8 Dec 2016

Online Course to Learn Compelling Resume, Networking & Interview Skills

Enrolment: self paced
Timeline: 4 weeks @ 1-2 hours/week
Skill Level: Introductory
Course of Study: Resume, Networking, and Interview Skills | Course Platform: edX
Created by: Fullbridge
Cost: Free
Get the job you want with compelling resume writing and focused interview preparation.
What you’ll learn
  • How to construct eye-catching resumes, cover letters, and other supplements
  • How to customize application materials for different professional opportunities
  • How to create and curate professional profiles on social networks like LinkedIn to showcase your strengths
  • How to strategically grow and use your network
  • How to prepare for and excel in any interview
  • How to effectively follow up with interviewers and hiring managers throughout the interview process
Eligibility requirement
For current and prospective job seekers
Certificate offered? Yes
How to Enrol

Online Course: Understanding Economic Development by University of Oxford

Enrolment: Self paced
Timeline: 6 weeks @ 2-3 hours per week
Skill Level: Intermediate
Course of Study: Economic & Finance| Course Platform: edX
Created by: University of Oxford
Cost: Free
About the Course
How can poor societies become prosperous and overcome obstacles to do so? Professor Sir Paul Collier is one of the world’s leading scholars on this question, and in this economics course you will have the opportunity to learn from him directly.
This course will discuss and examine the following topics:
  • The role of government and the key political, social and economic processes that affect development;
  • Why societies need polities that are both centralised and inclusive, and the process by which these polities develop;
  • The social factors that are necessary for development, including the importance of identities, norms, and narratives;
  • The impact of economic processes on development, including discussion about how government policies can either promote or inhibit the exploitation of scale and specialisation;
  • The external conditions for development, including aid, trade, migration, military interventions, and international rules for governance.
Enrol in this course to understand the factors that influence economic development and the different development paths that countries across the world have taken.
Eligibility requirement
Anyone interested to:
  • Identify internal political, social, and economic factors that influence development;
  • Understand how external influences can impact the internal political, social, and economic processes;
  • Understand the varied paths of development that different countries have taken;
  • Apply the concepts learned by completing an assignment that requires you to compare the development path of two chosen countries.
Certificate offered? Yes
How to Enrol

Nigeria Undergraduate/Masters Excellence Scholarships at Swansea University UK 2017/2018

Application Deadline: 6th July 2017
Offered annually? Yes
Scholarship Name: Nigeria undergraduate excellence scholarships and Nigeria international excellence scholarships (postgraduate)
Eligible Field of Study: Courses offered at the university
Type: Undergraduate and Postgraduate Scholarships for Nigerian Students
Selection Criteria and Eligibility: You can apply for the International Excellence Scholarships for Undergraduates if you:
  • are a national of (or permanently domiciled in) Nigeria
  • are classed as an overseas student for fee purpose
  • are enrolling on a course at Swansea University for the first time in September 2016. (Students applying for second year entry and foundation level students are not eligible to apply)
  • have already submitted your application and hold an offer to study at Swansea University in September 2016
You can apply for the International Excellence Scholarships for Postgraduate if you:
  • are a national of (or permanently domiciled in) Nigeria
  • are classed as an overseas student for fee purpose
  • are enrolling on a postgraduate course at Swansea University for the first time in September 2016.
  • have already submitted your application and hold an offer to study at Swansea University in September 2016
Number of Scholarships: Several
Value of Scholarship: The International Development Office is offering a number of £4000 (+£2000*) undergraduate scholarships. *If you receive £4,000 in your first year (2017/2018) you will be awarded £2,000 in your second year conditional on you passing the first year with an overall average of 65%
Duration of Scholarship: Subject to performance
Eligible Countries: Nigeria
To be taken at (country): Swansea University UK
How to Apply
Visit scholarship webpage for details
Sponsors: International Development Office at Swansea University

Swansea University Undergraduate/Masters Excellence Scholarships 2017/2018 – UK

Application Deadline: 6th July 2017
Offered annually? Yes
To be taken at (country): Swansea University UK
Eligible Field of Study: Courses offered at the university
Type: Undergraduate and Postgraduate Scholarships for Kenyan Students
Selection Criteria and Eligibility: All Undergraduate and Postgraduate applicants must be enrolling on an eligible course at Swansea University for the first time in September 2017.
 Number of Scholarships: Several
Value of Scholarship: Students with a history of academic and personal excellence are invited to apply for our International Excellence Scholarships
  • Worth up to £6000* for Undergraduate study
  • Worth up to £4000 for Postgraduate study
* Undergraduate International Excellence Scholarships are available for the first year of any Undergraduate degree programme with up to £4000 being awarded. Scholarship holders progressing to Year 2, will be eligible for a £2000 award dependent on academic results of Year 1 of 65% and above.
Duration of Scholarship: Subject to performance
How to Apply
Sponsors: International Development Office at Swansea University

Nottingham Trent University Scholarship for Postgraduate International Students 2017/2018 – UK

Application Deadlines: 
Courses starting in September 2017
  • Monday 20th February 2017 16.00 GMT (4pm)
  • Monday 24th April 2017 16:00 GMT (4 pm)
  • Final deadline: Monday 19th June 2017 16:00 GMT (4 pm)
Courses starting in January 2018
  • Monday 16th October 2017 16:00 GMT (4 pm)
  • Final deadline: Monday 13th November 2017 16:00 GMT (4 pm)
Offered Annually: Yes
About Scholarship: Nottingham Trent University is pleased to offer scholarships for international students starting a full-time undergraduate course. This application form can be used to apply for the International Undergraduate Scholarship. This scholarship is worth £2,000 per year for a three year course.
Scholarship Worth: £2,000 per year
Eligibility: All international (non-EU) candidates holding an offer for 2017/2018 entry to an undergraduate or postgraduate taught course are eligible to apply for scholarship.
Duration of Scholarship: Three year course.
How to apply: 
Download and fully complete the International Scholarship Scheme application form. Candidates should make sure they fill in all sections and send their completed form to international@ntu.ac.uk before 4pm GMT
For more details about this scholarship visit scholarship webpage
Important Note: By completing this application form, candidate will also automatically be considered for any other International Development Scholarships that they might be eligible for.

Japan: Matsumae International Foundation (MIF) Research Fellowship for Natural Science, Engineering and Medicine 2018

Application Deadline: 31st August, 2017
Offered annually? Yes
Eligible Countries: International
To be taken at (country): Japan
Eligible Fields of Study:  Fields of study such as natural science, engineering and medicine are given first priority. Candidates are free to select host institutions (university research laboratories, national research institutions or the corresponding facilities of private industry)
About the Award: Upon the concept of the founder of the Matsumae International Foundation (MIF), “Towards A Greater Understanding of Japan and a Lasting World Peace”, MIF has started the Research Fellowship Program in 1980.
Type: Fellowship
Eligibility: To be eligible, candidates must:
  • be of non-Japanese nationality;
  • have a Doctorate degree;
  • be 49 years old or under;
  • not have been in Japan previously;
  • have firm positions and professions in their home nations
Number of Awardees: Twenty (20)
Value of Scholarship: 
  • Stipend for research and stay
  • Insurance
  • Air transportation (a round-trip air ticket to/from Tokyo)
  • Lump sum on arrival
Duration of Scholarship: From three(3) to six(6) months. The commencing month and ending month should be between April 2018 to March 2019. (e.g. 5 months from June 2018 to October 2018)
How to Apply: Visit Scholarship Webpage to apply.
Before applying for this scholarship, candidates should download the Fellowship Application Requirements  in PDF 
Award Provider: The Matsumae International Foundation (MIF)

University of Hull Commonwealth Shared Scholarship Scheme 2017/2018 – UK

Application Deadline: 29th March, 2017
Offered annually? Not stated
To be taken at (country): University of Hull, UK
Eligible Field of Study:Candidates must have been offered a place on one of the following courses starting in September 2016 before applying under this scheme. Candidates who have applied for research programmes or Master of Business Administration are not eligible:
  • Cancer Imaging
  • Environmental Change, Management and Monitoring
  • Renewable Energy
  • Translational Oncology
About the Award: The University of Hull, UK, is seeking to award international postgraduate students to broaden their intellectual and personal horizons and to motivate them towards high achievement. The scholarship will be given to bright international students from Commonwealth countries making applications for entry to a one-year postgraduate taught programme. The scholarship will cover all postgraduate expenses in full.
Type: Masters
Eligibility: To be eligible for the award, applicants must:
  • Be a Commonwealth citizen, refugee, or British protected person
  • Be permanently resident in a developing Commonwealth country
  • Be available to start your academic studies in the UK by the start of the UK academic year in September/October 2017
  • By August 2017, hold a first degree of at least upper second class (2:1) honours standard
  • Not have studied or worked for one (academic) year or more in a developed country
  • Be unable, either yourself or through your family, to pay to study in the UK
Number of Awardees: Not specified
Value of Scholarship: The scholarship will cover postgraduate taught tuition fees in full.  It does not cover living expenses.
Duration of Scholarship: One (1) year
How to Apply: Candidates who feel they meet the desired requirements should visit the Commonwealth Shared Scholarships – information for candidates webpage to complete an online application.  This is in addition to the application form you must fill in to apply for your chosen course of study at the University.
The deadline for applying for the scholarship is 29 March 2017. Please note that competition for the Commonwealth Shared Scholarship awards is strong; the University will receive funding for only three awards.  We would urge you, therefore, to also explore other avenues of personal funding.
Award Provider: University of Hull, UK

Japan: University of Tsukuba Program in Economic and Public Policy (PEPP) Scholarships for Developing Countries 2017/2018

Application Deadline: 23:59 28th February, 2017 (JST)
Offered annually? Yes
Eligible Countries: Developing Countries
To be taken at (country): Japan
About the Award: The objective of the Program in Economic and Public Policy (PEPP) is to provide, within the time frame of 18 months, training and the necessary skills for the conception, design, and implementation of development policies. Our focus is on International Development with a trans-disciplinary approach to the economic and social problems of developing countries and former socialist countries.
Type: Masters/PhD
Eligibility: To apply to PEPP by JJ/WBGSP scholarship, applicant must:
  • Be a national of a World Bank (WB) member country that is eligible to receive WB financing and not be a national of any country that is not eligible to receive the WB financing.
  • Hold a Bachelor’s degree or its equivalent with superior academic achievement earned more than three (3) years before the Scholarship Application Deadline.
  • Not have received any scholarship funding to earn a Graduate degree or its equivalent from any sources funded by the government of Japan.
  • Be employed in a paid and full-time position at the time of the Scholarship Application Deadline unless the applicant is from a country identified in the WB’s “Harmonized List of Fragile Situations.”
  • Have, by the time of the Scholarship Application Deadline, at least three (3) years of recent full-time paid professional experience acquired in development-related work after a Bachelor’s degree or its equivalent. If the applicant is from a country identified in the WB’s “Harmonized List of Fragile Situations” at the time of the Scholarship Application Deadline, the recent professional experience does not have to be full-time or paid.
  • Be under the age of forty-five (45) at the Scholarship Application Deadline.
  • Not be an Executive Director, his/her alternate, staff of the World Bank Group (the World Bank, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, and International Center for Settlement of Investment Disputes), or a close relative of the aforementioned.
To apply to PEPP by ADB-JSP scholarship, applicant must:
  • Be a national of an Asian Development Bank (ADB) borrowing member.
  • Gain admission to an approved MA/PhD course at an academic institution.
  • Hold a bachelor’s degree or its equivalent with superior academic record.
  • Have at least two (2) years of full-time professional working experience (acquired after a university degree) at the time of application.
  • Have proficiency in oral and written English communication skills.
  • Be not more than 35 years of age at the time of application.
  • Agree to return to his/her home country after completion of studies under the Program.
  • Not be an Executive Director, Alternate Director, management, staff or consultant of ADB, or a relative of the aforementioned. Staff of the JSP-designated institutions are not eligible to apply to their own institution.
  • Not be living or working in a country other than his/her home country.
  • Not be enrolled in other graduate degree programs.
Number of Awardees: Not specified
Value of Scholarship: Students who have been given scholarship grants by the Joint Japan/World Bank Graduate Scholarship Program (JJ/WBGSP) of the World Bank and the Asian Development Bank-Japan Scholarship Program (ADB-JSP) will enjoy the following benefits:
– Round trip air travel (economy class) between home country and Japan, plus a travel allowance of US$ 500 for each one-way trip
– Full tuition and fees
– A monthly living stipend
– National health insurance
– Other program expenses such as Japanese lessons, educational trips, internship, etc.
How to Apply: 
  1. Check if you meet all application requirements above.
  2. To complete application process efficiently and successfully, you must read the Application Instructions carefully before/during application process. FAQ may be of assistance to you.
  3. Go to our Online Application System to start application process.
Award Provider: University of Tsukuba

University of Staffordshire Undergraduate and Postgraduate Scholarships for International Students 2017/2018

Application Deadlines:
  • 31st May 2017
  • 31st October, 2017
Offered annually? Yes
To be taken at (country): United Kingdom
About the Award: As part of ongoing commitment to increase the number of high quality international students on campus at Staffordshire, the university has taken the decision to offer a range of generous Scholarships to international students
Eligible Countries: 
Africa:                  Ghana, Nigeria, Cameroon, Kenya and Uganda
East Asia:            China, Hong Kong, Japan, Macau, South Korea, Taiwan and Vietnam
Europe:                Norway and Turkey
Middle East         Jordan, Kuwait, Oman, Qatar, Saudi Arabia and UAE
South Asia:          Bangladesh, India and Sri Lanka
South East Asia: Brunei, Indonesia, Malaysia, Singapore and Thailand
Type: Scholarships for Undergraduate and Postgraduate Degrees.
Eligibility:
  • Eligibility by grades:
    • Applicants with results equivalent to UK First Class degree:£2,000
    • Applicants with results equivalent to UK 2:1 degree: £1,500
    • Applicants with results equivalent to UK 2:2 degree: £1,000
  • Eligibility by country:
    Scholarships are to be confined to international tuition fee payers only who are domiciled in one of the countries listed above
    This will be evidenced in the application process by the submission of a valid passport
  • Eligibility by funding status:
    Scholarships will be available to self-funding students only and not to those in receipt of company, government or philanthropic trust funding.
    For example, students funded by Shell, the Saudi government, the Aga Khan Foundation etc. will not be eligible for a Staffordshire University scholarship
  • Students who receive the Alumni Discount of 15% will not be eligible for any further Staffordshire University scholarship
  • Students who receive the International Partner Progression Scholarship will not be eligible for any further Staffordshire University scholarship
Number of Awardees: Not specified
Value of Scholarship: 
  • Foundation: Automatic £1,000 scholarship for applicants
  • Undergraduate: Automatic £1,000 Scholarship for applicants.
  • Postgraduate Scholarship is as follows:
    • Candidates with results equivalent to UK First Class degree: £2,000
    • Candidates with results equivalent to UK 2:1 degree: £1,500
    • Candidates with results equivalent to UK 2:2 degree: £1,000
Duration of Scholarship: 1 year for postgraduate, 4 years for Undergraduate
Award Provider: University of Staffordshire
Important Notes: The Merit scholarships will be awarded automatically on application to the University.

International Undergraduate Scholarship Program at University of Adelaide 2017/2018

Application Deadlines: 
  • 20th January 2017
  • 23rd June 2017
Offered annually? Yes
Eligible Countries: Students from all countries except Newzealand and Australia
To be taken at (country): Australia
Eligible Field of Study: Any discipline except Bachelor of Medicine, Bachelor of Surgery (MBBS), Bachelor of Dental Surgery (BDS), Bachelor of Oral Health and Bachelor of Science (Veterinary Bioscience)
About the Award: The University of Adelaide, Australia is offering a scholarship program to eligible applicants completing Foundation Studies or secondary studies overseas or in Australia, or those transferring into the later years of an undergraduate degree with advanced standing
Type: Undergraduate Degree
Eligibility: The selection process for the Adelaide International Undergraduate Scholarships is competitive, with academic achievement forming the main basis for scholarship selection. As a general guide, the University of Adelaide will consider candidates who have achieved an academic level which is the equivalent of a GPA of 6/7 (85%) for a scholarship.
As the aim of the scholarship program is to attract excellent candidatesvfrom a wide range of countries, factors such as country of citizenship and program of study may also be taken into consideration in some cases in the scholarship selection process.
Selection Criteria: 
  • Applicants must have received an offer of admission from the University before lodging their scholarship application (applicants with a conditional offer may apply, but will need to accept and meet the conditions of their offer before a scholarship can be confirmed)
  • Scholarship selection is based on academic merit (in certain cases country of citizenship and program of study may also be taken into consideration when awarding scholarships)
  • Applications will be considered and scholarships offered on a rolling basis until all scholarships have been awarded
  • Successful applicants will be notified within 4 to 6 weeks of lodging the scholarship application; unsuccessful applicants will NOT be contacted.
Number of Awardees: Up to 40 scholarships available each year
Value of Scholarship: The scholarship will provide each successful candidate a waiver of 25% of the annual tuition fee for each year of the program for the full duration of the program.
Duration of Scholarship: Four(4) years
How to Apply: Applicants may apply online for a scholarship here.
Award Provider: University of Adelaide

Why Turkey Is Seeking Close Cooperation With Russia In Syria?

Nauman Sadiq

The sudden thaw in Turkey’s relations with Russia and latent hostility towards America is partly due to the fact that Erdogan holds the US-based preacher, Fethullah Gulen, responsible for the July coup plot and suspects that the latter had received tacit support from certain quarters in the US; but more importantly Turkey also feels betrayed by the duplicitous American policy in Syria and Iraq, and that’s why it is now seeking closer cooperation with Russia in the region.
In order to elaborate American duplicity in Syria, let us settle on one issue first: there were two parties to the Syrian civil war initially, the Syrian regime and the Syrian opposition; which party did the US support since the beginning of the Syrian civil war in August 2011 to June 2014, when the Islamic State overran Mosul in Iraq?
Obviously, the US supported the Syrian opposition. And what was the composition of that so-called “Syrian opposition?” A small fraction of it was comprised of defected Syrian soldiers who go by the name of Free Syria Army, but the vast majority has been comprised of Islamic jihadists who were generously funded, trained, armed and internationally legitimized by the Western powers, the Gulf States, Turkey and Jordan.
The Islamic State is nothing more than one of the numerous Syrian jihadist outfits, others being: al Nusra Front, Ahrar al-Sham, al-Tawhid brigade, Jaysh al Islam etc. The reason why the US has turned against the Islamic State is that all other jihadist outfits have local ambitions that are limited to fighting the Syrian regime only, while the Islamic State overstepped its mandate in Syria when it captured Mosul and Anbar in Iraq.
All the Sunni jihadist groups that are operating in Syria are just as brutal as the Islamic State. The only thing that differentiates the Islamic State from the rest is that it is more ideological and independent-minded, and it also includes hundreds of Western citizens in its ranks who can later become a national security risk to the Western countries; a fact which has now become obvious after the Paris and Brussels bombings.
This fact explains the ambivalent policy of the US towards a monster that it had nurtured in Syria from August 2011 to June 2014, until the Islamic State captured Mosul in June 2014 and also threatened America’s most steadfast ally in the region – Masoud Barzani and his capital Erbil in the Iraqi Kurdistan, which is also the hub of Big Oil’s Northern Iraq operations. After that development, the US made a volte-face on its previous regime-change policy in Syria and now the declared objective became the war against the Islamic State.
Notwithstanding, the dilemma that Turkey is facing in Syria is quite unique: in the wake of the Ghouta chemical weapons attacks in Damascus in August 2013 the stage was all set for yet another no-fly zone and “humanitarian intervention” a la Qaddafi’s Libya; the war hounds were waiting for a finishing blow and the then-Turkish foreign minister, Ahmet Davutoglu, and the former Saudi intelligence chief, Bandar bin Sultan, were shuttling between the Western capitals to lobby for the military intervention. Francois Hollande had already announced his intentions and David Cameron was also onboard.
Here it should be remembered that even during the Libyan intervention, Obama’s policy was a bit ambivalent and France under the leadership of Sarkozy had taken the lead role. In the Syrian case, however, the British parliament forced Cameron to seek a vote for military intervention in the House of Commons before committing the British troops and air force to Syria.
Taking cue from the British parliament, the US Congress also compelled Obama to seek approval before another ill-conceived military intervention; and since both the administrations lacked the requisite majority in their respective parliaments and the public opinion was also fiercely against another Middle Eastern war, therefore, Obama and Cameron dropped their plans of enforcing a no-fly zone over Syria.
In the end, France was left alone as the only Western power still in the favor of intervention; at this point, however, the seasoned Russian foreign minister, Sergei Lavrov, staged a diplomatic coup by announcing that the Syrian regime is willing to ship its chemical weapons’ stockpiles out of Syria and subsequently the issue was amicably resolved.
Turkey, Jordan and the Gulf Arab states – the main beneficiaries of the Sunni Jihad in Syria, however, lost a golden opportunity to deal a fatal blow to the Shi’a alliance comprising Iran, Syria and their Lebanon-based proxy, Hezbollah.
To add insult to the injury, the Islamic State, one of the numerous Sunni jihadist outfits fighting in Syria, overstepped its mandate in Syria and overran Mosul in northern Iraq in June 2014 and threatened the capital of America’s most steadfast ally in the region – Masoud Barzani’s Erbil, as I have already mentioned.
The US had no choice but to adopt some countermeasures to show that it is still sincere in pursuing its schizophrenic “war on terror” policy; at the same time, however, it assured its Turkish, Jordanian and Gulf Arab allies that despite fighting a war against the maverick jihadist outfit, the Islamic State, the Western policy of training and arming the so-called “moderate Syrian militants” will continue apace and that Bashar al-Assad’s days are numbered, one way or the other.
Moreover, declaring the war against the Islamic State in August 2014 served another purpose too – in order to commit the US Air Force to Syria and Iraq, the Obama Administration needed the approval of the US Congress which was not available, as I have already mentioned, but by declaring a war against the Islamic State, which is a designated terrorist organization, the Obama Administration availed itself of the “war on terror” provisions in the US’ laws and thus circumvented the US Congress.
But then Russia threw a spanner in the schemes of NATO and its Gulf Arab allies in September 2015 by its surreptitious military buildup in Latakia that was executed with an element of surprise unheard of since Rommel, the Desert Fox. And now Turkey, Jordan, the Gulf Arab states and their Sunni jihadist proxies in Syria find themselves at the receiving end in the Syrian civil war.
Therefore, although the Sunni states of the Middle East still toe the American line in the region publicly, but behind the scenes there is bitter resentment that the US has let them down by making an about-face on the previous regime change policy in Syria and the subsequent declaration of war against one group of Sunni militants in Syria, i.e. the Islamic State.
This change of policy by the US directly benefits the Iranian-led axis in the region. In the war against the Islamic State in Mosul, Turkey has also contributed troops but more than waging a war against the Islamic State the purpose of those troops is to ensure the safety of the Sunni population of Mosul against the onslaught of the Iraqi armed forces and especially the irregular Shi’a militias, which are known for committing excesses against the Sunnis in Iraq.
Notwithstanding, in order to create a semblance of objectivity and fairness, the American policymakers and analysts are always willing to accept the blame for the mistakes of the distant past that have no bearing on the present, however, any fact that impinges on their present policy is conveniently brushed aside.
In the case of the creation of the Islamic State, for instance, the US’ policy analysts are willing to concede that invading Iraq back in 2003 was a mistake that radicalized the Iraqi society, exacerbated the sectarian divisions and gave birth to an unrelenting Sunni insurgency against the heavy handed and discriminatory policies of the Shi’a-dominated Iraqi government.
Similarly, the “war on terror” era political commentators also “generously” accept that the Cold War era policy of nurturing the al Qaeda, Taliban and myriads of other Afghan so-called “freedom fighters” against the erstwhile Soviet Union was a mistake, because all those fait accompli have no bearing on their present policy.
The corporate media’s spin doctors conveniently forget, however, that the creation of the Islamic State and myriads of other Sunni Arab jihadist groups in Syria and Iraq has as much to do with the unilateral invasion of Iraq back in 2003 under the previous Bush Administration as it has been the doing of the present policy of the Obama Administration in Syria of funding, arming, training and internationally legitimizing the Sunni militants against the Syrian regime since 2011-onward in the wake of the Arab Spring uprisings in the Middle East and North Africa region. In fact, the proximate cause behind the rise of the Islamic State, al Nusra Front, Ahrar al-Sham and numerous other Sunni jihadist groups in Syria and Iraq has been the Obama Administration’s policy of intervention through proxies in Syria.

Exploiting Terrorism For Economic Gains

Nauman Sadiq

In order to understand the hype surrounding the phenomena of Islamic radicalism and terrorism, we need to understand the prevailing global economic order and its prognosis. What the pragmatic economists forecasted about the free market capitalism has turned out to be true; whether we like it or not. A kind of global economic entropy has set into motion. The money is flowing from the area of high monetary density to the area of low monetary density.
The rise of the BRICS countries in the 21st century is the proof of this trend. BRICS are growing economically because the labor in developing economies is cheap; labor laws and rights are virtually nonexistent; expenses on creating a safe and healthy work environment are minimal; regulatory framework is lax; taxes are low; and in the nutshell, windfalls for the multinational corporations are huge.
Thus, BRICS are threatening the global economic monopoly of the Western capitalist bloc: that is, North America and Western Europe. Here we need to understand the difference between the manufacturing sector and the services sector. The manufacturing sector is the backbone of the economy; one cannot create a manufacturing base overnight. It is founded on hard assets: we need raw materials; production equipment; transport and power infrastructure; and last but not the least, a technically-educated labor force. It takes decades to build and sustain a manufacturing base. But the services sector, like the Western financial institutions, can be built and dismantled in a relatively short period of time.
If we take a cursory look at the economy of the Western capitalist bloc, it has still retained some of its high-tech manufacturing base, but it is losing fast to the cheaper and equally robust manufacturing base of the developing BRICS nations. Everything is made in China these days, except for hi-tech microprocessors, software, a few internet giants, some pharmaceutical products, the Big Oil and the all-important military hardware and the defense production industry.
Apart from that, the entire economy of the Western capitalist bloc is based on financial institutions: the behemoth investment banks, like JP Morgan chase, total assets $2359 billion (market capitalization: 187 billion); Citigroup, total assets $1865 billion (Market Capitalization: 141 billion); Bank of America, total assets $2210 billion (Market Capitalization: 133 billion); Wells Fargo and Goldman Sachs; BNP Paribas and Axa Group (France), Deutsche Bank and Allianz Group (Germany), Barclays and HSBC (UK).
After establishing the fact that the Western economy is dependent mostly on its financial services sector, we need to understand its implications. Like I have said earlier, that it takes time to build a manufacturing base, but it is relatively easy to build and dismantle an economy based on financial services. What if Tamim bin Hammad Al Thani (the ruler of Qatar) decides tomorrow to withdraw his shares from Barclays and put them in some Organization of Islamic Conference-sponsored bank in accordance with Sharia?
What if all the Arab sheikhs of Gulf countries withdraw their petro-dollars from the Western financial institutions; can the fragile financial services based Western economies sustain such a loss of investments? In April this year the Saudi finance minister threatened that the Saudi kingdom would sell up to $750 billion in Treasury securities and other assets if Congress passed a bill that would allow the Americans to sue the Saudi government in the US’ courts for its role in the September 11, 2001 terror attack.
Bear in mind, however, that $750 billion is only the Saudi investment in the US, if we add its investment in the Western Europe, and the investments of UAE, Kuwait and Qatar in the Western economies, the sum total would amount to trillions of dollars of Gulf’s investment in North America and Western Europe. Similarly, according to a July 2014 New York Post report, the Chinese entrepreneurs had deposited $1.4 trillion in the Western banks between 2002 to 2014; and the Russian oligarchs are the runner-ups with $800 billion of deposits.
Notwithstanding, we need to look for comparative advantages and disadvantages here. If the vulnerable economy is their biggest weakness, what are the biggest strengths of the Western powers? The biggest strength of the Western capitalist bloc is its military might. We have to give credit to the Western hawks that they have done which nobody else in the world has the courage to do: that is, they have privatized their defense production industry. And as we know, that privately-owned enterprises are more innovative, efficient and in this particular case, lethal. Regardless, having power is one thing and using that power to achieve certain economically desirable goals is another.
The Western liberal democracies are not autocracies; they are answerable to their electorates for their deeds and misdeeds. And much to the dismay of pragmatic Machiavellian ruling elites, the ordinary citizens find it hard to get over their antediluvian moral prejudices. In order to overcome this ethical dilemma, the Western political establishments wanted a moral pretext to do what they wanted to do on pragmatic economic grounds. That’s when 9/11 took place: a blessing in disguise for the Western political establishments, because the pretext of “war on terror” gave them a carte blanche to invade and occupy any oil-rich country in the Middle East and North Africa region.
It is not a coincidence then that the first casualty of the so-called “war on terror,” after Afghanistan, has been Iraq which holds 150 billion barrels of proven crude oil reserves and has the capacity to reach 5 million barrels of daily oil production, second only to Saudi Arabia with its more than 10 million barrels of daily oil production and 265 billion barrels of proven crude oil reserves.
In order to bring home the significance of Persian Gulf’s oil in the energy-starved industrialized world, here are a few rough stats from the OPEC data: after Saudi Arabia, Iran and Iraq each holds 150 billion barrels and has the capacity to produce 5 million barrels per day; while UAE and Kuwait each holds 100 billion barrels and produces 3 million barrels per day; thus, all the littoral states of the Persian Gulf together hold more than half of world’s 1500 billion barrels of proven crude oil reserves.
No wonder then 35,000 United States’ troops have currently been deployed in their numerous military bases and air-craft carriers in the Persian Gulf in accordance with the Carter Doctrine of 1980, which states: “Let our position be absolutely clear: an attempt by any outside force to gain control of the Persian Gulf region will be regarded as an assault on the vital interests of the United States of America, and such an assault will be repelled by any means necessary, including military force.”