They will recommend products, from makeup to clothing to headphones. They model for fashion campaigns, vlog, & make music. They would have you believe that they’re just like anybody else — except they’re not real people at all.
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Inequality is a staple of the global economy. One of the greatest challenges faced across the world is the digital divide, inequality that is exacerbated by a lack of technology and technological resources. The ongoing pandemic has intensified this digital divide to the point where it stands to become one of the greatest humanitarian crises.
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Turkey’s economic crisis, ongoing since 2018, took a sharp and dark new turn in October 2020. The Turkish lira fell to a historic low as COVID-19 cases rose. These trends are hardly unique to Turkey, as many countries face tough choices to balance propping up their economies and limiting the spread of the virus. Middle-income countries like Turkey are especially vulnerable, given the dearth of international assistance for all but the most vulnerable nations.
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What is the scarcest resource? In today’s “attention economy”, our very own attention has become a scarce commodity. We are bombarded with countless information, from social media to news sources, that it is difficult for any one source to truly captivate our attention. Social media platforms in particular have taken advantage of this by designing addictive and interactive user interfaces to keep us hooked on our screens while also collecting data about our preferences that is sold to advertisers. While we cannot deny the benefits that technology has brought us, how can we become more responsible consumers in an economy that commodifies our attention?
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While the worst of the pandemic is likely over for Singapore, the nightlife industry continues to suffer economic turmoil as karaoke bars and nightclubs continue to be off-limits for residents. Despite new initiatives launched by the government for limited reopening and pivoting of business models, the nightlife industry is struggling to stay afloat in a post-COVID-19 world.
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Why is it that those least able to afford them purchase the most lottery tickets? And what can be done to improve these spending habits? Prize-Linked Savings Accounts (PLSAs), a savings account that runs a lottery for its members, might hold the answer.
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The global pandemic is squeezing the living space out of many industries, including the traditional fashion industry. However, to some Internet-based fields such as esports, the pandemic has produced more opportunity. COVID-19 has also catalyzed more cross-border cooperation: traditional industries need new blood to twist the adverse situation, while emerging industries need legacy icons or brands to help them unlock broader markets. Hence, the marriage between fashion and esports under the pandemic is unexpected, but predictably, influential.
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While Turkey has struggled economically over the past two years, its burgeoning tech space has been a rare bright spot. In developing and attracting investment to homegrown start-ups, Turkey’s demographic fundamentals play to its strengths. Moreover, greater attention from both Ankara and outside investors to the challenges facing tech in Turkey might expand the opportunities for growth and offer a template to resolve Turkey’s broader economic challenges.
Read MoreThe airline industry has been hit with unprecedented circumstances, with demand declining rapidly. A traditionally lethargic industry has been forced to accelerate decision making in order to adjust to the COVID-19 pandemic, and salvage the demand left. Airlines must continue to innovate and implement health and safety practices, in order to regain the trust of passengers, for the survival of their businesses.
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Nonprofits are an important source of jobs and provide vital services. Unfortunately, many nonprofits fail to survive because they lack concise funding models and long-term strategies for growth. Now that Covid-19 has taken its toll on both nonprofit funding and community demand for nonprofit services, how can nonprofits learn from this pandemic and revise their growth strategies to enable long-term sustainability?
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Bezos’ growing wealth amid the unrest brought on by COVID-19 has prompted country-wide discussions on the way big corporations perpetuate unequal distribution of wealth. Journalism Fellow Maryam Gamar questions the power that big corporations have over their employees, specifically among the working class.
Read MoreIn October 2020, Ray McGuire, Citi Vice Chairman and head of Investment Banking, left his position at the bank to run for New York City Mayor. Charlotte O’Toole reflects on how his departure leaves Citi with no black executives–a reminder of the tenuous state of executive black representation in the financial industry.
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Summer Journalism Fellow Maryam Gamar analyzes the court ordering of the shutdown of the Dakota Access Pipeline (DAPL), which took place in July 2020. She points out how instances of environmental racism, such as DAPL’s construction across the Standing Rock Sioux Reservation, are subjecting Native American and other BIPOC communities to deadly health consequences. In particular, Gamar argues that environmental racism includes a power imbalance between corporations and communities of color that puts these communities at a disadvantage and keeps them there.
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Streaming services like Netflix are shaking up the film industry, but are also working on diversifying their content by collaborating with international filmmakers. However, this foray into diverse content only goes so far, because the industry still suffers representation for women/minorities in senior leadership and explicit representation of LGBTQ+ characters.
Before the pandemic took over, the Commercial Real Estate (CRE) industry was booming, with experts predicting greater capital availability and healthy liquidity scenarios for the players in the space. However, the coronavirus pandemic, with its unimaginable magnitude of economic disruption, has impacted the CRE industry in an unquantifiable way that can only lead to lesser demand for new office spaces in the ‘new normal’ era of economic functioning.
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The apparel, fashion, and luxury industry (AF&L) is one of the worst-affected industries by COVID-19, with demand and supply restructuring towards consumption of essential goods and services. With both retail and online sales diminishing as people consolidate their wealth to survive the pandemic, the industry has realized that they will not be able to operate their current business until the consumer confidence revives and social distancing relaxes.
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Sa Sa, the Hong Kong-based beauty retailing giant, had never published a fiscal deficit since the days of SARS due to a proactive expansion strategy in both physical stores and digital outlets. Everything changed in 2020 when a new coronavirus emerged, but Journalism Fellow Hypatia Wu’s analysis reveals that its financial slump had begun even before the global pandemic.
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The “Skirmish Era” of antagonistic policies and strained interactions between the U.S. and China seems to have extended to the third decade of the 21st century, and the rift between the two economic superpowers is leading the world to yet another cold war. Summer Journalism Fellow Peyush Karel looks at how the rest of the world responds when two nationalistic agendas collide.
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Taking on the role of Food Justice Organizer for the Missouri Coalition for the Environment in 2018, Tosha Phonix has utilized her platform to be a beacon for Black growers in and around St. Louis to turn to. From supporting Promise Zone residents through the Neighborhood Leadership Fellows program and Neighborhood Leadership Academy to spearheading various initiatives like the Food Equity Advisory Board which brings together community leaders in the fight for food justice, Tosha’s work has been influential in promoting community development through improved access to fresh, healthy food.
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Being considered an emergency remedy for the current economic crisis, quantitative easing can prove lethal in the long run for businesses and states when implemented permanently. Today, it might be one of the most popular policies to combat economic recession and spur growth. However, as Summer Journalism Fellow Anastasiia Tokar shows, it should be supported with direct business assistance and unemployment protection policies to survive its long-term consequences.
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