Pressure in China to control animal spirits risks crushing the confidence so vital for its economy. The adverse pressure exerted by climate change on weather patterns is now beyond dispute. Pressure from ‘anywhere jobs’ is making white collar workers increasingly vulnerable. Put yourself under physical pressure and then reap the ‘rewards’ afterwards – a new form of experiential consumption is emerging. There is no pressure to travel miles in the pursuit of awe.
QUOTE OF THE WEEK
“China’s mounting deficit of animal spirits could deal a severe, potentially lethal, blow to my own long-standing optimistic prognosis for the “Next China”” (Stephen Roach in the article of the week)
ARTICLE OF THE WEEK
Stephen Roach, China’s Animal Spirits Deficit
(Project Syndicate, 27 July 2021)
Roach has been bullish on China for years (a “congenital optimist for 25 years” in his own words) but now he’s worried. His concern: the Chinese government has taken dead aim at its dynamic technology sector, which is the engine of the critical consumption-led economic rebalancing. He views the authorities’ recent actions as symptomatic of a deeper problem: the state’s battle to control the energy of animal spirits could sap the confidence of households and businesses (metered paywall – reads in 6-7 min).
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Sofia Andrade, Summer Catastrophes Bring the Climate Crisis into Focus
(Undark, 20 July 2021)
There is no need to beat around the bush. As this article makes clear, the climate crisis is in full swing, and even for climate scientists, the impacts of climate change that are now becoming a reality seem worse than predicted. It’s only a 4 minute read, but this article says it all (free access).
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Jeegar Kakkad, Christina Palmou, David Britto, James Browne, Anywhere jobs and the future of work
(VOXeu, 10 July 2021)
The pandemic has had the effect of loosening the binds that previously tied a job to a specific geography and created in the process a new class of employment dubbed the ‘anywhere jobs’. These are non-routine service sector jobs that can be done from anywhere in the world, potentially for less. In contrast to the past when the pressure was on semi-skilled workers, now relatively highly skilled workers are increasingly vulnerable to the pressures of technology and globalization (free access – reads in 6-7 min).
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Angie Brown, ‘Luxury’ race will be among most expensive on earth
(BBC Scotland News, 28 July 2021)
This article describes an ultra-trail race that will be the “most expensive on earth”: GBP 15,499 to compete in a 120 miles, 4-day race in Scotland. . The idea of running in the mud while pampered in luxury (with butlers) and fed by 3-star Michelin restaurant chefs seems a bit incongruous, but what does it tell us? First, that the future of ultra-luxurious experiences (rather than goods) is seemingly bright, and second that conspicuous consumption is progressively moving to every area of wellness (free access – reads in 4-5 min).
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Emily Pennington, Who Needs the Grand Canyon? Try a Micro adventure
(The New York Times, 5 July 2021)
The power of awe when immersed in nature is a theme that we address repeatedly at our in-person gatherings: awe is a skill that can be cultivated and has remarkable mental health benefits. This article explains how to find a sense of awe and discover a miraculous world right outside our door. No need to travel miles and miles – “micro awe” experiences as simple as gazing at a reflection on the water can have a profound impact on one’s quality of life (metered paywall – reads in 6-7 min).
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