(p. A6) HONG KONG — Thousands of black-clad antigovernment protesters demonstrated at Hong Kong’s international airport on Friday [Aug. 9, 2019], taking aim at both a global transit hub and the city’s closely guarded reputation for order and efficiency.
. . .
The airport protest began in the early afternoon, as demonstrators in black T-shirts and face masks nearly filled the cavernous arrivals hall, chanting “Hong Kongers, keep going,” a rallying cry for the two-month-old protest movement.
“You’ve arrived in a broken, torn-apart city, not the one you have once pictured,” read a pamphlet that protesters offered to arriving travelers. “Yet for this Hong Kong, we fight. We shall never surrender.”
As of Friday night, the demonstration remained peaceful, and there had been no reports of arrests or disruptions of flights. Protesters were careful to leave a path clear for travelers, some of whom recorded the demonstration on their phones or helped themselves to pamphlets.
. . .
Miki Ip, a real-estate agent who attended the demonstration, said she came partly to refute unproven claims by the Chinese government that the civil disobedience had been led by foreign forces who wanted to undermine Beijing’s authority.
“China has told us so many lies, and we lack a government that really works in our interests,” Ms. Ip, 38, said in the arrivals hall. “The living conditions facing youngsters nowadays are harsh, and they feel a lack of ownership over their hometown, both economically and politically.”
For the full story, see:
Katherine Li and Mike Ives. “Protesters in Hong Kong Choke Airport Terminal.” The New York Times (Saturday, Aug. 10, 2019): A6.
(Note: ellipses, and bracketed date, added.)
(Note: the online version of the story has the date Aug. 9, 2019, and has the title “Hong Kong Protesters Descend on Airport, With Plans to Stay for Days.”)
(p. A15) . . . 2019 . . . marks the anniversary of the result of a . . . defiant protest—one that will receive little attention in or out of China, even though it launched the economic reforms that kick-started the country’s rise.
Forty years ago this spring, corn farmers in Xiaogang village, in the central province of Anhui (where Pearl Buck set “The Good Earth”), reported a grain yield of 66 metric tons. This single harvest equaled the village’s total output between 1955 and 1970—but for once the figure was not exaggerated. In fact, villagers underreported their actual yield by a third, fearing officials would not believe their record haul.
What caused this massive spike in production? A new fertilizer or hybrid seed? Better equipment? A catchy, rhymed propaganda slogan? No; Xiaogang’s farmers were starving. After taking power in 1949, China’s Communist Party had effectively abolished private land ownership, grouping farms into “people’s communes” subservient to the state. By 1978 villages were crippled by quotas that seized most of what they grew for redistribution.
Continue reading ““Seek Truth from Facts””
(p. A14) WASHINGTON — Senator Bernie Sanders, whose $18 million fund-raising haul has solidified his status as a front-runner for the Democratic presidential nomination, said Tuesday [April 9, 2019] that he would release 10 years of tax returns by Tax Day on Monday and acknowledged that he has joined the ranks of the millionaires he has denounced for years.
. . .
Reminded that he is a millionaire, he did not shirk from the description.
“I wrote a best-selling book,” he declared. “If you write a best-selling book, you can be a millionaire, too.”
For the full story, see:
Sheryl Gay Stolberg. “Sanders Says He’ll Release Tax Returns.” The New York Times (Wednesday, April 10, 2019): A14.
(Note: ellipsis, and bracketed date, added.)
(Note: the online version of the story has the date April 9, 2019, and has the title “Bernie Sanders, Now a Millionaire, Pledges to Release Tax Returns by Monday.”)
(p. A17) As the economist Joseph Schumpeter observed: “The capitalist process, not by coincidence but by virtue of its mechanism, progressively raises the standard of life of the masses.”
For Schumpeter, entrepreneurs and the companies they found are the engines of wealth creation. This is what distinguishes capitalism from all previous forms of economic society and turned Marxism on its head, the parasitic capitalist becoming the innovative and beneficent entrepreneur. Since the 2008 crash, Schumpeter’s lessons have been overshadowed by Keynesian macroeconomics, in which the entrepreneurial function is reduced to a ghostly presence. As Schumpeter commented on John Maynard Keynes’s “General Theory” (1936), change–the outstanding feature of capitalism–was, in Keynes’s analysis, “assumed away.”
Progressive, ameliorative change is what poor people in poor countries need most of all. In “The Prosperity Paradox: How Innovation Can Lift Nations Out of Poverty,” Harvard Business School’s Clayton Christensen and co-authors Efosa Ojomo and Karen Dillon return the entrepreneur and innovation to the center stage of economic development and prosperity. The authors overturn the current foreign-aid development paradigm of externally imposed, predominantly government funded capital- and institution-building programs and replace it with a model of entrepreneur-led innovation. “It may sound counterintuitive,” the authors write, but “enduring prosperity for many countries will not come from fixing poverty. It will come from investing in innovations that create new markets within these countries.” This is the paradox of the book’s title.
Continue reading “Innovative Entrepreneurs Bring Prosperity to the Poor”
(p. B1) MADRID — As Spain grapples with a turbulent political crisis, one of Europe’s last Socialist governments may soon fall amid the rise of a new nationalism in the country. But whatever the outcome, Prime Minister Pedro Sánchez is leaving behind a signature legacy: a record increase in the minimum wage.
The 22 percent rise that took effect in January, to 1,050 euros (about $1,200) a month, is the largest in Spain in 40 years. Yet the move has ignited a debate over whether requiring employers to pay more of a living wage is a social watershed, or a risky attempt at economic engineering.
. . .
(p. B4) Over 95 percent of businesses in Spain are small and medium-size firms, many of which operate with thin margins, according to Celia Ferrero, the vice president of the National Federation of Self-Employed Workers.
“You won’t find people disputing that higher wages are needed,” said Ms. Ferrero, whose organization represents many smaller businesses. “The question is whether firms can afford it. Higher wages and social security taxes simply make it more expensive for employers to hire or maintain staffers.”
“It’s not that they don’t want to pay; they literally can’t,” she added.
Lucio Montero, the owner of General Events, which makes booths and backdrops for firms displaying wares at big conventions, employs eight workers on the outskirts of Madrid. He pays each €1,400 a month.
The higher minimum wage and increased social security charges will put upward pressure on his labor bill and already thin margins, he said. It is a cost that he can ill afford.
“I would need to think twice about hiring more people,” said Mr. Montero, walking around his tiny, sawdust-covered factory floor.
For the full story, see:
Liz Alderman. “Spain’s Minimum Wage Has Surged. So Has Debate.” The New York Times (Friday, March 8, 2019): B1 & B4.
(Note: ellipsis added.)
(Note: the online version of the story has the date March 7, 2019, and has the title “Spain’s Minimum Wage Just Jumped. The Debate Is Continuing.”)