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Is Human Development Index Still Relevant?

An Introduction to the Human Development Index

The 21st century has seen the world being digitalised, globalised, and interconnected in all aspects; without delving into the pros and cons of this modern era and its technological advancements, this article explores how global trends have shaped human prosperity and the quality of life. For this purpose, a commonly used index, the Human Development Index (HDI), is considered for this analysis as a measurement of human progress. But as the world evolves and inequalities divide the world further, more and more questions arise over the capability of the HDI to measure variables across heterogeneous societies. These reservations are taken into consideration and analysed below. Read more

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Cryptocurrencies: Shifting from cash into a virtual money system

Over the last year, there has been too much talk on the media about Facebook’s plan to release its own digital currency Libra. Soon, rumours started spreading that this will mean the end of the financial model and that digital currencies will eventually replace the money. However, the existence of the digital currency is not breaking news.

Ten years have passed since Bitcoin, the first electronic currency was firstly introduced by its founder under the pseudonym Satoshi Nakamoto; three years later, Ripple followed. Since then, the world has been witnessing a transitional period in the financial market with the introduction of the cryptocurrencies; an alternative digital form of money used in parallel with the traditional money.

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Fears over a new financial crisis

IMF alerts the global community for tremors in the economic stability and growth

With a new financial crisis threatening the market’s stability, the International Monetary Fund (IMF) expresses the fear of reviving the 2008-09 recession that could push countries into economic and financial stagnation. The main challenges that put the global financial market at stake can be detected between the constantly dropping oil prices; the economic turbulence in the emerging markets; the uncertainty in the advanced economies; the environmental and geopolitical instabilities. Read more

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