Knowledge Update

The COVID-19 pandemic has spread with alarming speed, affecting millions of people and bringing the global economic activity to a near-standstill because the countries sanctioned tight restrictions on the movement of people to address the spread of the virus. The pandemic badly influenced international trade and tourism. The June 2020 Global Economic Prospects highlighted that the impact of the pandemic has long-term damage to the prospects of growth. The Global Economic Prospects’ baseline study forecasts a 5.2 percent contraction in the global GDP in 2020. In this article, an attempt has been made to highlight some of the implications of the COVID–19 on the global economic growth rates. 

 

The implications of the COVID-19 on the Global Economy from the time when the COVID-19 outbreak was first detected was spread over more than 200 nations. Due to COVID-19 pandemic, the global economy adversely affects the economic growth rates of the nations. The estimations showed that  COVID -19 could weaken world economic growth by 3.0% to 6.0% in the year 2020. The pandemic raises the risk of a global downturn with the rising levels of unemployment which is not experienced by the nations since the Great Depression of the 1930s. This pandemic also affects international trade by reducing from 13% to 32%, dependent on the seriousness and degree of the global economic recession. International trade and tourism affected the most due to COVID-19.  

It is evident from Figure 1 that the economic condition residues highly melted in many countries and regions around the world; it shows that world economic growth tremendously declines in the year 2020 in all the countries. The Organization for Economic Cooperation and Development (OECD) estimated that the growth will decline by 6.0% to 7.6% in 2020, it is based on the spread of second wave of COVID-19 infections (OECD Report on 22^nd June 2020).  It is also clear from Figure 1, based on the IMF estimations the global economy could drop by 4.9% in 2020. According to IMF, the global economy would experience its “worst recession since the Great Depression”. The IMF projected that UAE’s real GDP growth rate is going to decline to -3.5% for the year 2020. The World Bank’s baseline estimates indicate that global economic growth could shrink by 5.2% in 2020. In similarity, the IMF forecasted a 4.9% decline in the global growth rate in 2020 and will recover the growth by 5.4% in 2021. The World Bank forecasted that economic growth in UAE will decline to 1.1% in 2020 and while the IMF projected UAE growth rate will decline by 3.5%.  

The Covid-19 experience shows that it is difficult to estimate the costs of global economic activity. It raises many uncertainties like loss of jobs for workers both temporarily and permanently. Many countries will experience meltdown in economic activities and issues related to tradeoffs between public health and the influence of economic policies to understand the spread of the virus. 

 

References:

McKibbin, W., and R. Fernando. 2020. Macroeconomic Impacts of COVID-19: Seven Scenarios. Washington, DC: Brookings Institution.

World Bank. 2020. Global Economic Prospects. World Bank Group Flagship Report, June. Washington, DC: World Bank.

 

The world has been witnessing the ill effects of the pandemic as seen all over the news. The continuous health crisis has made society look into solutions from various perspectives. Starting from the newsroom to social media, everyone is bounded in some way or another to know the cause, symptoms, remedy, statistics, and major precautions. The technology is not far behind in establishing their positioning in this situation. Whether these entanglements of technology are for business improvement or a solution is difficult to answer – but we are in the 21st century where Technology for Everything rules. Some of the technological advances highlighted below have been used for different purposes during the coronavirus pandemic times.

Bluetooth Contact Tracing:

Bluetooth is used for finding the proximity of patients. The contact tracing applications calculate the distance between two mobile devices. The tracing app uses the Bluetooth features of devices to trace all the people affected in nearby areas. This helps one take precautionary measures as well as help the Government take remedial actions.

Internet of Things (IoT) and Smart Devices:

The wearable devices with sensor capabilities are able to extract real-time data of body temperature, respiratory rate of the patient, and other physiological functions. Devices like smart thermometers, smartwatches, fitness trackers, smart headbands, and biosensors patches have been proven to be beneficial.

Telemedicine:

Telemedicine has helped in lessening the pressure on healthcare professionals and the risk of spreading the virus. The technology that make video consultations, Facebook webinars, and virtual screenings possible have eliminated the need to visit hospitals unless it is an emergency. Many telemedicine platforms like telemedicine carts and consultation software have proven to be useful to a great extent.

Drone Technology and Robots:

Several countries around the world have used drones to stop virus spread. They are using drones to survey crowded areas, delivering public announcements, screening individuals by a thermal camera, carrying essential medical supplies, and sterilization. Drone robots are being deployed to assist in the treatment of patients, surface disinfection, serving food, giving medication, and delivering medical supplies.

Blockchain:

Blockchain-based applications are used by the government and organizations to monitor and manage the pandemic by validating changing data associated with citizen/national IDs. The features of blockchain applications such as movement records, hospitalization, travel history, and medications given at different times are provided by collecting the information provided by various medical organizations, public health officials, and other individuals.

GIS and GPS:

GIS and GPS systems use spatial analytics, mapping, and location intelligence to map the transmission behavior of the virus by taking parameters of demographics, environment, and past occurrences. The technology makes it easy to identify high-risk areas as well as connecting and getting information from other regions.

Artificial Intelligence (AI) and Machine Learning (ML):

AI, along with ML, has proved to be a landmark technological advancement implemented to predict the risk, medical diagnosis, screening, modeling, and analysis. Machine learning (ML) techniques of supervised and unsupervised learning with statistical data modeling come out with many analytical results to restrict the spread of diseases, predict the fatality rate, and provide information on the availability of treatment.  AI, along with ML, determines the probability of survival and the need for ICU treatment for COVID-19 patients. It is used to correlate the patient’s data and predict the effect of the drug on a specific group of patients. AI is used in chemo-informatics to speed up the process of drug development. 

Several technological solutions have been proposed for handling the impact of COVID-2019 but still, the operation challenges and data integrity need to be looked into.

 

In March 2020 students all over the world, including in the UAE, found themselves at home, in lockdown and thrown into online video classes.  Stephen Gange of Johns Hopkins University reflects the feelings of many teachers and students about this sudden shift to on-line video lecturing, "we know it's of a different nature from teaching in the classroom” (Murphy, 2019). Gange’s “different nature” clearly reflects the unplanned-for video delivery mode in this new teaching and learning environment.  Untrained in video teaching and unfamiliar with online conferencing software, many educators and students found themselves struggling at first in classes taught via on-line conferencing platforms such as Microsoft TEAM, Zoom, Wiz IQ, Blackboard and others; software not specifically designed for online study. 

Under such circumstances another quotation, this time from Feilim MacGabhann also of John Hopkins, is perhaps even more appropriate:  "Perfection is impossible, so don't strive for that - we're not professional video editors or animators, so if your hand-drawn, squiggly diagrams are OK for the whiteboard, they're OK for an online lecture or discussion" (Murphy, 2019).  To date little research had been done on such Emergency Remote Teaching (ERT).  However, learning by video has been around long before live video broadcast was considered. It started in the 1940’s in military applications where movie footage was used as a teaching tool.   Later, in the 1990’s, the importance and prevalence of video in education changed dramatically once video could be embedded in webpages.  Following this, learning management systems (LMS), developed and became distribution platforms facilitating the use of video as a wide-spread educational medium.

These developments mean today’s students have been watching video lectures for years on a wide range of devices including: laptops, tablets, desktops and increasingly smartphones (Villano, 2016); they are the YouTube generation.  The advancements in video-conferencing technology along with student experience and familiarity with social media had unintentionally prepared them for the sudden switch to ERT.  Such a dramatic change would not have been possible with previous generations or with earlier virtual meeting software.  However, further study is needed in a number of areas including: the impact of isolation on students, the effect of the viewing device on student satisfaction with classes, and, in particular, what features a video-lecturing platform should have as opposed to a video-conferencing software. 

Hopefully the COVID-19 crisis will be behind us soon. When it is, we should not just return to our old familiar campus ways and forget about what we learned from our (ERT) experience.  Instead, we should incorporate this upgraded technology and software experience into our teaching and learning practices. Two key areas we can start with are; first, that video lecturing must become part of educators’ professional development and second, that the education sector needs to define criteria for a dedicated on-line video- teaching platform that is purpose-built with the lessons learned from the COVID-19 experience.

One of the highly-affected functions of a business organization due to Covid-19 is the Logistics and Supply Chain Management (LSCM) function worldwide. Many organizations are struggling to manage their supply chains to see that there is no interruption in the availability of products and services to their customers. The impact of Covid-19 has been highly evident in logistics on one side due to the prolonged lockdowns in many regions and supply chains on the other side due to the imbalance in supply and demand levels, right from the raw materials to the finished goods.  

While some organizations can manage their supply chains considerably despite the Covid-19 situation, others will suffer huge losses. So, the question is, which type of organizations can manage their supply chains well, and what strategies can enable them to sail through this pandemic situation? Here are some strategies for the management of LSCM fairly well during Covid-19. 

Supply Chain Resilience (SCR) – Organizations that have developed a systematic approach towards achieving SCR can mitigate the negative impact of Covid-19 on their supply chain activities. Identification of risks, assessment of risks, plan for managing risks through collaboration, and coordination with suppliers are some aspects of achieving SCR. So, the organizations which developed and implemented these strategies well in advance and set up a proper infrastructure and supply chain network will witness the least impact due to Covid-19. 

The diversified geographic network of suppliers – Often due to many obvious advantages, many organizations end up depending on a limited number of geographical regions for the majority of their supply. For example, China, which was the epicenter of the pandemic is a major supplier for many organizations across the globe. Therefore, organizations that developed their supplier network from diversified geographical areas (probably less affected by Covid-19) by reducing their dependency on a particular region will be able to achieve an uninterrupted flow of supply. This kind of multi-sourcing of essential and other strategic components minimizes the supply chain disruption by providing safety stock of inventory. 

Digital Supply Chains – In general, linear supply chains operate through communications gaps due to the development of several functional silos. Whereas, digital supply chains are more agile, responsive, and also more visible due to their nature of working across the functions through collaboration. Digital supply chains enable organizations to build capabilities to achieve SC resilience and manage the disruptions well. These organizations provide a cushion in their supplier network, alternative sourcing, inventory management, and distribution of goods by anticipating disruptions fairly well by redesigning their supply chains to minimize the impacts. 

Organizational Culture – While technical management is one aspect, socio-cultural management is the other important aspect of managing supply chains. Top management support, innovative work culture, employee empowerment, flexible work hours, employee-friendly HR policies, and emotional support during the exigencies develop a motivating socio-cultural system among all stakeholders in the supply chain network of an organization. These inspire the employees to reach the so-called ‘last mile’ easily in effectively managing their supply chains by putting that ‘extra’ effort’ during crises. Therefore, organizations that focus on developing this ‘enabling’ socio-cultural system in their supply chains will find less difficulty in achieving positive outcomes during this Covid-19. 

Finally, what will separate the winners from the losers in this crisis will be how well the companies have been able to manage their supply chains by adopting the above strategies. 

The CEO addresses the employees of his organization during the pandemic and makes a genuine effort to motivate them. He also envisions a productive and more successful organization in the forthcoming times. Some excerpts of the speech are here…

“Good afternoon my dear executives. How are you doing today? So you know the current times. You know these are difficult, demanding and challenging times.  That’s the new normal! It has questioned our own existence, our methods of working, the way we think, the way we act, the way we use technology, the way we treat ourselves and others - everything has been questioned by these turbulent times!”

“…So what have you thought about yourselves? Have you been stressed? Have you had anxiety? Were you thinking that life is getting difficult? Were you thinking about your job? I am sure many of you were thinking what will happen if my company lays me off? What is going to happen if my company is cutting down on the number of people and their salaries – and my salary gets slashed by 25%? How am I going to sustain? How am I going to run my family? What would be the future of our company? Some of you are worried – will I fit in in the new norm? Will my skills be enough to save my job in the future? Will I be part of the team and this small family in the future or not? So many questions might have occurred to you during the last 3-4 months. These are haunting questions for everyone across the globe. You are still thinking what will happen to my promotion? What will happen to my increment? What will happen to the targets that I have met in the past? Well these questions should be answered today. Let me console and motivate you as the CEO of this company that all these questions for you about you have positive answers.”

The CEO gives them solutions…

“Did you think about doing web-based courses and certifications to increase your skills? If not, go ahead and do. I’m sure these will enhance your skills and make you learn new technologies. These skills are going to take you a long way because you know that “tough times don’t last – only tough people do”! So let’s be tough. Even I completed several courses as I understand that if I have to carry a vision for this organization I should know what is unknown, what to expect 5 years down the line, what skills I need to run the organization along with you.”

“My dear colleagues, it is very important that you build yourself, your happiness, your health, and work around balancing your family, your life, and this job, so that you can be more productive, more efficient while you are trying to work. See your inner strengths, your inner pillars, what brings you more courage and makes you more productive! Can I be more productive, can I be more efficient, can I bring more business, can I identify new areas of operation, can I sell more, and can I make new products or services? What can I do to enhance the face of this organization – think about it!”

“This discussion lays the foundation of our future. Please remember that we are here to see that we build better lives, we be more productive, we be more knowledgeable we have better skills and we bring improvement not only in our own lives but also an enhancement in this organization. So my dear executives best wishes to each one you and I’m very confident that you are going to make yourself proud, healthy and happier and of course, in turn, make this organization a more fruitful, productive, more efficient and more successful organization. Thank you and best wishes to each of you!”

The CEO receives a round of applause!

As of this writing, the 2019 Coronavirus Disease (COVID-19) global pandemic watchdog endcoronavirus.org projects that sixty-nine countries still need to take more concrete action to mitigate the spread of the virus. Over the early courses of the pandemic fight, Vietnam has been named by the World Health Organization (WHO) as a primary role model in disease mitigation as they implemented efficient and immediate public health policies that prevented that rise of the number of cases in their country (Dreisbach, 2020). 

Among the Asian nations that successfully dealt with disease mitigation are Taiwan and Thailand. Both countries are notable for their extensive experience in successfully handling pulmonary-related epidemics, which include the 2003 Severe Acute Respiratory Syndrome (SARS) outbreak, the 2015 Middle East Respiratory Syndrome – Coronavirus (MERS-CoV) epidemic, and COVID-19. 

Prior to stepping down as Vice President of Taiwan on May 20 of this year, human genetics expert Chen Chien-jen received global attention as his epidemiology specialization became vital in the public health policymaking process to fight the spread of the virus in the country. The Johns Hopkins-trained scientist-politician was considered by the global media as the country’s ‘secret weapon’ in fighting COVID-19 as had the both the medical, scientific, and political experience in providing guidance for the ‘Taiwan model’ of virus outbreak control (The New York Times, 2020). Upon stepping down from his position, he returned to the academe by joining Academia Sinica, one of Asia’s premier research institutions, to continue doing research about COVID-19 mitigation (Cheng, 2020). Moreover, it can be noted in an interview with the British broadsheet The Telegraph, he revealed that Academica Sinica is involved with the United States National Institutes of Health and European Union health institutions that are collaborating in the research work on the COVID-19 vaccine (Smith, 2020).

Moving to Southeast Asia, Thailand proved that disease mitigation and action can be prioritized despite their tense political situation. The country has the best medical infrastructure and investment in the region, and this proved well in the current global pandemic as their fatality rates are well below 2 percent (Abuza, 2020). As with Taiwan, medical institutions in Thailand are already well-established in the field of epidemiology and tropical medicine. The country lists as one of the top-ranking countries in the Global Health Security Index (Searight, 2020). Thailand also ranks second after Australia in the Global COVID-19 Index, the list of countries that has the best recovery rates globally (Thai PBS World, 2020). Beyond having well-trained experts that could fight the global pandemic, the country boasts more than a million healthcare volunteers that are assigned in villages throughout Thailand to closely monitor the health situation in grassroots communities (Ratcliffe, 2020).

As such, we can see the significance of appointing epidemiology experts in the public health policymaking process and implementation to successfully mitigate the spread of COVID-19. These technocratic practices have provided great insight and lessons as to how other countries may stand their ground in this global pandemic.

References

Abuza, Z. (2020). Explaining Successful (and Unsuccessful) COVID-19 Responses in Southeast Asia. The Diplomat. Retrieved from https://thediplomat.com/2020/04/explaining-successful-and-unsuccessful-covid-19-responses-in-southeast-asia/.

Cheng, C-T. (2020). Chen Chien-jen becomes Taiwan's first vice president to give up pension. Taiwan News. Retrieved from https://www.taiwannews.com.tw/en/news/3934346.

Dreisbach, J.L. (2020). Vietnamese Public Health Practices in the Advent of the COVID-19 Pandemic: Lessons for Developing Countries. Asia Pacific Journal of Public Health, 101053952092726. doi:10.1177/1010539520927266

Ratcliffe, R. (2020). Thailand, Malaysia, Vietnam... How some countries kept Covid at bay. The Guardian. Retrieved from https://www.theguardian.com/world/2020/jun/14/thailand-malaysia-vietnam-how-some-countries-kept-covid-at-bay.

Searight, A. (2020). Strengths and Vulnerabilities in Southeast Asia’s response to the Covid-19 Pandemic. Center for Strategic and International Studies. Retrieved from https://www.csis.org/analysis/strengths-and-vulnerabilities-southeast-asias-response-covid-19-pandemic.

Smith, N. (2020). Taiwan's Vice-President Chen Chien-jen on his country's fight with Covid-19. The Telegraph. Retrieved from https://www.telegraph.co.uk/global-health/science-and-disease/taiwans-vice-president-chen-chien-jen-countrys-fight-covid-19/.

Thai PBS World. (2020). Thailand is ranked 2nd in global COVID-19 recovery index. Retrieved from https://www.thaipbsworld.com/thailand-is-ranked-2nd-in-global-covid-19-recovery-index/.

The New York Times. (2020). Taiwan’s Weapon Against Coronavirus: An Epidemiologist as Vice President. Retrieved from https://www.nytimes.com/2020/05/09/world/asia/taiwan-vice-president-coronavirus.html.

As we all know, the novel coronavirus (Covid-19), has emerged in China as early as 2019. It took a few months for this epidemic to turn into a global pandemic which already infected millions of people. The unprecedented spread of this virus around globe has prompted many governments to take unprecedented actions such as nationwide curfews. Flights are grounded. International travel is almost forbidden. Tourism and restaurant business were down. Large scale events were all postponed and cancelled. We have not yet seen the full impact of the economic shock, but it is expected to be as deep as the one experienced after the sub-prime crises. 

The resulting economic recession due to the virus situation are having devastating effects on many households. The lockdowns have particularly affected the poor and the unhealthy. The question of whether this will be a temporary shock or a long-term trend is still unanswered. In this article I look at the impact on global poverty and hunger outlook from sustainable development perspective. Specifically, I discuss how the current situation is going to affect the UN sustainable development goals: SDG #1 (no poverty) and SDG #2 (zero hunger).

SDG 1: No Poverty

SDG1 aims to eradicate poverty in all forms by 2030. There is a special emphasis on eradicating poverty among vulnerable segments of the society. Unfortunately, the spread of the deadly Coronavirus has only increased the woes and sufferings of the poor and the vulnerable segments of the society. Millions of people lost their jobs. Those who work in daily jobs were affected the worst. The sudden loss of income and poverty was particularly evident in migrant communities such as laborers. Not only their families are at risk of extreme poverty, but also they found themselves in a desperate situation. Adding to this problem, many migrant workers are stuck abroad without any income as many flights are grounded.

However, the world has also realized the importance of social security during crises. The countries that have solid social security systems with unemployment benefits fared way better than those with do not have social protection. Perhaps, their success could set good examples for future labor policies. Also, the fiscal and monetary stimulus packages initiated by leading economies are likely to boost economies back in track. The impact of COVID-19 has brought the issue of poverty in the limelight and many individuals. Similarly, the world has also realized the need for unity in providing access to basic services, such as improved drinking water and sanitation.

SDG2: Zero Hunger

SDG 2 aims to eliminate all forms of hunger and malnutrition by 2030. In order to achieve this goal, the governments need to promote sustainable agricultural practices; offer their citizens healthy and affordable food. The initial social response during the pandemic was to stock as much as possible. However, due to travel restrictions, transportation of agricultural produce was negatively affected. Many farmer markets were closed, forcing the farmers to dump their produce. Equally important, the food-processing factories were shut down due to Covid-19 cases among workers.

The pandemic has also forced people to cook and eat healthy food at home. The boosted demand for healthy food is likely going to have a long-term effect on consumer preferences. Thus, we might observe sustained demand for organic and healthy food. Hopefully, the demand for junk food might be reduced in long term. One thing for sure is that food security will be back in national security agendas and may take some funds from defense into agriculture. The investment in agriculture might also serve to reduce poverty among rural households.

[1] An extended version of this article covering the impact of Covid-19 on UN-SDGs are available as a working article here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3592933

 

 

 

 

In early civilization, the transition took place in Homo Sapiens' lifestyle from Nomadic to Neolithic, which means from ‘hunting and gathering’ to ‘agriculture and settlement’. They started embracing the domestication of plants and animals, which is considered as the first agricultural revolution. This change in lifestyle laid the foundation of religious, social, and political ideologies and structures. Depersonalized systems of knowledge such as writing, sharing, arts and architecture, division of labour, trade, etc. started to get established.

The first industrial revolution witnessed mechanization, which is mainly attributed to the invention of the steam engine, and lead to the shift in the focus from agriculture to manufacturing. It is believed that this phase of the industrial revolution started in the year 1784 when they used water and steam power to develop mechanized factories for production of chemicals, iron, coal, yarn, and clothes.

The second industrial revolution, which is also known as the Technological Revolution, is mainly credited to electrical energy and telephone. This phase started in the year 1870, by rapid industrialization and standardization to develop, railroad and telephone networks, water and gas supply, large-scale production of iron and steel, use of petroleum, internal combustion engines, automobiles, radio, and television. These developments lead to an unprecedented movement of people, ideas, and integration of economies.

The third industrial revolution started from the year 1969 and is associated with the emergence of electronics, automation, computers and information technology. This phase introduced semiconductors, personal and mainframe computers, and the internet as a digital revolution. This pervasive digital technology drastically disrupted industries by automating their production and supply chain globally.

The fourth and current industrial revolution, which started from the year 2010, centered around digitalization, robotics, and machine learning. It is not only transforming industry but also people’s life and work. In this phase, manufacturing technologies and processes are including cyber-physical systems, Internet of Things, Industrial Internet of Things, cloud computing, cognitive computing, artificial intelligence, big data analytics, smart sensors, 3D printing, augmented reality, advanced human-machine interface, etc.

The two interesting facts worth highlighting from these four industrial revolutions are, successive industrial revolutions have taken lesser time to happen, and its crusade is shown below

 

 

These industrial revolutions also brought the concept of industrial capitalism, factory system and more complex division of labour. In the early 19th century, industrialised Britain started relaxing its protectionist approach to capture the global market through free-trade. And then gradually, capitalism was carried across the world in the name of Globalization. Now, what we are experiencing is brazen capitalism at a global level, dominated by industrialized nations. There is no real respect shown by the states and statesmen for human values, peace, health, environment and natural resources over the creation of wealth.

Nature was alarming us in the form of global warming and extreme weather conditions due to environmental degradation, but we kept on ignoring it for quite some time. Now, the COVID-19 pandemic broke the boundaries of states and diminished the differences between the rich and the poor. It reminds the Sapiens that what really matters are 'human values' and 'Co-existence with Nature' over capitalism across the globe. Now after a decade of the fourth industrial revolution, author foresees the advent of fifth, which will start latest by the year 2022, and will certainly force us to take a pause on growing voracity of capitalism and start focusing on 17 Sustainable Development Goals of United Nations, which 195 countries have already agreed to achieve by 2030.   

 

 

 

 

Investment is the key to economic development, which is a continuous process, for it is a respond to the ever-rising human wants. Investment, in the case of underdeveloped countries, of which the United Arab Emirates (UAE) was one just a few years ago, are called upon to break the shackle of the ‘vicious circle of poverty’ (VCP) and put them on the road to economic development and prosperity.

The rise of the economy through investment is, perhaps, better demonstrated in the United Arab Emirates, which has risen from a low level of economic development to a world-class economic development. The UAE is considered to be a high home for national and international investments, and private as well as public investments. For example, the recessionary ecosystem which appears to be ever haunting the business world owes to the depressed demand and investment conditions to stimulate which is an easy money/credit policy that is universally in vogue.

According to the IMF, the year 2019-2020 is likely to end in with 90 percent of the world in declined growth rates. The current great depression which began with Covid-19 in December 2019 hints the need for business firms to think of their investments in terms of social needs and values, without giving up their profit goals or objectives. There is already a thought heading to this direction— the Social Value Investment, a recent book making headlines in this field. The Social Value Investing by Howard W. Buffett, the grandson of Warren Buffett of the renowned Berkshire Hathaway, and William B. Eimicke, from Colombia University -- business icons and pride of the United States of America who continue to hold their heads high despite being buffeted by friends and foes alike. The book is a well-researched one. Utopian Entrepreneurs and business people, so to speak, live and work for profit, and then believe that there is nothing wrong or immoral with profits in business term because without profits, which are rewards or “wages” of entrepreneurship and enterprise, there won’t be any entrepreneurial or business activity and no production and delivery of goods and services.

There won’t be that "making of bread and making of wine" so to speak. These concepts are familiar since Adam Smith expounded the principles of business of prices and profits, moving the economic system in an atmosphere of letting the business alone or laissez-faire, which prioritizes the freedom of enterprise or production for profits rather than for social purposes. Smith was the father of the Industrial Revolution and Trade Revolution in the 18th and 19th centuries when industrialists and traders were the ‘monarchs,’ but which cannot be the case today. So, social value investing cannot be held to be a Utopian concept that cannot take off.

Berkshire Hathaway is considered to be an example of social purpose or value investment, which is not making too much of Berkshire Hathaway. Warren Buffett is known for simple living, high wealth creation, and philanthropy in billions of dollars. In any case, the case for social value or purpose investments is quite strong in itself and seems an investment inevitability in our uncertain and disturbed world. Social Value Investment appears to be the first condition for realizing sustainable development goals (SDGs), after MDGs. Companies consider it their best.

Corporate Social Responsibility is a different game, which many corporations do not take seriously. Hence, the decision of French President Macron to tax non-tax paying stellar MNCs. Governments, too, are not above the blame game. The golden rule of investment is not just to think of the ‘self’', but also of ‘society', to which one owes a debt of Return and not of default or write-off. SDGs would be a distant dream than their fixed time horizon which is 2015-2030.

There are rays of hope spread across the horizon in the form of the millennial start-ups, especially in India where millions of young women and men with education and well-paying jobs at home and abroad are moving into the town and villages with solutions to the problems in their country in every field, especially in its poor-paying agriculture. They worked with a 24/7/365 work schedule of farmers. There are various ventures from organic farming to the production of environment-friendly agricultural goods. In the UAE, the move is towards a Green Economy. In the field of housing, the premier iconic house of Tata’s, has a Nano housing for the poor in India. They were also makers of the common man’s Nano Car. There seems a need for Nano-tractors through Social Value Investment, with which the passage of time is sure to develop momentum.

The last few weeks have proven how mankind is adaptive to difficult and awkward situations. The current crisis of the Coronavirus known as COVID-19 has dictated the behavior of humans and restricted us to stay at home. Now the question is, “will we stay put?” The answer is “of course not,” but how will we be able to do our jobs and complete the tasks assigned to us. For us, particularly the educators, it was not hard to find alternatives, as one of the most obvious and easy substitutes for the conventional classroom is online live teaching. Education, both sides of the coin — whether teaching or learning, has no limits and does not believe in obstacles or boundaries. With the help of information technology and its fast-paced evolution, education can be easily facilitated anywhere across your home town, city, or even globally. The dramatic evolution in telecommunications and connectivity has powered and equipped the teachers and students with information technology skills that help in the process of education. It has made a wider range of courses available online and students can learn wherever they are. Today, for instance, I had a class where some of my students attended from their workplace. Online education is now part of our normal lives as we are surrounded by a wide range of technologies and live video streaming that makes online classes more engaging as the traditional classes, proving that conventional education is changing drastically. Technology goes hand in hand with education nowadays as new techniques and skills can be acquired by both teachers and students, ensuring the quality of education that students get which they can use to attain academic success. Now, teachers can conduct live online classes and also produce digital content of almost the same quality and content created during the conventional classes. With the state-of-the-art technology available today, the classroom has reached the optimum settings equal to or sometimes better than the traditional settings. With the Learning Management Systems, smart contents that include textbooks, figures, audio files, video files, and live video lectures, education has been made easy in both ways. Beyond that, technology made the traditional syllabuses to create customized learning materials for certain subjects as mentioned, and as a result, teaching and learning materials are being digitized with new interfaces that are made easy to help the students of all academic grades and ages. Of course, not to forget shedding light on the valuable role of Artificial Intelligence in the education process. The dynamic nature of Artificial Intelligence makes new opportunities for teachers-students interaction that was not available a few years ago. This is all because of the variety of top-notch technologies and dynamic contents as compared to the outdated materials and documents in fixed static environments of the past. Moreover, we must agree that Artificial Intelligence has a great potential to excel and expedite new synergistic teaching pedagogies that helps in the learning process.