DOCSLIB.ORG

AMUNDI 10-YEAR 2010 - 2020: the End of Traditional Asset Management

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AMUNDI 10-YEAR 2010 - 2020: the End of Traditional Asset Management AMUNDI 10-YEAR 2010 - 2020: The End of Traditional Asset Management ABOUT AMUNDI Amundi, the leading European asset manager, ranking among the top 10 global players1, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. With its six international investment hubs2, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of 4,500 employees in nearly 40 countries. Created in 2010 and listed on the stock exchange in 2015, Amundi currently manages nearly €1.6 trillion of assets3. Amundi, a Trusted Partner, working every day 2010 - 2020: The End of Traditional Asset Management Asset End of Traditional The 2010 - 2020: in the interest of its clients and society www.amundi.com 1. Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as at 31/12/2019 2. Boston, Dublin, London, Milan, Paris and Tokyo 3. Amundi data as at 30/06/2020 Amundi Asset Management, French “Société par Actions Simplifiée” - SAS with a capital of AMUNDI 10-YEAR €1,086,262,605 - Portfolio management company approved by the French Financial Markets Authority (Autorité des Marchés Financiers) under no.GP 04000036. Registered office: 90, boulevard Pasteur, 75015 Paris - France - 437 574 452 RCS Paris A Decade of Sharing Expertise AMUNDI 10-YEAR 2010 - 2020: The End of Traditional Asset Management A Decade of Sharing Expertise TABLE OF CONTENTS AMUNDI 10-YEAR 2010 - 2020: The End of Traditional Asset Management p. 09 FOREWORD: A DECADE OF SHARING EXPERTISE Yves Perrier, Chief Executive Officer of Amundi p. 13 2010 - 2020: THE END OF TRADITIONAL ASSET MANAGEMENT Philippe Ithurbide, Senior Economic Advisor at Amundi INTRODUCTION p. 15 10 YEARS, 10 THEMES CHAPTER 1 p. 21 POST-2008 CRISIS: A DECADE ALMOST LOST p. 22 What is left of the 2008 GFC? p. 26 What have we learnt from the 2008 GFC? p. 30 Debt deleveraging is incomplete: are there risks in the foreseeable future? p. 32 Conclusion CHAPTER 2 p. 35 LOW RATES, SECULAR STAGNATION, JAPANISATION OF EUROPE, COVID-19: A DECADE OF CONTINUAL REGIME SHIFTS p. 36 From the golden era to stagflation of the 1970s: constantly changing regimes p. 38 From the 1970s to the Great Financial Crisis of 2008 and 2019: different facets of the same evil p. 42 2020 onwards: Covid-19 adds new risks, new momentum and new regime p. 44 COVID-19: uncertainty about economic growth, but a severe recession to come p. 48 The return of nations and borders and the pursuit of de-globalisation p. 48 The return of state interventionism and the creation of an “industry of war against viruses” p. 50 The changes from the pandemic in in investment, consumption and saving behaviour p. 51 The intensification of financial repression and the real start of debt monetisation p. 52 Moving beyond the logic of cost/benefit analysis to accepting the precautionary principle p. 52 What choices for economic policy? p. 56 The persistence of low rates, disinflation, declining potential growth, and high asset valuations p. 60 The Japanisation of Europe: a danger, a fatality or not? p. 64 Conclusion 4 I AMUNDI 10-YEAR AMUNDI 10-YEAR I 5 TABLE OF CONTENTS CHAPTER 3 p. 67 ULTRA-LOW RATES AND QUANTITATIVE EASING: A NEW GENERATION OF CENTRAL BANKERS p. 68 Emerging challenges for central banks p. 72 Is inflation really dead? p. 74 Monetary policies have reached their limits: the example of the ECB p. 74 The foundations of ECB policy p. 74 Assessing the impact of ECB monetary policy p. 76 QE and negative interest rates: what dangers? p. 78 Inflation targeting: is it illusory? p. 82 Low inflation and rates; the paradoxes of tranquility and credibility: some dangers to come p. 84 Low inflation and high debt: is central bank independence at risk? p. 88 Monetary policy versus fiscal policy: Modern Monetary Theory and debt monetisation p. 88 From orthodoxy to heterodoxy: helicopter money, modern monetary policy p. 90 Debt monetisation: a solution? p. 94 Conclusion CHAPTER 4 p. 99 GEO-POLITICS AND GEO-ECONOMICS: ONGOING CHALLENGES p. 102 The rise of populism p. 104 Europe disorientated by Brexit p. 106 The migration shock: revealing differences p. 110 Globalisation, de-globalisation and China: what consequences for the United States? p. 112 United States - China: chronicle of an announced war? p. 112 The Thucydides trap p. 116 The Kindleberger trap p. 120 The Herodotus trap p. 120 The Tacitus trap p. 122 The Chamberlain – Daladier trap p. 122 The Cold War trap p. 124 A question of balance p. 125 Conclusion CHAPTER 5 p. 127 US, CHINA, EUROPE, INDIA, RUSSIA, AND OTHERS: NEW POWER STRUGGLES p. 128 What is a power? Hard power versus soft power versus smart power p. 140 Different kinds of power coexist p. 141 Digital economy, energy transition and rare-earth metals: a component of the power of China p. 143 Conclusion 4 I AMUNDI 10-YEAR AMUNDI 10-YEAR I 5 TABLE OF CONTENTS CHAPTER 6 p. 145 PROTECTIONISM, DE-GLOBALISATION: WHAT WAY OUT? p. 146 Declining world trade: the determinants p. 152 A new era of protectionism since the 2008 Great Financial Crisis p. 152 The causes of the China-US trade conflict p. 156 Is Trump an isolationist? p. 156 2018: a landmark year p. 158 Defining the impacts of trade disputes on growth p. 164 Deglobalisation: what are we talking about p. 169 Conclusion CHAPTER 7 p. 173 USD VS. EUR VS. RMB, FIAT MONEY VS. CRYPTOCURRENCIES: WILL THE US DOLLAR CEASE TO BE THE PRINCIPAL INTERNATIONAL CURRENCY? p. 174 The currency war: EUR, USD and RMB competing for an international role p. 174 Lessons from the recent past p. 178 The public and private use of currencies p. 178 International currencies: advantages and disadvantages p. 180 Central bank reserves in retrospect p. 182 Is the international role of the Dollar at risk? p. 186 Will the Euro and Renminbi compete more with the Dollar? p. 186 Upheaval since 2009: the emergence of cryptocurrencies p. 188 Different types of medium of exchange p. 190 Digital currencies: more financial assets than currencies p. 192 Cryptocurrencies first generation versus cryptocurrencies second generation p. 194 Central banks’ digital currencies: the major development to come? p. 196 Conclusion CHAPTER 8 p. 199 MEGATRENDS AND DISRUPTIONS: A REALITY NOW UNAVOIDABLE p. 200 Demographics p. 202 Increasing and aging population, but slower growth p. 202 Life expectancy, fertility rates and the ageing population p. 204 Working-age population, urbanisation and the middle class: three major trends p. 204 Migration: a major component of population change in some countries p. 206 A growing labour pool p. 208 Infrastructure - a megatrend of megatrends: real assets, emerging markets, demography p. 212 Adaptation of the business model to the technological upheavals of the fourth industrial revolution p. 218 Conclusion: Megatrends, disruptions, and asset management CHAPTER 9 p. 221 CLIMATE CHANGE CHALLENGES: THE COUNTDOWN p. 222 From the necessary to international agreements: back to history p. 230 Greenhouse gas: Where do they come from? What are the impacts? 6 I AMUNDI 10-YEAR AMUNDI 10-YEAR I 7 TABLE OF CONTENTS p. 234 Global warming: serious and inevitable consequences p. 236 The energy of tomorrow: a key issue p. 236 Greenhouse gas emissions p. 238 Respecting the Paris Agreement: lessons from different institutions p. 242 The main low-carbon solutions p. 246 Green Bonds and monetary policies: two major assets for the energy transition p. 246 Green Bonds p. 246 • Increasing diversification p. 248 • How to encourage the growth of green bonds? p. 250 • Green Bond Principles and Climate Bonds Standard: standardisation has become necessary p. 250 Central banks and climate challenges p. 252 • Central banks in face of the risks from the energy transition p. 253 • Should central banks get involved in climate issues? p. 254 Conclusion CHAPTER 10 p. 257 INEQUALITY: THE CAUSES AND THE CHALLENGE p. 258 Taking stock p. 260 There are multiple causes of inequality p. 262 Is there a relationship between inequality and growth? p. 264 Sometimes the problem is not inequality but poverty p. 268 Income inequality, inequality of opportunity, and social determinism p. 268 Inequality in corporations: gender balance and executive pay p. 268 Gender balance: more effort needed p. 272 Pay equity ratio: huge disparities between businesses and countries p. 274 Myths that die hard p. 278 Conclusion CONCLUSION p. 281 ASSET MANAGEMENT: THE CHALLENGES OF CONTINUOUS ADAPTATION p. 282 Face the fierce competition p. 284 Adapt asset allocation to the low interest rate environment. p. 286 Bypass porosity between traditional asset classes p. 286 Take advantage of megatrends and survive disruptions p. 288 Play an active role in the ESG trend p. 294 Understand behavioural changes p. 300 Anticipate and adapt to potential regulatory changes p. 302 Implement active and effective diversification p. 304 Conclusion: The end of traditional asset management p. 307 To find out more p. 316 BIBLIOGRAPHY p. 329 AUTHOR’S BIOGRAPHY p. 330 AWIF KEYNOTES SPEAKERS AND PANELISTS Author and chief-editor : Philippe Ithurbide - Project coordinator: Claire Ombredane (Amundi) - Editor: Oliver Griffith (EuroBusiness Media) - Design and Layout: Ghislaine Plougastel 6 I AMUNDI 10-YEAR AMUNDI 10-YEAR I 7 AMUNDI 10-YEAR I 9 FOREWORD: A DECADE OF SHARING EXPERTISE YVES PERRIER CHIEF EXECUTIVE OFFICER Ten years! Amundi is already ten years old. During this time, we have built a diversified company, combining performance and responsible asset management to serve more than 100 million customers in 35 countries across the globe.
Load more

Recommended publications
  • The Gonzaga Record 1990
    THE GONZAGA RECORD 1990 ---.:.- -- J~~~-~c::_3,~ -- - L.. -_ --====--- .- - ! . - - -- --=- - ·--=-- -. ___--------:. _- - · ·.. _· _:i -- · poo Qroeoe 3> Gonzaga College SJ Library T h e G o n z a g a R e c o r d W■■ The New Headmaster, Mr Patrick Potts with the Manager, Fr Paddy Crowe, S.J. J'" THE GONZAGA RECORD 1990 -------------- ------r Gonzaga College Dublin © Gonzaga College 1990 Designed and produced by A. & A. Farmar — Publishing Services Cover by Jacques Teljeur Typeset by Printset & Design Ltd Printed by Criterion Press Ltd EDITORIAL This year's Record appears at a time of significant anniversaries and changes. 1991 is the five hundredth anniversary of the birth of St Ignatius Loyola — an event that will be marked in Jesuit institutions all over the world during the Ignatian Centenary Year, which ends on the Feast of St Ignatius 31 July 1991. 1990 is also the four hundred and fiftieth anniversary of the founding of the Society of Jesus. Gonzaga College itself opened its doors in 1950 — originally staffed by Fr Charles O'Conor (Rector), Fr Bill White (Prefect of Studies), Fr John Murphy and Fr Tim Hamilton, the only surviving founder; so the College is celebrating its fortieth birthday in 1990. The changes of course on the world scene in the past year have been enormous, especially in eastern Europe, and at the time of editing the Gulf crisis is monopolising the world news — sharp reminders of the provisional and unpredictable in our lives. At another level significant change comes to Gonzaga this year also with the appointment of a new headmaster, Mr Patrick Potts, by the Manager, Fr Paddy Crowe SJ — a change announced a year ago by the Provincial, Fr Philip Harnett SJ.
    [Show full text]
  • Annual Report 2003 La De Annuel Rapport Rapport Annueldela 2003 Banque Ducanada
    BANK OF CANADA OF CANADA BANK ANNUAL REPORT 2003 ANNUAL REPORT BANK OF CANADA ANNUAL REPORT 2003 2003 2003 BANQUE DU CANADA DU CANADA BANQUE BANQUE DU CANADA DU BANQUE LA DE ANNUEL RAPPORT RAPPORT ANNUEL DE LA RAPPORT Bank of Canada — 234 Wellington Street, Ottawa, Ontario K1A 0G9 5211 — CN ISSN 0067-3587 ISSN CN — 5211 0G9 K1A Ontario Ottawa, Street, Wellington 234 — Canada of Bank his many volunteer activities. His warm wit and generous spirit will be sorely missed. sorely be will spirit generous and wit warm His activities. volunteer many his Gerry Bouey and neither will his community to which he contributed to the very end through end very the to contributed he which to community his will neither and Bouey Gerry Those who worked with him over the course of his long and remarkable career will never forget never will career remarkable and long his of course the over him with worked who Those Achievement Award. In 1987, he was made a Companion of the Order of Canada. of Order the of Companion a made was he 1987, In Award. Achievement of Laws from Queen’s University. In 1983, he was presented with the Outstanding Public Service Public Outstanding the with presented was he 1983, In University. Queen’s from Laws of In 1981, he was made an Officer of the Order of Canada and also received an Honorary Doctor Honorary an received also and Canada of Order the of Officer an made was he 1981, In economic development and to the Bank’s growing international reputation.
    [Show full text]
  • Movie-Going on the Margins: the Mascioli Film Circuit of Northeastern Ontario
    Movie-Going on the Margins: The Mascioli Film Circuit of Northeastern Ontario A DISSERTATION SUBMITTED TO THE FACULTY OF GRADUATE STUDIES IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY JESSICA LEONORA WHITEHEAD GRADUATE PROGRAM IN COMMUNICATION AND CULTURE YORK UNIVERSITY TORONTO, ONTARIO February 2018 © Jessica Leonora Whitehead 2018 ii Abstract Northeastern Ontario film exhibitor Leo Mascioli was described as a picture pioneer, a business visionary, “the boss of the Italians,” a strikebreaker and even an “enemy alien” by the federal government of Canada. Despite these various descriptors, his lasting legacy is as the person who brought entertainment to the region’s gold camps and built a movie theatre chain throughout the mining and resource communities of the area. The Porcupine Gold Rush—the longest sustained gold rush in North America—started in 1909, and one year later Mascioli began showing films in the back of his general store. Mascioli first came to the Porcupine Gold Camp as an agent for the mining companies in recruiting Italian labourers. He diversified his business interests by building hotels to house the workers, a general store to feed them, and finally theatres to entertain them. The Mascioli theatre chain, Northern Empire, was headquartered in Timmins and grew to include theatres from Kapuskasing to North Bay. His Italian connections, however, left him exposed to changes in world politics; he was arrested in 1940 and sent to an internment camp for enemy aliens during World War II. This dissertation examines cinema history from a local perspective. The cultural significance of the Northern Empire chain emerges from tracing its business history, from make-shift theatres to movie palaces, and the chain’s integration into the Hollywood-linked Famous Players Canadian national circuit.
    [Show full text]
  • Speech by Mark Carney at the Lord Mayor's Banquet
    Enable, Empower, Ensure: A New Finance for the New Economy Speech given by Mark Carney, Governor of the Bank of England Speech at the Lord Mayor’s Banquet for Bankers and Merchants of the City of London at the Mansion House, London 20 June 2019 I am grateful to Jennifer Nemeth and James Benford for their assistance in preparing these remarks, and to Julia Kowalski, Tom Mutton, Varun Paul, Simon Scorer, Oliver Thew and the Climate Hub team for their help with background research and analysis. 1 All speeches are available online at www.bankofengland.co.uk/news/speeches New Economy – New Finance There’s a new economy emerging driven by changes in technology, demographics and the environment. This new economy requires a new finance. A new finance to serve the digital economy. A new finance with products that are more cost effective, better tailored, and more inclusive. A new finance to support the transition to a sustainable economy. A new finance that balances innovation with resilience. With its leadership in fintech and green finance, the UK private sector is creating the new finance, but your efforts will be more effective with the right conditions in which to innovate and the level playing fields on which to compete. New Finance - New Bank That’s why a new finance demands a new Bank of England. Our strategy is to enable innovation and to empower competition, while ensuring monetary and financial stability. Our levers are the hard and soft infrastructure that we control: Our hard infrastructure, such as access to our balance sheet and access to our Real-Time Gross Settlement (RTGS) system, the heart of the UK payments system.
    [Show full text]
  • Appointment of Andrew Bailey As Governor of the Bank of England
    House of Commons Treasury Committee Appointment of Andrew Bailey as Governor of the Bank of England First Report of Session 2019–21 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 4 March 2020 HC 122 Published on 5 March 2020 by authority of the House of Commons The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. Current Membership Mel Stride MP (Chair) (Conservative, Central Devon) Rushanara Ali MP (Labour, Bethnal Green and Bow) Mr Steve Baker MP (Conservative, Wycombe) Harriett Baldwin MP (Conservative, West Worcestershire) Anthony Browne MP (Conservative, South Cambridgeshire) Felicity Buchan MP (Conservative, Kensington) Ms Angela Eagle MP (Labour, Wallasey) Liz Kendall MP (Labour, Leicester West) Julie Marson MP (Conservative, Hertford and Stortford) Alison McGovern MP (Labour, Wirral South) Alison Thewliss MP (Scottish National Party, Glasgow Central) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the internet via www.parliament.uk. Publication © Parliamentary Copyright House of Commons 2020. This publication may be reproduced under the terms of the Open Parliament Licence, which is published at www.parliament.uk/copyright/. Committee reports are published on the Committee’s website
    [Show full text]
  • Powering Fast Forward Thinking
    1 Powering Fast Forward Thinking THE AXA 2019 FORESIGHT TRENDBOOK 2 Editorial 3 AXA Foresight: Who are we? 4 Environment 5 Health 21 New Tech 37 Socio-Economics 53 Appendix 69 Acknowledgement & Credits 70 3 EDITORIAL Editorial Using past experience to anticipate probable future is at the core of insurance. At the same time, as an investor and asset manager, we know that past performance is no guarantee of future results. Societies’, companies’ and individuals’ fates may be overturned, for better or worse, by an unexpected combination of existing trends, by major scientific breakthrough or by a “black swan” event. Foresight is not about the extrapolation of existing trends, it is about the identification of potential disruptions. At AXA, day-to-day management matters but we also have the conviction that true achievements are founded on long term visions. We feel that a foresight effort is important to build our strategy but might also be useful to tackle many public debates. This first Trendbook is a modest contribution to answer this need to broaden our horizons. With this publication, we hope to provide more than a simple compilation of “trending topics”: exploring “ Foresight is not about the substance beyond buzzwords and, based on latest scientific evidence, sharing visions and options for decision-making. extrapolation of existing Indeed, we believe that concepts such as “slashers”, “affective computing” or “genetic engineering” will change trends, it is about the the way we think, live and work. identification of potential Our research initiatives, notably through the AXA Research Fund, are focused around four pillars: Environment & disruptions.
    [Show full text]
  • Environmental Ethics.Syllabus Web
    Environmental Ethics GPHI 6770, CRN 8456, Spring 2021 Thursdays 1:55 – 3:45 Professor Jay Bernstein, [email protected] Office Hours: Thursday 4:15–6:00 or by appointment Professor Alice Crary, [email protected] Office hours: W 2:45-3:45/Th 12:30-1:30 and by appointment Course Description This seminar will focus on the ongoing destruction of nature from anthropogenic planetary climate change. This catastrophe poses a problem for which traditional ethical theories have left us ill- prepared, and attempts at dealing with it in the form of “applied ethics” have proved unhelpful. A productive engagement needs to start from a willingness to radically rethink the categories that we use to describe this historical moment and the resources we have to respond to it meaningfully. We will talk about how climate crisis has challenged not only engrained metaphysical understandings of the relation between nature and culture but also received understandings of moral notions such as justice, responsibility and blame. We will also consider how it brings into question familiar conceptions of political institutions such as markets, property, states. We will attempt this kind of transformative approach to climate crisis by reading widely—and in a fully interdisciplinary manner —in the literature. Seminar topics will include the Anthropocene, ecocide, ecofeminism, environmentalism and animal ethics, anthropocentric/biocentric/ecocentric environmental ethics, responsibility (i.e., who is responsible for change?), global justice, justice vis-a-vis future
    [Show full text]
  • The Demographic Challenge: Myths and Realities
    The Demographic Challenge: Myths and Realities NOTE JULY 2018 The Demographic Challenge: Myths and Realities NOTE - JULY 2018 “There are three important things in history: first, numbers; second, numbers; and third, numbers.1” 1 The Decline of the American Empire, film by Denys Arcand, 1986. CONTENTS Introduction .......................................................................................... 5 I. A turning point in human history ................................................... 8 II. Towards a new hierarchy of powers ................................................. 21 III. A lack of resources? .................................................................... 28 IV. A “crescent of crisis” around Europe .............................................. 35 V. Are migrations unavoidable? ....................................................... 40 VI. Eurasia: the societal challenge ..................................................... 57 Conclusion ........................................................................................ 68 3 THE DEMOGRAPHIC CHALLENGE: MYTHS AND REALITIES 4 INTRODUCTION The demographic challenge is not what it used to be. In the early 1980s, the “population explosion” was the main focus of discussion. Since then, all our references have been shaken. The developing countries’ entry into demographic modernity occurred earlier than expected, but the future growth of Africa’s population was revised upwards. Industrialized countries’ aging has become a growing concern, and America seems to be the only
    [Show full text]
  • Economics in the Time of COVID-19 Economics in the Time of COVID-19
    Economics in the Time of COVID-19 Economics in the Time of COVID-19 Edited by Richard Baldwin and Beatrice Weder di Mauro Centre for Economic Policy Research 33 Great Sutton Street A VoxEU.org Book London EC1V 0DX CEPR Press Tel: +44 (0)20 7183 8801 Email: [email protected] www.cepr.org CEPR Press Economics in the Time of COVID-19 CEPR Press Centre for Economic Policy Research 33 Great Sutton Street London, EC1V 0DX UK Tel: +44 (0)20 7183 8801 Email: [email protected] Web: www.cepr.org ISBN: 978-1-912179-28-2 Copyright © CEPR Press, 2020. Economics in the Time of COVID-19 Edited by Richard Baldwin and Beatrice Weder di Mauro A CEPR Press VoxEU.org eBook CEPR Press The views expressed in this book are those of the authors and not those of CEPR or any of the institutions with which the authors are affiliated. The editors would like to acknowledge the important and timely contribution of research assistance from Guilia Sabbatini and Anmol Kaur Grewal, together with Anil Shamdasani and Sophie Roughton’s hard work on production to enable this eBook to be produced so quickly. Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research (CEPR) is a network of over 1,500 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups.
    [Show full text]
  • Politics2021
    politics 2021 new and recent titles I polity Page 7 Page 13 Page 13 Page 3 Page 11 Page 7 Page 51 Page 2 Page 6 CONTENTS Ordering details General Politics ............................................ 2 Books can be ordered through our website www.politybooks.com or via: Customer Care Center, John Wiley & Sons Inc. Introductory Texts ....................................... 16 9200 KEYSTONE Crossing STE 800 INDIANAPOLIS, IN 46209-4087 Toll-Free: (877) 762-2974 Fax: (877) 597-3299 Global and Comparative Politics .................. 18 John Wiley & Sons Ltd. European Distribution Centre, New Era Estate, Oldlands Way, Environmental Politics ................................. 19 Bognor Regis, WEST SUSSEX. PO22 9NQ, UK Freephone (UK only): 0800 243407 Overseas callers: +44 1243 843291 Political Economy ....................................... 22 Fax: +44 (0) 1243 843302 Email: [email protected] For Germany, Austria, Switzerland, Luxembourg and Liechtenstein: War and International Security ..................... 28 Phone: +49 6201 606152 Fax: +49 6201 606184 Email: [email protected] Conflict Resolution and Peacebuilding .......... 29 For Australia, New Zealand and Pacific Islands: Toll-free within Australia: 1800 777 474 Toll-free with New Zealand: 0800 448 200 Phone: +61 7 33548455 Development and and Human Rights ............ 30 UK and European Politics ............................ 31 Inspection Copies Most paperback editions featured in this catalogue are Russian Politics ........................................... 32 available for inspection. A maximum of three books may be considered for relevant courses with at least 12 students. A reply form must be returned to this effect. Middle Eastern Politics ................................ 33 Phone (US & Canada): (800) 225-5945 Email: ccopy@wiley,com Freephone (UK only): 0800 243407 Email: [email protected] Phone (Rest of World): +44 1243 843294 Asian Politics .............................................
    [Show full text]
  • The Future of Mind Health and Well-Being
    The Future of Mind Health and Well-being THE AXA 2020 FORESIGHT REPORT 2 3 Foreword One out of five people in the world today experiences a mental disorder in any given year. Foreword 03 Mind Health issues can affect anyone, regardless of age, race and economic or social class, and most of us will be affected at some point in our lives, indirectly if not directly. Given the ageing of populations in most regions of the globe and the higher incidence of mental health Introduction 04 disorders in people who suffer from chronic disease, mental health issues are likely to rise. Moreover, almost 50% of mental illnesses begin at an early age, thus affecting youth and hav- ing potentially devastating outcomes on lives at a stage where diagnosis is still weak. Women, 1. Health and the mind 07 who play a predominant role in caregiving both for the elderly and children and often head single-parent families, seem to have a higher and more persistent prevalence of depression and anxiety. Clearly, mental health is a public health, economic and societal issue. Despite 2. Towards tech-driven solutions 21 this, it still goes largely undiagnosed, and patients appear reluctant to seek professional help because of the stigma associated with these disorders. Indeed, mental health is only recently gaining traction and being put on the agenda. 3. Environment : As a responsible global insurer and a major private sector player, AXA has multiple roles to the roots of new disorders 35 play in the mental health area. Firstly, by helping to shed light on the issues surrounding men- tal health, raising awareness to better plan prevention and treatment strategies, particularly in areas where cures exist yet are not applied because of poor or tardy diagnosis.
    [Show full text]
  • Yves Citton Collapsology As the Horizon
    « Collapsology as the Horizon », Electra, n° 9, 2020, p. 87-104. Yves Citton Collapsology as the Horizon At the time of writing, the part of the European continent identified as ‘France’ is experiencing a massive strike against the (umpteenth) ‘pension reform’, paralyzing part of its transport (SNCF, RATP), its media (Radio France), its hospitals, its schools, its universities. As I am finishing this first sentence, one of the cats who share my living space has gone to perch on the roof of a garage in front of my window, where he has sat down to contemplate what is happening in the street. At the turn of the 2020s, the obstructions and setbacks experienced at the last COP 24 and 25 meetings seem to steer the prospects for global warming closer to an average 4°C increase than to the 2°C initially set as an absolute ceiling. These three temporalities coexist in my experience of the world, without really articulating with each other. It would be absurd to say that ‘everything is speeding up’ (my travel time around the Paris region has increased considerably over the last few days) or that ‘the world is in crisis’ (my cat seems to be watching the street with a serene eye). What is the point of trying to hold a general discourse on speed, acceleration, crisis, and collapse, when the levels of reality, the scales of magnitude, and the rhythms of life and death of individual beings as well as of social formations are so heterogeneous and incomparable? If ‘Anthropocene’—a rather unfortunate term, to be modulated in Capitalocene, Eurocene, Androcene, Plantationocene—means anything, it is that the way in which humans represent their small worlds contributes decisively to the material evolution of the living environments that all the inhabitants of planet Earth must share.
    [Show full text]