Category Archives: Economics

BRIC by BRIC: Emerging Markets Dominate #WorldCup Advertising!

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Filed under Economics, Marketing, Political Science

Safety in Numbers: Japanese University Students Prefer Radical Conformism!

 

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Filed under Economics, Education

Steel Yourselves: Trump Administration ‘Starts World War Trade’!

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Filed under Economics, Law

No More Brother Wars: Istanbul Friendly Match Mirrors Diplomatic Avalanche!

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Filed under Economics, Football

One World is Enough for All of Us: European Free Trade Zone ‘Now Stretches to #CDMX’!

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Filed under Business, Economic Development, Economics

#Boao Forum for Asia Synopsis: World’s Largest Communist Party ‘Saviour of Global Capitalism’!

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Filed under Economic Development, Economics

Don’t Steal My Sunshine: Why Entrepreneurs Must Defend Entrepreneurship

The 2000s and 2010s have seen two distinct macroeconomic changes which have had profound consequences for the place of entrepreneurship in global society. The first such development – the mass adoption of Internet-enabled information technology – drastically reduced the barriers to entry to large sectors of the economy by enabling the creation and expansion of partially or totally virtual markets. The second development – the worldwide financial crash of 2007, an event which is arguably still ongoing – reduced the capacity of both the public and private sectors to provide secure and reasonably remunerated employment, prompting a new generation to leap into the sea of business.

The cultural shift in favour of entrepreneurship these occurrences have produced is – viewed from a long-term perspective – nothing short of remarkable. Entrepreneurs – formerly looked upon as a questionable breed – are seen as cool and worthy of emulation. Startups, co-working spaces and business incubators – which until recently were specialist terms – have made their way into the everyday language of commerce and beyond. Young adults who would have naturally gravitated towards long and decorated careers in government or traditional large companies are shunning these safe options in record numbers.

However, there is a serious threat to this otherwise encouraging picture: certain corporations are adopting the language, garb and grammar of entrepreneurship for their own nefarious ends. Such companies are particularly noticeable in poorly-regulated economies, where the the jargon of corporate social responsibility (‘CSR’) is liberally sprayed around to mask the grim reality of market failure perpetuation.

This is deeply concerning, because sections of the general public are all too inclined to dismiss anyone with so much as a balance sheet on their laptop as a socio-economic parasite. All too often, they are not differentiating between the honest entrepreneur – a figure who has the potential to upgrade their community and their country by both financial and non-financial means – and companies which increasingly do not even serve the narrow demographic of their shareholders, let alone wider society, with anything approaching a conscience.

Therefore, entrepreneurs must do what no one else is willing to do for them: distinguish themselves from corporations which produce significant negative externalities; gouge the taxpayer by engaging in rent-seeking behaviour; or treat legitimate, fair and proportionate tax requests like artefacts of magical realism. The price of not doing so – at a time of rationally indefensible economic inequity – may be nothing less than the perceived legitimacy, if not the practical mechanics, of the market economy itself.

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Filed under Business, Economics