History has no final verdicts. Major shifts in events and power bring about new subjects for discussion and new interpretations.
Fifty years ago, as decolonisation accelerated, no one had a good word to say for imperialism. It was regarded as unambiguously bad by both ex-imperialists and their liberated subjects.
Schoolchildren were taught about the horrors of colonialism and how it exploited conquered peoples. There was little mention, if any, of imperialism's benefits.
Then in the 1980s, a revisionist history came along. It was not just that distance lends a certain enchantment to any view.
The West, mainly the Anglo-American part of it, had recovered some of its pride and nerve under the US president Ronald Reagan and the British prime minister Margaret Thatcher. And there was the growing evidence of post-colonial regimes' failure, violence and corruption, especially in Africa.
But the decisive event for the revisionists was the collapse of the Soviet empire, which not only left the US top dog globally but also seemed to vindicate western civilisation and values against all others.
With the EU extending its frontiers to embrace many ex-communist states, the West became again, if briefly, the embodiment of universal reason, obliged and equipped to spread its values to the still-benighted parts of the world. Francis Fukuyama's The End of History and the Last Man testified to this sense of triumph and historical duty.
Such conjuncture set the stage for a new wave of imperialism, although the reluctance to use the word remained. In doing so, it was bound to affect interpretations of the old imperialism, which was now extolled for spreading economic progress, the rule of law, and science and technology.
Foremost among the new generation of revisionist historians was Niall Ferguson of Harvard University, whose TV series, based on his new book Civilization: the West and the Rest, has started showing in Britain.
In its first episode, Mr Ferguson appears amid the splendid monuments of China's Ming Dynasty, which, in the 15th century, was undoubtedly the greatest civilisation of the day, with its naval expeditions reaching the coasts of Africa.
After that, it was all downhill for China (and "the Rest") and all uphill for the West.
Mr Ferguson summarises the reasons for this reversal in six "killer apps": competition, science, property rights, medicine, the consumer society and work ethic. Against such tools - unique products of western civilisation - the rest had no chance.
Understandably, this thesis has not met with universal approbation. The historian Alex von Tunzelmann accused Mr Ferguson of leaving out all of imperialism's nasty bits: the Black War in Australia, the German genocide in Namibia, the Belgian exterminations in the Congo, the Bengal famine, the Irish potato famine, and much else.
But that is the weakest line of attack. Edward Gibbon once described history as little better than a record of the "crimes, follies, and misfortunes of mankind". Imperialism certainly added its quota.
The most serious weakness in his presentation is his lack of sympathy for the civilisations dismissed as "the rest", which also points to the most serious limit of the revisionist case. The "triumph of the West" that followed the collapse of communism in Europe was clearly not the "end of history".
As Mr Ferguson must know, the main topic of discussion in international affairs nowadays concerns the "rise" of China, and more generally Asia. Of course, the Chinese may prefer to talk about "restoration" rather than "rise".
Chinese savings are underwriting much of the US civilising mission Mr Ferguson applauds. The pattern seems clear: the West is losing dynamism and the rest are gaining it.
The rest of this century will show how this shift plays out. For now, most of us have lost the historical plot. It is possible to imagine a "western world" (one that applies Mr Ferguson's "killer apps") in which the West is no longer the dominant factor: America simply passes the torch to China, as Britain once did to America. But it seems to me extremely unlikely that China, India and "the rest" will simply take over western values wholesale.
Some syntheses and accommodations between the West and the rest will accompany the shift in power and wealth from the former to the latter. The only question is whether the process will be peaceful.
A Robert Skidelsky, a member of the British House of Lords, is professor emeritus of political economy at Warwick University
* Project Syndicate
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The biog
Born: near Sialkot, Pakistan, 1981
Profession: Driver
Family: wife, son (11), daughter (8)
Favourite drink: chai karak
Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
