Haan Maroon Patent Leather Flats Size US 8.5Vince Camuto Royal Navy Elvin Boots/Booties Size US 5.5 Regular (M, B)But there is another manufacturer which produces a smaller aircraft that neither Airbus or Boeing produce – the Canadian manufacturer Bombardier. In 2004, the maker of private jets and small regional airliner, decided it was time to make the jump into the big leagues. It was time to build an advanced carbon composite jetliner to compete against the Airbus-Boeing duopoly. More specifically, the Canadian plane, dubbed the Bombardier C Series, would compete against the smaller variants of the cash cow Airbus A320-family and Boeing 737.

In April 2017, Boeing filed a complaint with US Commerce Department and the US International Trade Commission alleging that the Delta Airlines C Series order was only made possible abnormally low prices supported by Canadian government subsidies. Topshop Nude Magnum Boots/Booties Size US 8 Regular (M, B)J.Crew Black Rivington Leather Kitten-heel Boots/Booties Size US 8 Regular (M, B)The US International Trade Commission agreed and in September of that year recommended a 219.63% tariff. A week later, the Commerce Department added another 79.82% tariff. In total, Bombardier and Delta faced a 299.45% tariff on any Canadian-built C Series plane exported to the US.

Less than one month after the tariff was announced,Bombardier handed 50.01% of its prized airliner program to Airbus  with zero upfront cash investment coming from the European aviation giant. As part of the deal, Airbus announced that the C Series will also be produced at its assembly plant in Mobile, Alabama. Fortunately for Bombardier, the US International Trade Commission struck the down the proposed tariff in January 2018, ending the dispute.Tory Burch Navy - Primula Thin Flip Flops Sandals Size US 6 Regular (M, B)B Brian Atwood Cream Caswell Sandals Size US 8 Regular (M, B)

Source: Business Insider Australia

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By end of the century 40% of the world’s population is projected to be living in Africa and still globalisation seems to have a limited impact on its people. In order to make Africa more inclusive policies will have to focus on accelerating regional integration, bridging gaps in labor skills and digital infrastructure, Tory Burch Brown Miller High Heel Sandals Size US 9 Regular (M, B)Salvatore Ferragamo Blac Flats Size US 9 Narrow (Aa, N)and creating a mechanism to own and regulate Africa’s digital data. Although the first industrial revolution resulted in a significant increase in international trade Africa has been a poor benefactor and this has led to the “great divergence” in income levels between the Global North and South. In the 1980s, the Brandt Line was developed as a way of showing the how the world was geographically split into relatively richer and poorer nations. According to this model:Tory Burch Khaki Green/Black Wedge Flip Flops Sandals Size US 6 Regular (M, B)Tory Burch Black / White / New Flip Flop / Sandals Size US 7 Regular (M, B)

  • Richer countries are almost all located in the Northern Hemisphere, with the exception of Australia and New Zealand.
  • Poorer countries are mostly located in tropical regions and in the Southern Hemisphere.

With the advances in technology over the last two decades Asian countries like China, Taiwan and South Korea have been able to narrow the gap with developed nations mainly because of the emergence of complex global value chains. However although Africa might have benefitted from the commodities market developed economies can now produce goods more cheaply and African countries have found it difficult to develop local industries that create jobs.Marc Jacobs Brown Boots/Booties Size US 6.5 Regular (M, B)Pour La Victoire Blue Vero Cuoio Pumps Size US 5.5 Regular (M, B)

Unsurprisingly the economic disparity between Africa and richer countries has widened in recent decades, with the ratio of African incomes to those in advanced economies falling from 12% in the early 1980s to 8% today. In order to reverse this trend and enable Africa to benefit more from globalisation, the region’s policymakers should accelerate their efforts in three areas.

Policies to promote growth in Africa:Madewell Black The Thea; Style No. C1363 Flats Size US 6 Regular (M, B)Tory Burch Black Reva Ballet - Snake Flats Size US 9.5 Regular (M, B)

  1. Governments should promote further regional integration to make Africa economically stronger and more effective at advancing its agenda internationally. Progress so far is very encouraging.
  2. Africa must improve its digital infrastructure and technology-related skills to avoid being further marginalised. Moreover, the low-cost, low-skill labour on which Africa has traditionally relied is becoming less of a competitive advantage, given the advent of the Fourth Industrial Revolution
  3. Africa must create a system for owning and regulating its digital data. In the modern era, capital has displaced land as the most important asset and determinant of wealth.

By 2030, the continent will be home to almost 90% of the world’s poorest people. Unless globalisation works better for Africa than it has in the past, its promise of shared prosperity will remain unfulfilled.

Source: Project Syndicate – Making Globalization Work for Africa May 30, 2019 Ngozi Okonjo-Iweala , Brahima Coulibaly

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As the season drew to a close with the Europa League and Champions League Finals last week one couldn’t help noticing the dominance of the EPL sides. To have 4 clubs from the EPL in the finals is unprecedented and testament to the strength on the EPL. A lot of the other European leagues have a dominance of one or maybe two teams – EG

  • Spain – La Liga – Barcelona won the championship easily this year. Real Madrid its closest rivals in previous years finished 3rd.
  • Germany – Bundesliga – Bayern Munich won the league for the last 7 years although Borussia Dortmund have been close on a few occasions.
  • France – Ligue 1 – Paris St German won the league by 16 points and have won Ligue 1 6 out of the last 7 seasons
  • Italy – Serie A – Juventus won the league by 11 points and it was their 8th consecutive title.Frye Chestnut Mules/Slides Size US 9.5 Regular (M, B)Zara Ecru New Tags Off White Tassel Loafers Flats Size US 6.5 Regular (M, B)
  • Netherlands – Eredivisie – Ajax won the league by 3 points from PSV Eindhoven. Third place was a further 18 points behind

US Economist Walter Neale said that a pure monopoly in sport is not good. If some team is totally dominant in a league the interest in the competition wanes and fewer fans turn up to games and also television rights become less attractive. Therefore if a club is dominant in a league it will have to look to other alternatives to generate more revenue – creating a super league amongst other teams at the expense of national leagues like the Premier League, La Liga in Spain and Germany’s Bundesliga. This would be like major sports in the USA where the same teams compete without the threat of relegation. It would also be to the detriment of local leagues in which clubs traditionally have huge followings and also generate a lot of income.

However the EPL has done well to have a very competitive competition with 6 clubs being serious contenders for the title – Manchester City, Liverpool, Tottenham, Chelsea, Arsenal and Manchester Utd. With such competition there is interest from the fan base and TV rights which makes for a profitable league. So revenue in the sports arena is generated by competition not monopoly power. The EPL title went down to the last game whilst PSG won the Ligue 1 with 5 games left.

Source: Financial Times – 15th May 2019 – ‘Premier League wins by creating room at the top for football clubs’  by John Gapper.