Over the weekend, Lettuce finished off their Beyond The Clouds tours with a packed two-night run at the Madison Theater in Covington, Kentucky, with Kung Fu. Notably, Hi-Tek, a Cincinnati-based rapper joined Lettuce during one of their performances, truly tapping into Lettuce’s hip-hop roots, which the band laces with tight-knit funk and celestial jazz. You can check out photos from both nights via Doug Siegel Photography below.Photos: Lettuce | Madison Theater | Covington, KY | 3/30-31/2018 | Credit: Doug Siegel Photo: Doug Seigel Load remaining images
In a talk Tuesday at the Hesburgh Center for International Studies, Frances Stewart, professor emeritus of development economics at the University of Oxford, described the history of human development from the 1950s onward.Thinkers from developed countries created the concept of foreign aid in the 1950s, and this aid promoted industrialization and an increase in developing countries’ gross domestic product (GDP), Stewart said. Grant Tobin | The Observer “There were indeed a growth increase and an investment increase, so the objective in that sense was fulfilled,” she said. “But it threw up its own problems and that’s the next process in the cycle. The problems were that unemployment began to increase and it hadn’t been an issue before. … Poverty began to be recognized that it wasn’t automatically going away.”In the 1970s, movements came about that questioned the objectives and process of this early form of aid, Stewart said. Some economists argued that GDP per capita is not a good indicator for development because it does not take into account other important aspects of life, she said.“It neglected income distribution, so you could find that countries with similar growth had very different income distributions,” she said. “… It neglected public goods and externalities. It neglected employment, and it ignored important features of life beyond income, like health, education, food and so forth.”The dependencia movement also began in Latin America to fight the dependency that results in underdeveloped countries after receiving such aid, which led to the formation of the Organization of the Petroleum Exporting Countries (OPEC), Stewart said.“The biggest impact was the dependencia movement because it influenced OPEC in particular and because of the big oil cost rise that resulted, first in 1973 and then again in the early 80s,” she said. “This in turn is the source of the debt problem of many developing countries because of the big rising oil prices in the early 70s. Countries immediately went into deficit.”Stewart said the two major movements that influence development today — the basic needs approach and economist Amartya Sen’s capabilities approach — began in the 1970s in response to questions about the objectives and process of GDP-focused development.“The basic needs approach was in part a sort of political reaction that seemed to speak more to politics to say to people, ‘Surely, everybody should have their basic needs met, their fundamental needs,’ rather than say that they should have redistribution of growth,” she said. “ … [Sen’s] argument is that the law of development is to enhance people’s potential to be and do, and beings and doings are capabilities — only the ones they have reason to value, and the reason to value is a very important phrase.”In 1990, Sen helped create the Human Development Index (HDI) that judges health, education and income to rank countries into tiers of human development, Stewart said.“What are the characteristics of success?” she said. “There aren’t that many universal characteristics. Some do it through good growth, like Singapore and South Korea. Some have very good distribution of income. Some have well-spent social expenditures.“But there are some general traits, and one is giving priority to girls and women. That is the one factor that does seem to be universally shared by successful countries. … In general, having a high share of social expenditures seems to be a main correlation of success.”Even still, Stewart said the HDI does not solve the problem of quantifying human development.“I said I was going to measure human development in terms of the human development index, but one major issue is that it’s not a good measure of human development because it’s got those three components,” she said. “… The components of a full life are much bigger than that.”Tags: Hesburgh Center for International Studies, human development, lecture, United Nations
4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Lou Grilli Lou Grilli is a Senior Innovation Strategist. Lou is tasked with building and shaping a superior payment and member experience capability for PSCU and its Owner credit unions. Lou’s … Web: https://www.pscu.com Details When it comes to supporting the latest payment forms on behalf of members, credit unions have several new options – each of which comes with its own set of challenges. Decades-old technology like checks, wire transfers and ACH are now working beside Visa Direct and Mastercard Send™ push payments. Every member with a smartphone has access to Venmo and some have access to Zelle. The Clearing House launched RTP®, a new real-time payment system, a little over two years ago. And even more recently, The Federal Reserve Bank announced it is developing a new service called FedNow that will allow all financial institutions in the U.S. to offer 24/7 real-time payment services as early as 2023 or 2024. Given all of these developments, what should a credit union do? The solution lies in what use cases the credit union is looking to satisfy.The Meaning of “Faster Payments”Credit and debit card transactions show up on a cardholder’s account as soon as the transaction is made, giving the appearance that transactions are occurring in real time. The actual settlement – or the movement of funds from the cardholder’s financial institution to that of the payee – actually takes place later. Settlement of ACH transactions, which includes bill pay and payments made using an account and routing number, can occur on the same day as the transaction is requested, sometimes within hours. These various payment “rails” suffice for most use cases today.There is a growing need, however, for payments to take place even faster, with the settlement of funds occurring in seconds and minutes versus hours and days. Furthermore, ACH settlement only occurs on business days – and this is not fast enough for everyone. For example, businesses that need to move funds to a vendor, gig workers who need their paychecks, insurance customers getting a disbursement or two parties conducting a real estate transaction do not want to wait.There are many different terms for “faster payments,” including faster, immediate, instant and real-time. Instant payments is the most accurate description of real-time messaging and settlement. This new payments method allows for the transmission of the payment message and the availability of “final” funds to the payee in real time or near-real time, on or close to a 24/7 basis.Use Cases for Instant PaymentsThere are two categories of potential use cases for instant payments: consumer and business, each of which have capabilities to receive funds (the minimum functionality) and send funds (origination). Here are a few examples:For businesses, it is expected that disbursements will comprise the largest volume of transactions, especially for the insurance and mortgage industries. For consumers, last-minute bill pay activity, such as paying rent and utilities, is generally viewed as a driver for a credit union to offer faster payments to its members. Additionally, any use case that currently involves wire transfer, a manual and time-consuming service which is only available when the credit union is open, can easily be usurped by faster payments.Next Steps for Credit UnionsCollaboration, something the industry is known for, is key as credit unions begin to explore faster payments and how it fits into their business and operating models. Conduct joint ideation with peer credit unions to determine what plans are being made or if any customer journey for faster payments has been mapped. Begin looking into requirements for technical integration and operational necessities. Leverage the resources, experience and scale of a trusted CUSO partner as you start establishing your real-time payments strategy. Educate yourself by attending webinars and other virtual events, reading white papers and articles from reputable sources like the U.S. Faster Payments Council, and follow the news about FedNow as it develops.The continuous growth rate of ACH, Zelle and real-time payments commercial transactions indicates there is an increasing appetite and market for faster payments. Credit unions should consider the needs of their members, both consumer and business, to determine when and how they will participate.