investment in people: what are some positive aspects of financial crisis? tuganai borina
TRANSCRIPT
““Written in Chinese, Written in Chinese, the word the word crisiscrisis is is composed of two composed of two characters: one characters: one represents the represents the dangerdanger, another-, another-opportunityopportunity””..
John F. KennedyJohn F. Kennedy
Did you know?
There are 625 million illiterates in Asia: 71% of the world’s total, of whom 64% are women and girls. (2006)
“..in a modern industrialized economy, 75% to 80% of a person's economic output comes from human capital (as opposed to, say, land or machinery)..”
Gary Becker, the Nobel Prize-winning University of Chicago economist
China, which plans to establish a knowledge-based economy, will invest around 27 billion US dollars in education to ensure that every child in rural areas enjoyed nine years of compulsory education.
The Chinese government
vows to fundamentally change the fact that many poor families cannot afford to send their kids to school.
“Only 16% of students in Kazakhstan study thanks to the public grants. If we want to boost our economy, innovation and science, first of all, we have to start with proper education and staff training. ”
Beken Alimzhanov, Deputy of Majilis
2007
The number of grants allotted for higher education in 2008-
2009 academic year comprised 33490 and exceeded the last
year index by 100.
The state has provided 4500 grants for 2008-2009 educational years. That is by 500 grants more
than in previous years.
Republican budget on April 1, 2007 (mln tg)
Republican budget on April 1, 2009
Expenditures 126 574,1 EXPENDITURES 1 004 673 532,3
Defense383075,2
Defense24357
Education31336,2
Education39817,3
Public health service18399
Public health service52046
Social security and aid137492
Social security and social aid174070
Housing and communal facilities10960
Housing and communal facilities16032
Culture, sports, tourism7827
Culture, sports, tourism16632
Transport and communication46863
Transport and communications 32329
Other35524
Other 5359
Source Ministry of finance of Kazakhstan
End of domination of the sole magnate. Wall street used to be the most powerful investment house.
The financial crisis showed dependence of many countries from foreign markets especially post-Soviet Union’s regions.
“Today, we import 80% of canned
vegetables and fruit, half of meat
products and 53% of powder milk.”
From the Address of the President to the People of
Kazakhstan "Kazakhstan on the road to accelerated economic, social and
political modernization.”
“Therefore, we decided to continue financing the investment projects
seeking to develop export-oriented production facilities, the infrastructure for exporting and deep processing of
Kazakhstan's grain. 280 billion tenge was allocated for the development of the
agribusiness.” From the Address of the President to the People of Kazakhstan “Through Crisis to
Renovation and Development”
The next global financial and banking system will be strictly regulated by applying the measures of control, transparency, global governance.
The next global financial and banking system will be strictly regulated and supervised by
applying the measures of control, transparency and
global governance.
More transparency is the benefit of the financial crisis.
Kazakhstan government signed the Ratification of the UN Convention against corruption in 2008, recognizing that this is one of the ways to come out safely from financial crisis.
According to the index of corruption perception calculated by Transparency International, Kazakhstan was on the 150th place (2007). The report (2008) showed
that Kazakhstan has placed 145th among 180 nations.
The financial crisis benefits our Earth because: •People became more economical
•Green production helps to reduce cost
The money saved will go on social projects• We will have healthy environment to live after the crisis is over
“Green jobs are the jobs of the future, not just because they pay well and can’t be outsourced. And not just because they’ll help strengthen our economy and lift up our middle class. But because they’ll help reduce our dependence on foreign oil, and save this planet for our children,”
Barack H. Obama
The economy turned “green” because of Global financial crisis. Green is the pathway to get out of this economic mess, green is
the way to create jobs and new businesses, find new resources of energy and save money
The crisis showed some well hidden disadvantages of “perfect economy.
At the same time it leads us to building a stronger, cleaner and fairer world economy.