Showing posts with label The Dark Side of Economics. Show all posts
Showing posts with label The Dark Side of Economics. Show all posts

Monday, June 21, 2021

Excerpts from Jo Marchant's book 'Cure: A Journey into the Science of Mind over Body'

 "A large proportion of the lonely people's up-regulated genes were involved in inflammation, whereas many of their down regulated genes had roles in antiviral responses and antibody production. In sociable people, the reverse was true — biological activity in their immune cells was skewed towards fighting viruses and tumour cells and away from producing inflammation. Crucially, the difference related most strongly not to the actual size of the volunteers' social networks but to how isolated they felt themselves to be." - Page 215

"We are humans, not machines, after all. When we’re receiving medical care, our mental state matters. Those who feel alone and afraid do not fare as well as those who feel supported, safe and in control." - Page. 154

Page 130

"More than three quarters of clinical trials in the U.S. are funded by drug companies, who understandably have no interest in proving the benefit of any approach to care that might reduce the need for their products. Pills and medical devices are clearly a more attractive business proposition than hypnotherapy or biofeedback. The enthusiasm for physical interventions goes beyond market forces, however: almost all public money goes to conventional drug research too. The annual budget of the U.S. National Institutes of Health (NIH) is around $30 billion, for example, of which less than 0.2% goes towards testing mind–body therapies. The bigger problem, I’d argue, is a wider, deep-seated prejudice against the idea that the mind might have the power to heal, or to keep us well. The materialist worldview described in this book’s introduction—which prioritizes physical test results and interventions, and sees subjective experience as a distraction—still reigns supreme in science ... Ignoring subjective experience is great when you’re trying to eliminate bias from your scientific experiments but is not always helpful in caring for patients, when psychological and physical wellbeing are inextricably entwined." - Page 294

Page 128

"When we’re under chronic stress, however, cortisol is released into the body all the time. This acts as a permanent off-switch, and suppresses the immune system. Chronic stress impairs our response to vaccines, and makes us more susceptible to infections from the common cold to HIV [and perhaps covid 19 as well]" (addition is mine)" - Page 161

Monday, December 22, 2014

Is Globalization Inevitable?

By Omar Javaid
Globalization is another name of dominance of american style free-market ideology and democratic capitalism on the entire planet. This ideology advocates acquisitiveness & competition for the sake of freedom, equality and progress of humanity and demand subservience and commitment for the growth of global circuit of capital. 

Those nations who bow down in front of modern imperialism are regarded as either developed, developing or underdeveloped, and those who beg to differ with the ideals of freedom, equality and progress are labeled as enemies of freedom, totalitarian, extremists, barbaric, and worthy of being showered by daisy cutter bombs. 

In this context the question of inevitability of globalization seems redundant. As apparently the option of not choosing globalization perhaps doesn't exists. Gray has argued that despite efforts to make american style free-market common in all corners of the globe, various different versions of free-market like that of Chinese, Singaporean, Japanese even Saudi Arabian etc. have emerged and one cannot expect the world to become homogeneous as expected by the Americans. 

However the difference between these developed or developing countries is only procedural because all of them are willingly endorsing the extension of enlightenment project and its values within their own socio-cultural contexts. The groups adhering to traditional interpretation of Islam and advocating its political dominance are seen as eminent threat against globalization process of free-market capitalism. 

According to RAND's report 'Building Moderate Muslims' it is necessary to counter the traditionalists and fundamentalists in the Islamic world in the same way communists or Marxists were countered during cold war period, and terms this clash as "war of ideas". Recent invasions on Iraq, Afghanistan, and tribal areas of Pakistan may be explained in the same context. 

So the answer to the question of globalization being inevitable may be less certain as compare to the response to the question of the clash between globalization of enlightenment project and its opposition in the form of traditional Islam. 

Saturday, November 8, 2014

Why Red Indians were Massacred by Europeans?

Locke's conception of property is derived from his 'Labour Theory of Value'. Labour Theory of Value suggests that its the effort a labour has put in the extraction or production of a particular thing which determines who is going to be the owner of it, i.e. the labour himself. 

If a particular thing lying in nature then its not owned by anyone, however if someone puts an effort to reach and acquire then he becomes the owner of that particular thing. 

If the thing is perishable then there is no point of owning it in a quantity which one cannot consume, however things like gold and silver or capital which doesn't perish with time can be owned in quantities without limits. 

In view of Lock there are three types of properties (a) Life (b) Liberty and (c) Estate. This is essentially capitalist property (C) in Lockean view, as (a), (b) & (c) needs to be utilized to generate more capitalist property (C') by putting in ones Labour; not doing so would make it non-capitalist property and would be a waste. 

Followers of Locke used this justification to infer that if the owner of the property is not willing to participate in converting C into C' then it would be legitimate to get him out of the way and take the property from him to put into the process of continuous capital accumulation. 

This means the process of continuous accumulation is an essential part of the Locke's concept of property. The Red Indians refused it, and this gave enough reason to Europeans to massacre them directly or indirectly to make a capitalistic use of the property they occupy. 

Wednesday, June 25, 2014

Guest Blog: How Pakistan’s political scenario affects the property market

Disclaimer: The views in the following article are of the author alone and doesn't reflects the stance of Critic Magazine's Blog

Prime Minister Nawaz Sharif’s government has had a positive impact on the real estate sector in Pakistan. The property market experienced a major boom during the third and fourth quarter of 2013, right after the general elections held in May. However, the property market went through a correction phase in the first quarter of 2014, where the prices experienced a slight dip. But, due to the efforts of the government, another real estate boom is expected soon.

A massive inflow of foreign direct investment can be seen in Pakistan. Projects such as the metro bus and train (investment from Turkey), solar project partnerships, deep sea port development (investment from China) and many other projects (investment from European countries and USA) are being developed by the government with the support of other countries. Such projects help to develop an urban infrastructure and hence increase real estate values.

Sunday, November 3, 2013

Income Inequality, Modern Financial System and the Islamic Solution

Shaykh Umar Vadillo

Latest figures shared by the State Bank of Pakistan reveal that the top 24,000 millionaire account holders in Pakistan owns Rs 2,118 Billion. The interesting aspect of this data is that in the last four years, which are presumed to be the worst years for Pakistan’s economy, the number of Crorepati (millionaires) in Pakistan increased by 50% to 36,500 from 24,000 in 2008. The new 12,000 millionaires added about Rs 80,000 Crore (800 Billion) in bank deposits in the last three years. Of course they are not depositing everything. There must be properties and other investments involved which are not included in this figure. (Do I need to remind you how much Pakistani investors love to invest in Property). So if we take that ‘unknown’ figure, I’m sure this club of 36,000 elite millionaires will total way more than 70% of Pakistan’s total wealth.

These 36,000 people represents only 0.02% of Pakistan’s total population of 18 Crore people and yet they hold almost 40% of Pakistan’s total wealth in bank accounts. About 24,423 account holders, having an amount Rs 1 Crore and above, made a total deposit of Rs 1,323 Billion at the end of December 2008. The figure of account holders rose by 12,086 to 36,509 by the end of December 2011, taking the total amount to Rs2,118 Billion. The economic growth during last four years hovers around an average of 2 per cent and one might question about the source of income of these 12,000 people who mysteriously became millionaires while Pakistan’s economy was facing joblessness, security conditions, trade barriers and rising fuel costs.

Saturday, September 14, 2013

There is Blood on your Mobile Phone!



This documentary exposes how the cell phone companies of the world notably nokia, iphone, samsung, motorola etc, are all responsible for financing genocide, mass rape, torture, by militia armies in congo who control the extraction of a precious mineral called 'Coltan'. This is being done to get this mineral cheap, as otherwise the cost would go high if the workers in the mines starts to get decent salaries and their fundamental rights etc. Its unimaginable how easily these giant corporations prefer to look the other way and say that its none of our business, if we are getting what we want at a good price, its a bliss!, and the blood being flowed back there in Congo isn't just our problem really. Peter Bradshaw writes in The Guardian:
"The mine turns out to be a chaotic shanty-town on a mountain honeycombed with unsafe tunnels, and policed by warring factions of scary, trigger-happy bullies. The mining and gangsterism have grown up together, dysfunctionally hand in hand. The raw material is shipped out to Malaysia and elsewhere, smelted into tantalum and it is at this point that the big corporations buy it, firmly incurious as to its origin. Nokia is deeply uncomfortable about this subject. Did the saintly Steve Jobs have anything to say? We talk about conflict diamonds; maybe now is the time to talk about conflict mobile phones."
And we need to stop being mindless and blind consumers, rather must give it a second thought when we buy a device and use our power to vote (through purchasing power) in favor of those organizations which doesn't support such madness. And if such organizations doesn't exists as yet then we may rather purchase such products only when unavoidable. This is the ultimate form of crony capitalism, which if not be dealt with today, might create a world utterly inhabitable for future generations. 

Sunday, September 8, 2013

Myth of Progress in the Modern World

By Omar Javaid

It is generally believed that scientific and technological revolution under free-market capitalism has made life better (easy, safe, productive, comfortable etc.) for humanity through constant innovation and improvement in standard of living of its inhabitants. The public in capitalistic societies are allowed to own property and receive incentives for contributing toward the society. The more the contribution is valued by the public, the more the incentive. The employed class receives salaries, the business owners receive profits depending upon how their contribution is valued in the market. There is a debate over the disproportionateness in the incentives received by the business owners, board members, CEOs and/or investors versus the employed class, however this debate is more academic in nature. Generally if the public has enough ways to distract itself (cinema, amusement parks, bars, night / strip clubs, porn, alcohol, cellphones, TV, gaming consoles, etc.), then society remains stable despite the disparity and extreme inequality.

Sunday, September 1, 2013

Petro-Dollar A Unique Alliance

Interesting analysis but this doesn't explain why US messed up with Afghanistan, and messing up with Pakistan? Sheikh Imran Hosein might answer this better instead...



Wednesday, August 28, 2013

Islamic Banks, the Problem of Takasur

By Omar Javaid

[Takasur 102:1] The craving for excess wealth (takasur) kept you people neglectful.
[Takasur 102:2] Until you confronted the graves.
[Takasur 102:3] Yes certainly, you will soon realise!
[Takasur 102:4] Again, yes certainly, you will soon realise!
[Takasur 102:5] Yes certainly, if you had believed with certainty, you would not have craved for wealth.
[Takasur 102:6] Indeed you will see hell.
[Takasur 102:7] Again, indeed you will see it with certainty.
[Takasur 102:8] Then, on that day, you will surely be questioned regarding the favours.

This surah of Quran effortlessly destroys the driving force behind capitalism and free-market ideology... the story of this ideal gaining mass acceptance and becoming the driving force behind capitalism started from birth of protestantism, enlightenment movement in Europe etc. 'Theory of Moral Sentiments' by Adam Smith established the very notion of modern virtuous (or ideal) man as a wealthy and powerful. Pursuit of self-interest (which Adam Smith proposed in his 'Wealth of Nations') for this very purpose was also declared as legitimate and preferred in Europe during 17th century. Later the same ideas spread across the world by brute force during colonization period. 

Thursday, August 15, 2013

Financial Capital Vs. Real Wealth

Many people assume, particularly related with Islamic Finance, that modern form of money is similar to the traditional type, but a closer look suggest something else. Capital as it is called in the modern capitalistic world, is quite different from the traditional form of money, however it still can help you in your daily transactions, but its creation, circulation, maintenance and protection requires a wholly new kind of a setup which has never existed in the entire Islamic history. The point of concern are the political implications which emerges with the use of this form of medium of exchange, and only reviewing the matter from the perspective of Islamic finance or trade would not allow one to comprehend issue with its entirety. Here is a comparison, and the purpose to highlight is to allow some food for thought for the concerned. 

S.No.
Financial Capital
Real Wealth
1
Capital exists within institutions (banks, money market etc), it cannot outside it, it doesn't have a form or shape, it’s a ghost
Wealth has a form, occupies some space, its tangible
2
No Intrinsic value: Its value depends on the trustworthiness of the institution public (Central Bank) or private (Private Bank) in the eyes of the public
Intrinsic Value: it doesn't need institutional protection for its value
3
Created out of debt with a stroke of a pen
Exists naturally or is produced or extracted with hard work
4
Only its right to usage is passed to debtor, and destroyed on return
can be physically owned, delivered, doesn’t gets destroyed unless it has a shelf life
5
If everyone demands, cannot be converted into Physical cash (despite insurance, central bank bring the lender of last resort accounted for)
It’s already in the ownership of the some individual or exists in nature
6
Its value depreciates & quantity increases constantly...
Value depends on shelf life, quantity only increases gradually with hard work
7
Public doesn't owns it, rather Capital owns the public (the flow of capital isn't in control of public, but public is dependent on its flow)
Vice versa
8
Infinite accumulation is possible
Infinite accumulation not possible
9
By virtue of its debt base, it transfers the ownership of real wealth to the issuing institution (hypothecation can also be termed so) – it creates an illusion of ownership
The ownership is real when one own an asset
10
International financial capital moves in an out of a state without state consents
Movement in and out of country can be controlled
11
Monopoly of financial institutions on its movement; Control of capital gives the state unprecedented power to the state over its subjects
No such monopoly exists, unless its production is controlled by private or state monopoly, but once created and owned, its free
12
Can only be stolen and is stolen constantly by the state (money creation, debasement, hidden tax, theft), labeled as inflation
Can be stolen by a thief, but the owner knows it when its gone, and he can get it back as well
13
Its value is recognized internationally to the extent of the political influence of the state in geo-political affairs, every one excepts a dollar, but hardly anyone would accept Rupee globally
Value is universally recognizable, like that of gold or silver

Food for thought for students of Islamic Economics and Finance: 
The discussion on nature of money and its production etc. is fundamentally a political discussion, or at least is of the domain of political economy, and any discussion on monetary economics should be preceded by a theory of politics and political economy… This view of financial capital also allows us to see capitalism in new light, the definition of capitalism would therefore go like: Capitalism is the name of a system formed by interdependent institutions including state, market, civil society, law enforcement, judiciary etc. which regulates and manages the creation & movement of capital across the society to enable public to maximize its freedom to maximize pleasure... 

It should be asked:
  • Does political theory of Islam or Islamic political economic theory accommodate usage of capital, if yes then how, if no then what should be done?
  • If let’s suppose government provides free of charge bank account to every citizen irrespective of its financial condition, then can a poor fellow receive zakat through transfer of money into his account?
  • Should bait-ul-mal assets be stored in the form of financial capital?
  • Is it possible to achieve the ideal of equitable distribution of wealth in an economy driven on financial capital?
  • What would be the role of financial capital In a society where the majority doesn't believe in capitalistic ideals of wealth maximization, rather focus more on welfare of common man?
  • In presence of financial capital, can we ever create an economy where real market dominates financial market? If not then can we ever create a society free from poverty and economic discrimination under the dominance of financial markets?
  • If Islamic Finance claims to be driven by real economy not financial economy, then would the conventional interest based financial system would ever allow Islamic Finance to supersede and dominate the financial system in any country? If not then how the goals and ideals of Islamic Economics will ever be achieved anywhere in the world? How a compromise on Islamic ideals can be perceived? 
  • Etc. 
The students of Islamic Finance and Economics must ponder on these issues to come up with possible answers in the light of true spirit of Islam, as otherwise the core purpose of Islamic finance and economics would go in wane... 

Saturday, May 4, 2013

Islamic Banks, Un-Islamic Objectives?



By Omar Javaid

Islamic Civilization emerged and took over the world within a few decades of its birth. It dominated as a superpower for almost 1300 years till it collapsed during the 2nd world war with the fall of Ottoman Empire. Before its demise, lots of revivalist movements within Islamic Civilization resisted and tried all what was possible to prolong its survival, however their efforts weren't enough to breathe life in the lost civilization.

According to Tamim Ansari, three types of revivalist movements emerged, 1st one which out rightly rejected anything which was foreign to Islamic traditions and demanded Muslims to go back to their roots (Wahabi movement); The 2nd one which recommended to pick up the good things from the western civilization and cleanse it through the process of Shariah compliance (Initiated by Jamaluddin Afghani); and the 3rd one, which rejected the traditional trajectory and proposed to find Islam in the western ways (whose torch bearer was Sir Syed Ahmed Khan)...

Monday, February 25, 2013

The Architects of Soicety in Suicidal Mode

Mother, Father and the teacher are the architects of the next generation in a traditional Islamic society, but what happens to their roles after modernization?

Naturally a child when is born is supposed to spend two years particularly in the laps of her mother primarily because nature has put his food in her breasts. When he grows older, this initial bond is supposed to remain strongest with her mother, however his father would become the next source of inspiration and guidance... The family is therefore meant to transfer the morals, values, character, dialects, general knowledge about the surroundings etc... When the child grows older, he is made to interact with a teacher who further instructs about various disciplines.

After growing old with these three individuals, a person is supposed to be strong in character and morals, psychologically & intellectually mature enough to become a constructive and productive citizen of the society as a whole, and to develop the next generation on the same foot prints. This person is also supposed to be honest, having high integrity, opposed to corruption, and courageous enough to raise his voice against corrupt elements in the society.

Thursday, February 14, 2013

The Industry of Women Rights (Part 1)

By Editor Critic Magazine

Discrimination of and abuse against women comes in all shapes, colors, and sizes. Pakistan has its own market as exemplified in honor-killings, acid-attacks, the usurious dowry system, and the act of disinheritance. Champions of women’s rights do not champion against these particular varieties of dehumanizing acts simply on case of it being dehumanizing per se, but rather, because, honor-killing is hardly a business venture. Understand that we are all products of this capitalist economic system, and mentality, which regards anything and everything marketable as long as it is profitable, including rights, or as in this case: women’s rights. If not, then, according to Noam Chomsky, why is marijuana illegal but tobacco not, when research and evidence over-emphatically proves the latter to be deadlier?

Answer: because marijuana plant can be grown by anyone anywhere even indoors making it a no-business a no-show. Likewise—though hard-to-digest—honor-killings in Pakistan and elsewhere are condemned simply because not that we should as a matter of principle, or maybe it is, but basically because it is hard to make a business out of it. Again, if not, then why this deafening hoo-hah against honor-killings on the one hand and murderous silence on the business of prostitution and depiction of sexually objectified imageries notably those “adult” programs that run on Cable TV and those readily available pirated DVDs at movie outlets, on the other? Why this double-standard? Is it perhaps somehow ok to see a woman pole and lap dance naked for a man and prostitute for a living than to be killed in the name of so-called dignity and honor? No, the reason being that honor-killing is our marijuana and prostitution and pornography, our tobacco!

Saturday, January 12, 2013

The Real Root Cause of Sectarian Violance in Pakistan, A Review

Note: This article explains the root cause of the sectarian violence in Pakistan, it is necessary to get the actual root cause as failing in this only can create more problems. Please read and share with others if you agree. 

Ali (2008), Ahmer (2009) and Zaman (1998) has written on the root cause of sectarian violence in Pakistan. This conflict has been prevalent among the two sects Shia and Sunni mainly. Both authors agree that these outfits have been created in reaction to injustice of the feudal system mainly in lower Punjab area, where this feudal system has its inclination toward Ahl-e-Tashee sect (Shia). 

In reaction to this injustice and illegitimate use of power against the lower class militant organizations have emerged to resist the hegemony of unduly dominant sects of the rival group. The violent reactions by both factions against each other however have also been criticized by these authors as socially destructive and have demanded solutions to the problem.

Sunday, January 6, 2013

Pakistanis are most Heavily Taxed People in South Asia

I have been thinking about this since a while but never could have explained it as done by Bukhari and Haq in their article in Jang newspaper. The point is every Pakistani, whether he is a sweaper, a daily wage worker, a thele wala pays a tax in this country and as per the respected authors, their tax paying average is highest in the entire South Asia!!!
"Contrary to the FBR claim that most Pakistanis do not pay taxes, Pakistanis are the most heavily taxed people in the entire South Asia"
How? its simple, imagine how many people in this country purchases cell phone minutes through prepaid cards, or petrol to put in their bikes, or any item on which a sales tax is applied. It is a common observation that many whose taxable income is a lot less then the limit set by FBR, they still pay tax in the form of sales tax and never file a return. Legally they have the right to file a tax return, but how many knows about it, are there any official efforts to train them? Even I don't know the procedure of how its done as yet. Once we work out the numbers and it is easy to learn how twisted or misdirecting the claims of FBR are... for detials read below:

Monday, December 3, 2012

The Dark Side of MNCs

By Omar Javaid

The first ever MNC in subcontinent was the East India Company, and those who have studied history of this region knows what happened to the socioeconomic & political landscape after its arrival. There is little doubt that due to their gradual decrease of political strength & moral corruption, the Mughals lost their grounds against the foreign aggressor, however, it wasn't just crumbling of Mughals monarchy, the foreigners saw that weakness as an opportunity to grab the reign of power. For details watch "Bartanvi Saamraaj Ne Hame Kaisay Loota?"

When seen in retrospective, the agenda of East India Company wasn't too difficult to comprehend. The idea was to simply grab the natural resources of the subcontinent and other colonized places around the globe. This was arrogantly assumed by the colonizers as their natural right; see Edward Said’s 'Culture & Imperialism' for exhaustive details. Exploitation of natural resources was only a part of the agenda; the colonizer even attempted, somewhat successfully, to colonize even the minds of the locals. ‘Minutes of Education’ of Lord Macaulay and its practical execution across the subcontinent, is a clear proof. This was done simply because the locals were perceived as uncivilized, and the colonizers assumed it as their duty to civilize them through imported education and the institutional frameworks.

Tuesday, May 1, 2012

The 'beautiful woman' of the West - Role model for the world?

By Dr. Sarah Siddiqui

The beautiful woman in the West, and across the wider world has come to be a very specific, defined image - A woman who is tall, a size zero, has symmetrical facial features with the right sized nose, ‘bee stung’ lips and glossy hair is often held up as the ideal.
This standard of the ‘beautiful woman’ was initially defined by Western Capitalist nations where women who fit this image have been hugely associated with success, confidence and being valued and respected in society. Germaine Greer, the Western feminist and writer, further explains the link between beauty and achievement in her book, The Whole Woman: “Every woman knows that, regardless of all her other achievements, she is a failure if she is not beautiful” Muslim women too have set out on the quest to attain this ideal image of beauty to feel valued.

Thursday, February 23, 2012

Domestication of Natural Resources – A Waste

By Farooq K. Qazi

There have been debates across many circles of media, student bodies and government bodies highlighting the blockade or reduction in Natural Gas supply to Punjab. This has many a times been dubbed and labeled as a theft of Punjab’s rights. It’s not a matter of theft of Punjab's share or anything. That in fact is a serious racist and fascist argument. If there is a right on the Natural Gas reserves that are there in the country on the basis of race/creed then the first and foremost right is that of the Baluch people. Despite the fact that this is my ancestral home, why should Lahore have all the luxury of having gas run kitchens while none of the cities and towns in Baluchistan has that facility? Quetta is the only city where there is Gas now.