Business News

Why schools should teach the curriculum of the future, not the past

Schoolchildren use their XO laptops outside Laura Vicuna school in Laguna de Apoyo, Granada, Nicaragua. Robots,artificial intelligence, automation – no longer the stuff of science fiction movies. Overwhelming evidence shows the shift in what the workforce needs is already underway and that it will continue to grow much larger in the future. All around the world, leaders from government and industry debate the future of work and the changes brought by technology and automation. Despite this, the world is not reacting fast enough to update our system of education. According to analysis of 750 occupations by the McKinsey Global Institute, 51% of job activities are highly susceptible to automation – and that’s through adapting currently demonstrated technology alone. It’s also important to note that these activities span jobs across industries as well as skill and wage levels. This indicates that automation is much less likely to lead to the mass unemployment predicted by alarmists but is almost certainly going to necessitate the redefinition of most occupations and requisite skills. US Bureau of Labor Statistics, 2014 US Bureau of Labor Statistics, 2014 Image: O*Net, McKinsey What are we doing to prepare future generations to thrive in this changing landscape? A student that begins primary school today will graduate from university in the mid-2030s and their career will last through 2060 or beyond. While we can’t predict exactly what our workforce’s needs will be in in the middle of the century, we already know they are changing and will continue to change with the rate of technological advancement. Yet, in most schools you visit in 2018, you see teachers teaching the exact same subject matter as they taught in 1918: reading, writing, math, science, history and foreign languages. Debates about the future of education centre on changing how we teach, […]

Tracking the battles for environmental justice: here are the world’s top 10

Author Julie Snorek Post-Doctoral Researcher, Environmental Justice Atlas, Autonomous University of Barcelona In Delhi, middle class residents and informal recyclers joined together to oppose the privatisation of waste management. EPA Environmental justice activism is to this age what the workers’ movement was for the industrial age – one of the most influential social movements of its time. Yet, despite its consistent progress since the 1970s, environmental justice protests seem to get lost in the morass of information on broader environmental issues. In contrast, labour conflicts, including strikes and lock-outs, carry such gravity that the International Labour Organisation tracks these on a systematic basis. As more communities are refusing to allow the destruction and contamination of their land, water, soil and air, these, in turn, deserve to be counted. The Environmental Justice Atlas (EJAtlas), an inventory of social conflicts around environmental issues, fills that gap. It is funded by two successive European research projects, through a collective effort of scientists and activists. It records the failures and successes of the worldwide movement for environmental justice. The project is directed and coordinated by Leah Temper, Daniela Del Bene and Joan Martínez-Alier at the Institute of Environmental Science and Technology at the Autonomous University of Barcelona. It has collected and categorised about 2500 ecological distribution conflicts. These focus on who gains and who loses in development processes, arguing that these movements play a fundamental role in redefining and promoting sustainability. In honour of World Environment Day, on June 5th, some of the highlights of the most pertinent findings, stemming from the ten most critical categories of environmental distribution conflicts facing the world today are shown. These are listed in order of most-catalogued cases in the EJAtlas. But due to the nature of the project, this is not indicative of its global significance. The top ten environmental conflicts Land grabbing […]

What Can Save Capitalism from a Medici Cycle?

By Peter M.J. Gross Can truly free markets be protected from government interference? According to Luigi Zingales of the University of Chicago Booth School of Business, government regulation may be necessary to keep markets free and competitive. He doubts whether it’s desirable, or even possible, for markets to operate without government oversight. In “Towards a Political Theory of the Firm,” Zingales theorizes that firms use their economic power to acquire political power. They then apply that political power to achieve greater economic gains, which in turn helps them acquire ever more political power. It’s a cycle Zingales likens to the Medici dynasty of 15th-century Florence, Italy. The Medicis leveraged their lending relationships with the Roman Catholic Church into considerable political influence in Renaissance Europe. If firms are naturally driven to seek political power and gain an insurmountable economic advantage, then government action may be the only way to prevent them from acquiring and exercising a degree of influence that dissuades or suppresses competition. However, not all government action is equal, and there are nuances involved, according to Zingales. He draws a distinction between being “pro-business” and “pro-market,”suggesting that the former phrase is commonly used to discuss policies that favor established businesses, and may actually stifle the ability of upstart companies to challenge them. Zingales considers himself pro-market and favors policies that encourage competition among firms in the marketplace. He says that to to support “growth, and innovation, new entry, and welfare of people, I think the pro-market is the right position.” Zingales says that the antitrust enforcement action taken against Microsoft, which began in 1998, was an example of political power applied to keep economic power in check and ensure healthy competition. As Zingales sees it, government intervention impeded Microsoft’s ability to monopolize the internet and created the opportunity for companies like Google and Facebook to develop. “Today’s monopolies […]

Why Africa is turning the heads of investors

Chinese and Western firms could experience high returns by investing in Africa’s strong economic growth. Since 2000, at least half of the world’s fastest-growing economies have been in Africa. And by 2030, Africa will be home to 1.7 billion people, whose combined consumer and business spending will total $6.7 trillion. Image: World Bank Seven years ago, the Harvard Business Review pointed out that Africa is also home to many of the world’s biggest opportunities. And yet, despite its tremendous business potential, Africa has not risen to the top of Western business leaders’ agendas. In fact, between 2014 and 2016, US exports to Africa fell by almost half, from $38 billion to $22 billion. And while the United Kingdom’s investments on the continent more than doubled between 2005 and 2014, reaching £42.5 billion ($57.6 billion), only 2.5% of its total exports are to Africa. Western countries are quickly losing ground to China, which increased its exports to Africa more than sevenfold – to $103 billion – from 2005 to 2015. If Western businesses hope to keep up, they will need to tap into the African countries and sectors with the highest potential for growth. By 2030, more than half of Africa’s population will reside in seven countries: Nigeria, Ethiopia, the Democratic Republic of Congo, Egypt, Tanzania, Kenya, and South Africa. But, more important, 43% of Africans will belong to the middle or upper classes, up from 39.6% in 2013, implying considerably higher demand for goods and services. By 2030, household consumption is expected to reach $2.5 trillion, up from $1.1 trillion in 2015. Nearly half of that $2.5 trillion will be spent in three countries: Nigeria (20%), Egypt (17%), and South Africa (11%). But there will also be lucrative opportunities in Algeria, Angola, Ethiopia, Ghana, Kenya, Morocco, Sudan, and Tunisia. Any one of these countries would […]

The Innovators Dilemma

– by Clayton M. Christensen What do the Honda Supercub, Intel’s 8088 processor, and hydraulic excavators have in common? In The Innovator’s Dilemma they are all examples of disruptive technologies that helped to redefine the competitive landscape of their respective markets. These products did not come about as the result of successful companies carrying out sound business practices in established markets. In The Innovator’s Dilemma, author Clayton M. Christensen shows how these and other products cut into the low end of the marketplace and eventually evolved to displace high-end competitors and their reigning technologies. At the heart of The Innovator’s Dilemma is how a successful company with established products keeps from being pushed aside by newer, cheaper products that will, over time, get better and become a serious threat. Christensen writes that even the best-managed companies, in spite of their attention to customers and continual investment in new technology, are susceptible to failure no matter what the industry, be it hard drives or consumer retailing. Succinct and clearly written. The Innovator’s Dilemma is an important book that belongs on every manager’s bookshelf.

The word globalisation is out of date. This is what should replace it

The word globalisation has lost its relevance and lustre with the emergence of the new global economy of the 21st century. In fact, it’s become an anachronism. Its deficiency is that it’s not a new concept which creates nuances of confusion. Globalisation describes the international outreach of countries for the purpose of economic, social, political and cultural liaisons. Global linkages between countries through military conquest, colonisation, multilateral free trade agreements and cultural exchange existed in an uninterrupted continuum in the evolving history of humankind. Historically, however, the process of globalisation has taken different forms, and its meaning has changed and mutated since it was first used in English in the 1930s. For lack of a better word, the term received an extension to its lifeline until the end of the 20th century despite the profound structural changes and technological advances that began to take place in the 1980s. Therefore, globalisation has come to be used to represent “modern” 20th century economics and social processes, including the instant exchange of money enabled by internet technologies. Yet because of its varied historical use, it does not truly reflect the electronic and digital empowerment that has been unleashed by the information technology revolution. Therefore, globalisation is not an accurate descriptor of the 21st century and the internet-driven transformational change sweeping the international economic landscape. And so I have coined the term internetisation which I believe should replace the concept of globalisation. Internetisation: Time, geography are irrelevant Internetisation is the contemporary face of globalization. It includes the modern tools of electronic globalization and embraces the digital connectivity and empowerment of the internet and the World Wide Web. Although we could widen the term globalisation to include internetisation, I believe it is better to replace the word globalisation altogether because the long duration of its […]

Bali’s Mt Agung eruption shows how businesses should and shouldn’t react

Tourism businesses should start by communicating precisely what they are going to do about the situation to the customer – quickly and clearly, to reduce uncertainty and avoid confusion. Russel PJ Kingshott, Senior Lecturer in Retailing, School of Marketing, Curtin Business School, Curtin University There’s nothing like an erupting volcano to reveal who does and doesn’t have their crisis management plans sorted out. Sudden uncontrollable events are an inevitable part of any tourism operation. Businesses worth their salt should at least in principle have the capacity to remedy situations that go wrong, as part of their modus operandi. Conventional marketing wisdom says that when organisations react properly to uncontrollable events, it has positive consequences for their overall relationship with their customers. But for this to be effective, those affected customers need to have a quick response from businesses or it could simply be counterproductive. The closure of Bali’s Ngurah Rai Airport left many passengers stranded. And while the volcano and its ash cloud are beyond airlines’ control, how they respond to the needs of stranded passengers is completely within their remit. How to prepare and handle uncontrollable events Tourism businesses should start by communicating precisely what they are going to do about the situation to the customer – quickly and clearly, to reduce uncertainty and avoid confusion. This needs to be backed up by tangible actions, namely doing the specific things promised and making amends with the customer. Fail to do this, and businesses run the risk of further negative consequences. Speaking from recent personal experience during a short vacation in Bali, Jetstar Australia quickly communicated that relief flights departing from the island would come into operation immediately (weather permitting). They also made it clear to any inbound Bali passengers that there would be no flights bringing them to the island unless longer-term weather conditions were deemed […]

The truth behind big bubbles and crashes

When Katherine Hunt’s dad asked her whether or not he should invest in Bitcoin, alarm bells rang, first she thought “he’s a musician”. Hunt is a lecturer in accounting at the Griffith Business School, and as someone who knows the five stages of a bubble and crash, she was worried when it seemed everyone was thinking they needed to “get in on” Bitcoin. “The stock market is a manifestation of the psychology of everyone who is investing, so of course there is going to be these crazy stages,” Hunt says. There is a boom, as momentum behind a new stock or asset speeds up and the media starts to cover it, fuelling its price rise. Then the euphoria sets in, the value of the asset skyrockets and people start to make a profit. But looming around the corner is the panic. Investors feel the last phase of a crash far more than they do the elation of the price rising, Hunt says. Panic breeds more panic and the price falls. Hunt is seeing this pattern play out with the stocks of the more well known gig economy businesses like Airbnb and Uber. These businesses now enjoy the privilege of being the only, or one of a few of their kind, in the marketplace. But Hunt says this can’t last. “In an open market that’s not the case at all, there’s always going to be competition and these companies will fall. It’s just probably that they’ll fall in 30 or 40 years, not necessarily tomorrow,” she says. Of course this is all easier to see in hindsight. Remembering the global financial crisis John Crosby, now a senior lecturer in finance at the University of Technology Sydney, was once working as an investment banker at Lloyds of London in 2007 when he […]

Media Kit updated

The Mirror Media Kit has recently been updated and is available for viewing at: https://issuu.com/kimalves/docs/mhb_17059_mirror_media_kit If you have inspiring stories, disruptive ideas, and ways of bringing about social change, let us know. publisher@xtra.co.nz

Why you should eat a plant-based diet

Katherine Livingstone Alfred Deakin Postdoctoral Research Fellow, Institute for Physical Activity and Nutrition (IPAN), School of Exercise and Nutrition Sciences, Deakin University. Plant-based diets are often shown to be good for health. Yet Australians eat a lot of meat and are sometimes reluctant to completely cut meat from their diet. So it’s important to know that eating a plant-based diet doesn’t have to mean becoming a vegetarian. Plant-based diets are high in vegetables, wholegrain bread and cereals, legumes and whole fruits, yet can still contain small amounts of lean meats and reduced-fat dairy products. A survey of Australians found most (70%) thought a plant-based diet would prevent disease. But what does the literature say? And is meat really bad for you? Health benefits of plants Plants are rich sources of many nutrients that are important for good health, including unsaturated fats, vitamins (such as folate), minerals (such as potassium), fibre and protein. Eating a plant-based diet has been linked to lower risk of obesity and many chronic diseases, such as heart disease, type 2 diabetes, inflammation and cancer. A recent study that followed more than 200,000 US adults for more than 20 years found that eating a diet high in plant foods and low in animal foods was associated with a 20% lower risk of diabetes compared with individuals eating a diet low in plant foods. Well known variations to plant-based diets include the Mediterranean diet and the Dietary Approaches to Stop Hypertension. These dietary approaches are known as dietary patterns as they focus on the overall diet rather than single foods. Rich in vegetables, fruits, legumes and reduced-fat dairy products, these dietary patterns have been linked to lower risk of obesity and chronic disease. Is the processing of plant foods important? Processing can remove many of the nutritious benefits of plant foods and can often result in the addition of salt and sugar. For example, whole foods, […]

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