US President Donald Trump during a special address at the World Economic Forum(WEF) in Davos said America had regained its stride and rediscovered its spirit.

The US is thriving and flourishing, the US president told the people gathered at the forum, adding,"the environment is very important to me."

<a href="https://www.wionews.com/world/50th-world-economic-forum-at-davos-key-focus-on-climate-change-economic-slowdown-sustainable-growth-275631">Also Read: World Economic Forum - Key focus on climate change, economic slowdown, sustainable growth</a>

"With a booming economy, America is creating jobs," Trump said.

"We are lifting Americans of all races," he asserted while stressing that poverty and unemployment had plummeted in the country.

"Unemployment rate in the US has dipped to a record low," he said.&nbsp;

The president touting the strength of the US economy at the WEF said during his presidency seven million new jobs were created.

"The American dream is much bigger and better now." "The US is not concentrating on putting wealth in a few hands," he said.

"I see tremendous potential for the future," he said.&nbsp;"The US has the cleanest air in the world," the president said.

"The average rate of unemployment for women is the lowest today," he informed, adding,"we are focused on improving the living standards in the US."

"We are building an economy which works for everyone," the US president said.

Trump said tax cuts and reforms in the US was helping to pull people out of poverty. "We&nbsp;have made child care much more affordable," he said.

The US president said his administration was removing "roadblocks to success" while saying that milions of workers in the US were receiving new job training. "The US will join the 1 trillion trees initiative," he said.

The president said that NAFTA was one of the "worst trade deals ever".&nbsp;

The President also warned against listening to "pessimists" and "alarmists" during his speech, "this is the time for optimism," he said&nbsp;while stating that "we will embrace technology, rather than shunning it."

US President Donald Trump during a special address at the World Economic Forum(WEF) in Davos said America had regained its stride and rediscovered its spirit. The US is thriving and flourishing, the US president told the people gathered at the forum, adding,"the environment is very important to me.

US President Donald Trump during a special address at the World Economic Forum(WEF) in Davos said America had regained its stride and rediscovered its spirit. The US is thriving and flourishing, the US president told the people gathered at the forum, adding,"the environment is very important to me." Also Read: World Economic Forum - Key focus on climate change, economic slowdown, sustainable growth "With a booming economy, America is creating jobs," Trump said. "We are lifting Americans of all races," he asserted while stressing that poverty and unemployment had plummeted in the country. "Unemployment rate in the US has dipped to a record low," he said. The president touting the strength of the US economy at the WEF said during his presidency seven million new jobs were created. "The American dream is much bigger and better now." "The US is not concentrating on putting wealth in a few hands," he said. "I see tremendous potential for the future," he said. "The US has the cleanest air in the world," the president said. "The average rate of unemployment for women is the lowest today," he informed, adding,"we are focused on improving the living standards in the US." "We are building an economy which works for everyone," the US president said. Trump said tax cuts and reforms in the US was helping to pull people out of poverty. "We have made child care much more affordable," he said. The US president said his administration was removing "roadblocks to success" while saying that milions of workers in the US were receiving new job training. "The US will join the 1 trillion trees initiative," he said. The president said that NAFTA was one of the "worst trade deals ever". The President also warned against listening to "pessimists" and "alarmists" during his speech, "this is the time for optimism," he said while stating that "we will embrace technology, rather than shunning it."

American dream is much bigger and better now, says Trump at World Economic Forum in Davos

Data is the new oil: This is how the World Economic Forum (WEF) hailed the birth of a new “asset class” in 2011.

The WEF views are even more rosy in 2019 — about the exponential expansion of this “data universe”. Ok, we get it.&nbsp;

WEF, the rich man’s club, now finds data even more valuable than oil. As long as machines can produce and consume ever larger amounts of data, the immaterial world of money and data can expand ad infinitum. And wow, that’s a lot of money to be made.

Let’s pass over some simple, mundane questions. The sort that ask if people can eat data or wear it, the sort that place people where they live — in the material universe.

Let’s not take issue with our leaders who say the physical universe — the pakoda producing-consuming one — is expanding. Let’s consider the data universe instead, and the happy rumours of ever-growing data leading to financial growth. The data universe turns out to be even more unequal than the one we know. Its “growth” does not create jobs; indeed, it creates job loss. Twenty-six individuals now own wealth equal to that of the bottom half of the world’s population. Yes, it creates wealth, but for whom?

Professor Shoshanna Zuboff of the Harvard Business School and no radical, writes in ‘The Age of Surveillance Capitalism’, that the object of collecting, processing and using data is no longer to service our needs better. It is to automate us, to modify our behaviour, producing a “behavioural surplus” that fuels the digital economy. This outcome has darkened the digital dream, and caused its rapid mutation into surveillance capitalism.

Professor Tim Wu, who coined the term ‘net neutrality’, has a slightly different take. He believes that attention capital — capturing our attention — is the key driver in the digital economy. For both Wu and Zuboff, digital monopolies comprise a form of rogue capitalism, and it is creating a dystopian society.

Whether critical or rosy, these views of the digital economy capture only one aspect of today’s world. The digital monopolies are the fastest growing monopolies the world has ever seen.

If we take the top five companies in the Fortune 500 list by market capitalisation today (2018), they are all digital monopolies. Collecting raw data and processing it makes up the key element of this growth.

If data is powering this growth, who owns the data? Most people ask questions about whether the data belongs to the companies that collect and process it, or to the individuals whose data is being collected.

Both frames conceive of data as property, their only question is who owns this property. Other assumptions — such as the one that data is neither a commodity nor property, but a part of the digital commons — are dropped out of the debate.

Those who take a narrow view of data — of merely, protecting our privacy — miss out two aspects of data. The first point is that the most useful data is not our personal demographic data: Who we are in terms of age, gender or ethnicity. It is the data of our social interactions. It’s useful, at this point, to recall the film on Facebook, and why it was called, ‘The Social Network’.

The second point is that a huge amount of data today is collected from sensors, cameras and devices. They belong to larger collectives, towns, municipalities, and other such entities; not individuals.

If data is the new oil — or the new super oil WEF sees with excitement — the question of who controls this data and its flow is not just an economic issue. It is deeply political as well.

Great Britain built its colonial empire (over which the sun never set), on the back of naval control of the oceans. Who controls the data and its flow will decide who will rule the world in the 21st century.

This is the context in which we have to view the recent move by the World Economic Forum to initiate e-commerce negotiations within the World Trade Organisation (WTO).

Apart from the absurdity of WEF starting WTO negotiations, negotiations on e-commerce or, more correctly, use of digital platforms to buy and sell goods, WEF has little to do with trade.

The “negotiations” are all about control over data and its flows: No restrictions on digital platforms; open collection of peoples data and no taxes on digital goods. In effect, a blatant plea for a neo-colonial data regime.

Indian big capital has been showing interest in controlling the data of Indians. Mukesh Ambani has already pitched in. The dream here? Exercising control over data for their private gain, with the Indian State giving them access to the Aadhaar ecosystem built with public money.

Yes, there is the question of who will control data. But the critical question has to do with the purpose. Is data being collected and processed for the benefit of digital monopolies — global or Indian? Or is it for public good?

The demand that our peoples’ data should belong to digital monopolies will create a more unequal world. A Luddite reaction to this development may be to smash physical and algorithmic machines.

The right response is working out a trajectory different from the dystopian one of ever-growing digital capital. That means re-imagining our digital future with people at its centre, not capital. 
&nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-data-and-its-discontents-2718461">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Data is the new oil: This is how the World Economic Forum (WEF) hailed the birth of a new “asset class” in 2011. The WEF views are even more rosy in 2019 — about the exponential expansion of this “data universe”.

Data is the new oil: This is how the World Economic Forum (WEF) hailed the birth of a new “asset class” in 2011. The WEF views are even more rosy in 2019 — about the exponential expansion of this “data universe”. Ok, we get it. WEF, the rich man’s club, now finds data even more valuable than oil. As long as machines can produce and consume ever larger amounts of data, the immaterial world of money and data can expand ad infinitum. And wow, that’s a lot of money to be made. Let’s pass over some simple, mundane questions. The sort that ask if people can eat data or wear it, the sort that place people where they live — in the material universe. Let’s not take issue with our leaders who say the physical universe — the pakoda producing-consuming one — is expanding. Let’s consider the data universe instead, and the happy rumours of ever-growing data leading to financial growth. The data universe turns out to be even more unequal than the one we know. Its “growth” does not create jobs; indeed, it creates job loss. Twenty-six individuals now own wealth equal to that of the bottom half of the world’s population. Yes, it creates wealth, but for whom? Professor Shoshanna Zuboff of the Harvard Business School and no radical, writes in ‘The Age of Surveillance Capitalism’, that the object of collecting, processing and using data is no longer to service our needs better. It is to automate us, to modify our behaviour, producing a “behavioural surplus” that fuels the digital economy. This outcome has darkened the digital dream, and caused its rapid mutation into surveillance capitalism. Professor Tim Wu, who coined the term ‘net neutrality’, has a slightly different take. He believes that attention capital — capturing our attention — is the key driver in the digital economy. For both Wu and Zuboff, digital monopolies comprise a form of rogue capitalism, and it is creating a dystopian society. Whether critical or rosy, these views of the digital economy capture only one aspect of today’s world. The digital monopolies are the fastest growing monopolies the world has ever seen. If we take the top five companies in the Fortune 500 list by market capitalisation today (2018), they are all digital monopolies. Collecting raw data and processing it makes up the key element of this growth. If data is powering this growth, who owns the data? Most people ask questions about whether the data belongs to the companies that collect and process it, or to the individuals whose data is being collected. Both frames conceive of data as property, their only question is who owns this property. Other assumptions — such as the one that data is neither a commodity nor property, but a part of the digital commons — are dropped out of the debate. Those who take a narrow view of data — of merely, protecting our privacy — miss out two aspects of data. The first point is that the most useful data is not our personal demographic data: Who we are in terms of age, gender or ethnicity. It is the data of our social interactions. It’s useful, at this point, to recall the film on Facebook, and why it was called, ‘The Social Network’. The second point is that a huge amount of data today is collected from sensors, cameras and devices. They belong to larger collectives, towns, municipalities, and other such entities; not individuals. If data is the new oil — or the new super oil WEF sees with excitement — the question of who controls this data and its flow is not just an economic issue. It is deeply political as well. Great Britain built its colonial empire (over which the sun never set), on the back of naval control of the oceans. Who controls the data and its flow will decide who will rule the world in the 21st century. This is the context in which we have to view the recent move by the World Economic Forum to initiate e-commerce negotiations within the World Trade Organisation (WTO). Apart from the absurdity of WEF starting WTO negotiations, negotiations on e-commerce or, more correctly, use of digital platforms to buy and sell goods, WEF has little to do with trade. The “negotiations” are all about control over data and its flows: No restrictions on digital platforms; open collection of peoples data and no taxes on digital goods. In effect, a blatant plea for a neo-colonial data regime. Indian big capital has been showing interest in controlling the data of Indians. Mukesh Ambani has already pitched in. The dream here? Exercising control over data for their private gain, with the Indian State giving them access to the Aadhaar ecosystem built with public money. Yes, there is the question of who will control data. But the critical question has to do with the purpose. Is data being collected and processed for the benefit of digital monopolies — global or Indian? Or is it for public good? The demand that our peoples’ data should belong to digital monopolies will create a more unequal world. A Luddite reaction to this development may be to smash physical and algorithmic machines. The right response is working out a trajectory different from the dystopian one of ever-growing digital capital. That means re-imagining our digital future with people at its centre, not capital. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Data and its discontents

Nearly 30 per cent of global business leaders believe that world economic growth will decline in the next 12 months -- a dip which roughly translates to six times the level of 5 per cent in 2018.&nbsp;

According to a survey conducted by PricewaterhouseCoopers, there prevails a gaping difference in the sentiment among global CEOs with regards to world economic growth. Over 1,300 CEOs were surveyed in September-October 2018, ahead of this year's&nbsp;<a href="http://www.wionews.com/world/imf-ceos-sound-warnings-as-leaders-gather-in-davos-191910">World Economic Forum event in Davos</a>, Switzerland.&nbsp;

This year's pessimism is in "vivid contrast to last year’s record jump, 29% to 57%, in optimism about global economic growth prospects," the survey found.&nbsp;

"Overall, CEOs’ views on global economic growth are more polarised this year but trending downward," the report stated.&nbsp;

The survey highlighted the United States as the top market for growth at 27%, significantly down from 46% in 2018. The second most attractive market, China, also saw its popularity fall to 24%, down from 33% in 2018.&nbsp;

"India is the rising star on the list," the released stated.&nbsp;

Taking a closer look at some country-specific results, CEOs’ confidence reflected the global drop attributed primarily to slowing world economies and looming trade tensions.&nbsp;

To drive revenue this year, CEOs plan to rely primarily on operational efficiencies at 77% and organic growth at 71%.&nbsp;

US retains top market slot for growth&nbsp;

The US retains its lead as the top market for growth over the next 12 months. Other global favourites include China, Germany, Indian and the UK.&nbsp;

“The turn away from the US market and shift in Chinese investment to other countries are reactions to the uncertainty surrounding the ongoing trade dispute between the US and China,” &nbsp;Bob Moritz, Global Chairman, PwC noted.

Threats to growth

Trade conflicts, policy uncertainty, and protectionism have replaced terrorism, climate change, and increasing tax burden in the top ten list of threats to growth, the report stated.&nbsp;

"Of CEOs ‘extremely concerned’ about trade conflicts, 88% are specifically uneasy about the trade issues between China and the US. Ninety-eight per cent of US CEOs and 90% of China’s CEOs have voiced these concerns," the release read.&nbsp;

Artificial intelligence

Again, there is no denying that the future of Artificial Intelligence (AI), and the future with AI, is bright. Global business leaders also resounded similar sentiment.&nbsp;

Eighty-five per cent of CEOs agree that AI will dramatically change their business over the next five years. Nearly two-thirds view it as something that will have a larger impact than the internet.&nbsp;

Meanwhile, the International Monetary Fund (IMF), In its World Economic Outlook report released on Monday, predicted the global economy will grow at 3.5 per cent in 2019 and 3.6 per cent in 2020, down 0.2 and 0.1 percentage point respectively from last October's forecasts, news agency Reuters reported.&nbsp;

"After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising," IMF Managing Director Christine Lagarde told reporters.

"Does that mean a global recession is around the corner? No. But the risk of a sharper decline in global growth has certainly increased," she said, urging policymakers to brace for a "serious slowdown."

&nbsp;

Nearly 30 per cent of global business leaders believe that world economic growth will decline in the next 12 months -- a dip which roughly translates to six times the level of 5 per cent in 2018.

Nearly 30 per cent of global business leaders believe that world economic growth will decline in the next 12 months -- a dip which roughly translates to six times the level of 5 per cent in 2018. According to a survey conducted by PricewaterhouseCoopers, there prevails a gaping difference in the sentiment among global CEOs with regards to world economic growth. Over 1,300 CEOs were surveyed in September-October 2018, ahead of this year's World Economic Forum event in Davos, Switzerland. This year's pessimism is in "vivid contrast to last year’s record jump, 29% to 57%, in optimism about global economic growth prospects," the survey found. "Overall, CEOs’ views on global economic growth are more polarised this year but trending downward," the report stated. The survey highlighted the United States as the top market for growth at 27%, significantly down from 46% in 2018. The second most attractive market, China, also saw its popularity fall to 24%, down from 33% in 2018. "India is the rising star on the list," the released stated. Taking a closer look at some country-specific results, CEOs’ confidence reflected the global drop attributed primarily to slowing world economies and looming trade tensions. To drive revenue this year, CEOs plan to rely primarily on operational efficiencies at 77% and organic growth at 71%. US retains top market slot for growth The US retains its lead as the top market for growth over the next 12 months. Other global favourites include China, Germany, Indian and the UK. “The turn away from the US market and shift in Chinese investment to other countries are reactions to the uncertainty surrounding the ongoing trade dispute between the US and China,” Bob Moritz, Global Chairman, PwC noted. Threats to growth Trade conflicts, policy uncertainty, and protectionism have replaced terrorism, climate change, and increasing tax burden in the top ten list of threats to growth, the report stated. "Of CEOs ‘extremely concerned’ about trade conflicts, 88% are specifically uneasy about the trade issues between China and the US. Ninety-eight per cent of US CEOs and 90% of China’s CEOs have voiced these concerns," the release read. Artificial intelligence Again, there is no denying that the future of Artificial Intelligence (AI), and the future with AI, is bright. Global business leaders also resounded similar sentiment. Eighty-five per cent of CEOs agree that AI will dramatically change their business over the next five years. Nearly two-thirds view it as something that will have a larger impact than the internet. Meanwhile, the International Monetary Fund (IMF), In its World Economic Outlook report released on Monday, predicted the global economy will grow at 3.5 per cent in 2019 and 3.6 per cent in 2020, down 0.2 and 0.1 percentage point respectively from last October's forecasts, news agency Reuters reported. "After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising," IMF Managing Director Christine Lagarde told reporters. "Does that mean a global recession is around the corner? No. But the risk of a sharper decline in global growth has certainly increased," she said, urging policymakers to brace for a "serious slowdown."

Ahead of Davos, global CEOs believe world economic growth will fall: Report

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American dream is much bigger and better now, says Trump at World Economic Forum in Davos

Data and its discontents

Ahead of Davos, global CEOs believe world economic growth will fall: Report