Emerging markets are transactional areas where consumers and producers are not able to productively interact due to a lack of intermediaries. This ‘lack of intermediaries’ constitutes an institutional void which, simply put, is a missing part of an economy that would allow market transactions to become more efficient if it existed. For example, India has an institutional void in the form of unaffordable health care for the poor (more on this later). Devi Shetty, an Indian philanthropist, entrepreneur and cardiac surgeon, decided to fill this void by starting a chain of hospitals called ‘Narayana Health‘ which provide state of the art care to anyone who enters its doors, and all at an unbelievably low cost. This is done by exploiting the idea behind economies of scale which is made possible as the population density in India is extremely high.
The aspirations of people living in developing countries are on the rise due to an increase in internet access among the population. Previously, these people could only compare themselves to their neighbours and other members of their community, but now, they have the ability to compare themselves to citizens of the developed world. They can see the opportunities available to children of wealthy parents as opposed to their own children who may have limited options. In addition, poverty-stricken children who have the chance to browse the web can dream bigger and better than ever before. These rising aspirations could either be met by opportunity or frustration. Is it our job, here in the developed world, to help opportunity prevail? I’d say so.
If you haven’t come across an article titled ‘And God Created Millenial Earth‘ by Sara K. Runnels yet, then you’re in for a treat. It’s a twist on Genesis which incorporates millennial stereotypes. Anyway, I just wanted to share it because, as a Millenial, I found it humorous and entertaining so hopefully it gives you something to smile about today!
The technological revolution has given rise to the development of many complex gadgets and devices which, 100 years ago, no one could have ever predicted. Lifestyles of the 20th and 21st century couldn’t be more different. Technology has allowed humans to overcome the obstacles of time and space, in order to achieve tasks that were previously deemed impossible. Not only can we contact anyone on the face of the Earth, we can extend people’s lives with organ transplants and we have even put man on the moon. It seems as though there is nothing that can come in our way; as a race, we have become unstoppable. Or have we? Unfortunately, every advantage comes with a disadvantage and as technology is hugely advantageous to us, we can only expect the drawbacks to be just as bad. Yes, technology has saved more lives than it has taken, but, its implications are largely mental, and irreversible.
In this post I’m sharing a research project I completed a couple of months ago, regarding migration policy in India. I wanted to share this report because, in the developed world, we often feel like we’re having numerous problems with migration which can sometimes drive us insane. But we mustn’t forget the even bigger issues that people in the developing world face. This realisation hopefully helps to ground us and remind us of our more privileged position.
I want to quickly encourage anyone reading this post to go to the new Brains Unite blog and share their thoughts on the topic of the month: ‘the future of transportation‘. It’s almost the end of August so I would appreciate it if you could at least read some of the awesome posts the Brains Unite team have published and worked hard on to show your support. There’s still time to get involved and comment on these interesting posts which are freely at your disposal on the site, so I urge you to do so! Thanks in advance, and please, spread the word as I’d love for Brains Unite to include the opinions of anyone and everyone, especially you. Lastly, I hope you’ve had an amazing August!
Google has a massive market share which is reflective of it’s huge influence on society. Therefore, naturally, many people have questioned whether Google has been abusing it’s power over the Internet and exploiting Google search engine users for it’s own benefit since it has the potential to quite easily do so. Recently, the European Commission accused Google of breaching antitrust laws (more on this later) which resulted in a large fine for the company. But, this fine was nothing more than a tiny fraction of Google’s total net worth… Nevertheless, it is a step towards taming these large companies and ensuring that they act in order to protect the interests of their consumers.