Stray thoughts
In Europe during the 14th century, the Bubonic Plague (also called Black Death) wiped out nearly half of the population. But the disease, according to recent studies, contributed to the emergence of workers and the rise of democratic governance. As the plague caused a shortage of laborers, those who remained well began to command wages, rather than small shares in the produce of the land they tilled.
Moreover, because many members of the landowning class were themselves decimated, the workers also started choosing who they dealt with regarding conditions of work. This was the first stirring of government ruled by the freely elected. This shows us that tragedies sometimes later reveal a bright side.
The Black Death pandemic led to the rise of the workers and democratic government. I wonder what Covid-19 has up its sleeve for us, Filipinos, and for the rest of the world?
Now that government restrictions in our country on the movement of people have considerably eased up, let us not personally put down our guard against getting infected with the Covid-19 virus. There is a new variant of the virus, called Omicron, that has been detected first in South Africa but now is spreading to other countries, and it is said to be more malevolent in that it exhibits “a constellation of mutations” making it difficult to deal with. My layperson's understanding of this variant is that it mutates so much and so fast that it may evade the protections so far given us by existing vaccines. Data are still being gathered on how deadly this variant really is but scientists and public authorities are urging the public to continue their vigilance.
My advice to all of you, my friends, is to continue wearing masks, do frequent washing of hands, avoid crowds, ventilate your houses rooms or condo units, get some sunshine and exercise, and by all means, if you are not yet vaccinated, get vaccinated right now!
In our last article on Migrants (The Social Costs of Migration), we mentioned that money from non-resident Indians (NRI) drive many Indian companies, which are thereby enabled to operate with the capital provided by the NRIs.
How does India do it? The answer lies in the thousands of individuals working abroad who go from one place of work to another selling to Indian workers their limited number of shares in companies back home.
The companies may be found in the pharmaceutical industries, in communications, in vehicle manufacturing, in textile production, and a host of other commercial and industrial activities. These “share dealers” carry company share-purchase forms which they ask ordinary Indian buyers to fill up and behold the buyers soon become part owners of the companies whose shares they just bought.
Wide shareholding is a keyword in the economic advance of India today, with — try to imagine the excitement of it — ordinary Indians owning a part of their country’s industries and big businesses. Of course, there are many NRI who are not ordinary — they are heads of companies or hold high-level positions in companies in the Middle East, in Europe, and in the USA. They provide the example to ordinary migrant Indians of the thrill of owning shares in companies back home.
Our country may want to study and emulate this method of tapping the financial strength of the migrant population. Its goal is three-fold: (a) provide cheap capital especially to our small to medium industries; (b) educate ordinary Filipinos on how to invest their money instead of spending it all on consumption; and (c) involve migrants in national development by giving them a sense of pride in being able to help our country economically advance while they work abroad.
Applicable to both points discussed, let us encourage our citizens to “put skin in the game,” national development requires cooperation from both sides.
“The Black Death pandemic led to the rise of the workers and democratic government. I wonder what Covid-19 has up its sleeve for us, Filipinos, and for the rest of the world?