UN DESA Global Policy Dialogue Series: The Future of Sustainable Development Financing

Thursday, 14 April 2022, 8:30-10:00 AM EDT

  • What should be the role of development banks in closing financing gaps?
  • What tools or guidance documents for responsible borrowing and lending exist, and how can they be useful?
  • How can the global community better support the most vulnerable countries and ease their debt burdens?

Two years into the pandemic, COVID-19 has exposed and exacerbated global inequalities and set back hard-earned progress towards achieving the Sustainable Development Goals (SDGs). It is critical that the global community work together to avoid the catastrophic situation in which one group of countries recovers, and another sinks deeper into a cycle of poverty and unsustainable debt. To support efforts to overcome the great finance divide, the United Nations Department of Economic and Social Affairs (UN DESA) will host a discussion with experts exploring ideas to improve access to affordable financing as well as how to resolve situations of unsustainable sovereign debt. Speakers will examine the latest findings from UN DESA’s new report, the 2022 Financing for Sustainable Development Report.

Register here by 13 April 2022.

More information.

The event is free and open to all, and will be streamed live on UN DESA’s Facebook page. It will be held in English with captions available in Arabic, Chinese, English, French, Russian and Spanish, and translation into American Sign Language. The event is made possible by the United Nations Peace and Development Trust Fund. All are welcome!

Education and the Kinds of Wholeness

We have stated several times that we seek more educational holism in particular, the tentative kind made by students themselves after they study these “exercises in holism.” Let’s explore this.

There’s a short story by Anton Pavlovich Chekhov (29 January 1860 – 15 July 1904), a Russian playwright and short-story writer, who is considered to be among the greatest writers of short fiction in history. In his classic “A Boring Story,” he tells the reader about his inner yearning for some wholeness in his life:

“In my predilection for science, in my wish to live, in this siting on a strange bed and trying to know myself, in all the thoughts, feelings and conceptions I form about everything, something general is lacking that would unite it all into a single whole.

Each feeling and thought lives separately in me, and in all my opinions about science, the theater, literature, students, and in all the pictures drawn by my imagination, even the most skillful analyst would be unable to find what is known as a general idea or the god of the living man.

And if there isn’t that. there’s nothing.”

(Selected Stories of Anton Chekhov, Anton Chekhov, Richard Pevear and Larissa Volokhonsky (translators), Modern Library, 2000, page 104, “A Boring Story”)

The author wants to unite everything (i.e., “something general is lacking that would unite it all into a single whole,” as he puts it).

This is not what we have in mind because there is no “scheme of things” or “unified field theory” that we impart to students. That is for various kinds of “madrasas” (Arabic: مدرسة) including secular ones.

Rather, we encourage students to “walk around” topics, fields, educations, discussions, books, movies, quizzes and exams, lectures, assignments to develop a more “circum-spective” view of knowledge.

Remember “Husserl’s rhomboid.” Edmund Husserl (Heidegger’s teacher, died in 1938) would bring a matchbox to his classes in Germany and get students in his classroom to see that one cannot view the whole matchbox at once nor can rotating it capture all of it. Parts are visible, the whole matchbox is not.

We apply this principle to education and knowledge acquisition and offer the mental habit for students of “homemade” exercises in making more holistic views.

The narrator in Chekhov’s story, yearning to have a god-like view of reality and knowledge and experience (theatre, science, etc.) as a unified “thing” is not our interest since it too elusive.

William James (died in 1910) says several times in his writings that “one mind can’t swallow the whole of reality.” Therefore we avoid such “totalizing” visions in favor of much more modest attempts at connecting things better.

Education and Holism from Day 1

A freshman enters a college whether in the U.S. or Japan or India or Brazil.

We keep trying to offer the view that holism must “rule” the discovery of a “major” or “field” in education.

This holism means placing on the “mental plate in front of the student” these dimensions of reality, considering that every student is first and always a person.

  1. “This is your life.” Every person (the predecessor to being a student) is born, lives and dies. Your education is part of this larger truth and you the student, being shrewd in the largest sense, wants to “factor in” the larger frameworks of book-learning (i.e., life itself).
  2. Shrewdness cannot be restricted to a ZIP code in a state that will be advantageous income-wise for orthodontists, divorce lawyers or pediatricians. Concern over “ZIP codes” when starting a career is fine and valid. However, it can’t be enough since the student is, as a person, more than a career “Olympic swimmer.”
  3. Micro-shrewdness (i.e., career tactics and smarts) has to be supplemented by “macro-shrewdness” (“this is my life” thinking). You have to carry some “enchantment” from your education with you, or the life you have will be desiccated or insipid. Ultimately, you will “outsmart” yourself.

Max Weber (died in 1920), the great sociologist, says of that modern world that it involves “Entzauberung” (disenchantment, where only technical cost-benefit thinking is seen as valid). This Weber insight tells you that a student/person has to find something enchanting to carry him or her through life, its blows and its helter-skelter “shapelessness.”

This is why we “insist” on holism in education everywhere from Day 1 so that these various levels of shrewdness are contemplated together and overspecialized “rabbit holes” are seen more clearly in their limitedness. The process of overview-creating and overview-pondering in the life of every freshman must be combined with “career-cleverness” by itself.

Two Kinds of Extra Understanding: Pre and Post

We argue here in this proposal for an educational remedy that two dimensions of understanding must be added to “retro-fit” education.

In the first addition, call it pre-understanding, a student is given an overview not only of the field but of his or her life as well as the “techno-commercial” environment that characterizes the globe.

Pre-understanding includes such “overall cautions” offered to you by Calderón de la Barca’s 17th century classic Spanish play, Life is a Dream (Spanish: La vida es sueño). A student would perhaps ask: “what would it be like if I faced this “dreamlike quality” of life, as shown by the Spanish play, and suddenly realized that a life of “perfect myopia” is not what I want.

Hannah Arendt warns similarly of a life “like a leaf in the whirlwind of time.”

Again, I, the student ask: do I want such a Hannah Arendt-type leaf-in-the-whirlwind-like life, buried further under Calderón de la Barca’s “dream state”?

But that’s not all: while I’m learning about these “life dangers,” all around me from my block to the whole world, humanity does its “techno-commerce” via container ships and robots, hundreds of millions of vehicles and smartphones, multilateral exchange rates, and tariff policies. Real understanding has one eye on the personal and the other on the impersonal and not one or the other.

All of these personal and impersonal layers of the full truth must be faced and followed, “en face,” as they say in French (i.e., “without blinking”).

Call all this pre-understanding which includes of course a sense of how my “field” or major or concentration fits into the “architecture of knowledge” and not in isolation without connections or a “ramification structure.”

Post-understanding comes from the other end: my lifelong effort, after just about all that I learned about the six wives of King Henry VIII and the “mean value theorem”/Rolle’s theorem in freshman math, have been completely forgotten and have utterly evaporated in my mind, to re-understand my life and times and book-learning.

Pre-and post-understanding together allows the Wittgenstein phenomenon of “light falls gradually over the whole.”

Without these deeper dimensions of educational remedy, the student as a person would mostly stumble from “pillar to post” with “perfect myopia.” Education mostly adds to all the “fragmentariness” of the modern world and is in that sense, incomplete or even disorienting.

Education in this deep sense is supposed to be the antidote to this overall sense of modern “shapelessness,” to use Kierkegaard’s term.

Education and Hegemonial Struggles

Dominance by Design, by Professor Michael Adas, is a very “intellectually useful” overview of the American thrust towards world domination by force, whether through the backdoor (covert means) or through the front door (invasion of Iraq in 2003, etc).

Michael Adas is the Abraham E. Voorhees Professor of History at Rutgers University, New Brunswick.

“Long before the United States became a major force in global affairs, Americans believed in their superiority over others due to their inventiveness, productivity, and economic and social well-being. U.S. expansionists assumed a mandate to “civilize” non-Western peoples by demanding submission to American technological prowess and design. As an integral part of America’s national identity and sense of itself in the world, this civilizing mission provided the rationale to displace the Indians from much of our continent, to build an island empire in the Pacific and Caribbean, and to promote unilateral—at times military—interventionism throughout Asia. In our age of “smart bombs” and mobile warfare, technological aptitude remains preeminent in validating America’s global mission.

Michael Adas brilliantly pursues the history of this mission through America’s foreign relations over nearly four centuries from North America to the Philippines, Vietnam, and the Persian Gulf. The belief that it is our right and destiny to remake foreign societies in our image has endured from the early decades of colonization to our current crusade to implant American-style democracy in the Muslim Middle East.

Dominance by Design explores the critical ways in which technological superiority has undergirded the U.S.’s policies of unilateralism, preemption, and interventionism in foreign affairs and raised us from an impoverished frontier nation to a global power. Challenging the long-held assumptions and imperatives that sustain the civilizing mission, Adas gives us an essential guide to America’s past and present role in the world as well as cautionary lessons for the future.”

(Harvard University Press, 2009)

The whole issue of hegemonial struggles (as opposed to left-wing emphasis on “class struggles”) is very eye-opening in terms of achieving a more comprehensive understanding of the newspapers and history books themselves.

For example, Paul Kennedy’s book, “The Rise of the Anglo-German Antagonism: 1860-1914” (1980) is a very important book in giving us this layer of reality which complicates the parallel layer of globalization forces from 1870-1914.

Globalization narrowly speaking is about econo-technical changes unifying prices and other economic variables, while hegemonial struggles involve the struggle for mastery by rival countries or blocs.

This book gives an account of the rivalry between Great Britain and Germany in the period leading to the First World War. It gives readers a thorough comparison of the two societies, their political cultures, economies, party politics, courts, the role of the press and pressure groups, and so on.

Hegemonial rivalries between nations, blocs, empires are a key “motor” in world history and globalization and this rivalry are entwined at all times. Holistic education is partly the understanding of how entwining governs the world around us, in all areas.

Education and the Problem of Dishonest History

One reason a kind of educational repair or re-education is so necessary is that the simplest truths of world history are never presented clearly and openly.

Here’s an aspect of “global inequality” that is completely overlooked or considered taboo:

One dimension or axis of world history is the world-historical “land question”—which groups “grabbed” gigantic pieces of the land surface of the earth and which didn’t.

Thus: Canada, China, Russia, Brazil, America and India represent territorial “mega-grabs” which typically means “world heft” is in the hands of these big countries which are “monstrous” compared in size to the Andorras, Portugals, Liechensteins and Jamaicas of this world. This question of “who grabbed what” is not allowed in high school or college and is usually “swatted away” by phrases like “manifest destiny.”

The problem is of course that any Putin can and will say that absorbing part or all of Ukraine is Russia’s “manifest destiny.”

A Putin can also invent his own regional “Monroe Doctrine” (i.e., stay out of my sphere of influence as randomly defined by me) and thus we have local (in this case, Russian) reinventions of America’s “Manifest Destiny” and the “Monroe Doctrine.”

This inchoate “relativism” at the heart of human affairs guarantees instability and mayhem and “historical inequality” (i.e., who gets to be “anarcho-lawless” and who doesn’t).

There can’t be a real education without putting on the table, in front of him or her, on their “educational plate” all of these truths, from the personal to the impersonal to the world historical.

Then and Now Thinking: Zola Novels

Émile Zola died in 1902 and gives us a social overview of France, people caught between all kinds of pressures and changing circumstances and disruptions.

La Curée (1871–72; English translation: “The Kill”) is the second novel in Émile Zola’s 20-volume series Les Rougon-Macquart. It deals with property speculation and the lives of the extremely wealthy nouveau riche (“new money”) of the Second French Empire (1852-1870), against the backdrop of Baron Haussmann’s reconstruction of Paris in the 1850s and 1860s.

The Second French Empire, (officially the French Empire, French: Empire français), was the regime of Napoleon III from 1852 to 1870, between the Second Republic (1848-1852) and the Third Republic (1870 to 1940).

Zola’s other novels such as L’Assommoir (“The Drinking Salon”) also have various kinds of “urban renewal” as backdrop.

Baron Haussmann, who died in 1891, was the “czar” of Parisian urban renewal and the speculation fever and real estate manipulating and maneuvering were echoes of Haussmann Paris.

Think of Robert Moses in New York a few decades ago and his remaking of NYC to fit automobiles and Jane Jacobs’s bitter struggle against Moses with her cars-should-adjust-to-the-city and not cities-to-cars view.

In Japan, in recent decades, real estate “nouveaux riches” are called “tochi narikin” (Japanese: 『土地成金』, “land rich”) and are similar to Zola’s “little foxes” since the way money was made was to know in advance via insider knowledge where railroads (say) were slated to be built and which stretches of land would be therefore needed and acquired by the government at any price (in the absence of “eminent domain”).

The debates and tensions raging around the Baron Haussmann Parisian bulldozing were obviously not about cars but the nature of the tensions was similar. Another dimension of these urban renewal “revolutions” was the impact on renters.

Thus Zola and his “society and social novels” do have “echoic” lessons for us and are “raw material” for “then and now” thinking which is a pillar of meta-intelligence (i.e., perspective-enhancing).

Then and now thinking helps students get some sense of long-term trends or resonances and to get away from history-started-this-morning myopia.

Meaningfulness versus Informativeness

The Decoding Reality book is a classic contemporary analysis of the foundations of physics and the implications for the human world. The scientists don’t see that physics and science are the infrastructure on which the human “quest for meaning” takes place. Ortega (Ortega y Gasset, died in 1955) tells us that a person is “a point of view directed at the universe.” This level of meaning cannot be reduced to bits or qubits or electrons since man is a “linguistic creature” who invents fictional stories to explain “things” that are not things.

The following dialog between Paul Davies (the outstanding science writer) and Vlatko Vedral (the distinguished physicist) gropes along on these issues: the difference between science as one kind of story and the human interpretation of life and self expressed in “tales” and parables, fictions and beliefs:

Davies: “When humans communicate, a certain quantity of information passes between them. But that information differs from the bits (or qubits) physicists normally consider, inasmuch as it possesses meaning. We may be able to quantify the information exchanged, but meaning is a qualitative property—a value—and therefore hard, maybe impossible, to capture mathematically. Nevertheless the concept of meaning obviously has, well… meaning. Will we ever have a credible physical theory of ‘meaningful information,’ or is ‘meaning’ simply outside the scope of physical science?”

Vedral: “This is a really difficult one. The success of Shannon’s formulation of ‘information’ lies precisely in the fact that he stripped it of all “meaning” and reduced it only to the notion of probability. Once we are able to estimate the probability for something to occur, we can immediately talk about its information content. But this sole dependence on probability could also be thought of as the main limitation of Shannon’s information theory (as you imply in your question). One could, for instance, argue that the DNA has the same information content inside as well as outside of a biological cell. However, it is really only when it has access to the cell’s machinery that it starts to serve its main biological purpose (i.e., it starts to make sense). Expressing this in your own words, the DNA has a meaning only within the context of a biological cell. The meaning of meaning is therefore obviously important. Though there has been some work on the theory of meaning, I have not really seen anything convincing yet. Intuitively we need some kind of a ‘relative information’ concept, information that is not only dependent on the probability, but also on its context, but I am afraid that we still do not have this.”

For a physicist, all the world is information. The universe and its workings are the ebb and flow of information. We are all transient patterns of information, passing on the recipe for our basic forms to future generations using a four-letter digital code called DNA.

See Decoding Reality.

In this engaging and mind-stretching account, Vlatko Vedral considers some of the deepest questions about the universe and considers the implications of interpreting it in terms of information. He explains the nature of information, the idea of entropy, and the roots of this thinking in thermodynamics. He describes the bizarre effects of quantum behavior—effects such as “entanglement,” which Einstein called “spooky action at a distance” and explores cutting edge work on the harnessing quantum effects in hyper-fast quantum computers, and how recent evidence suggests that the weirdness of the quantum world, once thought limited to the tiniest scales, may reach into the macro world.

Vedral finishes by considering the answer to the ultimate question: Where did all of the information in the universe come from? The answers he considers are exhilarating, drawing upon the work of distinguished physicist John Wheeler. The ideas challenge our concept of the nature of particles, of time, of determinism, and of reality itself.

Science is an “ontic” quest. Human life is an “ontological” quest. They are a “twisted pair” where each strand must be seen clearly and not confused. The content of your telephone conversation with your friend, say. is not reducible to the workings of a phone or the subtle electrical engineering and physics involved. A musical symphony is not just “an acoustical blast.”

The “meaning of meaning” is evocative and not logically expressible. There’s a “spooky action at a distance” between these levels of meaning versus information but they are different “realms” or “domains.”

Bank of England Statistical Releases—February 2022

(from the Bank of England)

Money and Credit

Overview

These monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the Bank’s policy committees to understand economic trends and developments in the UK banking system.

Key Points
  • Net borrowing of mortgage debt by individuals amounted to £4.7 billion in February. Mortgage approvals for house purchases fell slightly to 71,000 in February, from 73,800 in January, but remains above the 12-month pre-pandemic average up to February 2020 of 66,700.
  • Consumers borrowed an additional £1.9 billion in consumer credit, on net, of which £1.5 billion was new lending on credit cards.
  • Sterling money (known as M4ex) increased by £7.2 billion in February. Households’ holdings of money weakened with net flows of £4.0 billion, compared with £7.2 billion in January.
  • The effective interest rate paid on individuals’ new time deposits with banks and building societies rose by 10 basis points to 0.77%.
  • Large businesses borrowing from banks rose to £4.0 billion in February, whilst small and medium sized businesses repaid £0.5 billion. Private non-financial companies (PNFCs) redeemed £4.1 billion in net finance from capital markets.

Read the full paper [Archived PDF].

Effective Interest Rates

Commentary on this data is now incorporated into the Money and Credit statistical release [Archived PDF, from above] to facilitate analysis.

Get the data tables [Archived Excel XLS].

BEA News: Gross Domestic Product (Third Estimate), Corporate Profits, and GDP by Industry, Fourth Quarter and Year 2021

(from the U.S. Bureau of Economic Analysis)

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021, following an increase of 2.3 percent in the third quarter. The increase was revised down 0.1 percentage point from the “second” estimate released in February. The acceleration in the fourth quarter was led by an acceleration in inventory investment, upturns in exports and residential fixed investment and an acceleration in consumer spending. In the fourth quarter, COVID-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off.

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $20.4 billion in the fourth quarter, compared with an increase of $96.9 billion in the third quarter.

Private goods-producing industries increased 5.4 percent, private services-producing industries increased 8.5 percent, and government increased 0.1 percent. Overall, 19 of 22 industry groups contributed to the fourth-quarter increase in real GDP.

Read the full report [Archived PDF].