Resident columnist Dickson Igwe
The story of capital and social inequality offers the assertion that in a world ruled by capital, it is imperative young Virgin Islanders and residents understand economics and finance.
Understanding capital offers insight into the why of social and wealth inequality, and further offers knowledge and advantage in how to build individual, corporate, and communal wealth, which drives Virgin Islands prosperity. Wealth and capital are synonyms. The quality of capital and its management decides standard of living and quality of life.
Furthermore, economics and finance- the study of capital and economic growth- are the route to wealth, for the younger generation, in a world driven by capital, therefore enabling young people to build a prosperous future.
Ideas of mixed economy and socialism are useful as models of governance, in as much as both offer alternative routes to a wholesome society where government and community as opposed to private individuals own capital on behalf of society. Pure capitalism remains the most ubiquitous and prevailing idea, notwithstanding.
- For youth to engage with society, understanding how capital and finance works is not optional. An understanding of business and capital will offer insight into the macro environment in which the financial services and tourism industry situates. That will further the vision into what will continue to grow Virgin Islands industry from which all-young people will benefit.
A workforce – skilled and unskilled, educated and manual- that understands at the most elementary how the economy works at the macro level will better understand how financial services and tourism affect the Virgin Islands at the micro, when employed by these industries. The micro is the ‘’nitty gritty:’’ the microscopic, what happens when the rubber hits the road.
Developing financial and business literacy at an early age offers advantage for both individual and community. A business-oriented education simply means adding business learning to the wider subject field. Teaching the basics of economics, investment and financial management, is a great start for all young people. It places their passions and learning into a business mold. Every skill and profession is a business.
The relationship with money decides standard of living and quality of life. In a society that depends on trade, financial services, and tourism for its economic existence, business learning should be in the DNA of all learning.
Saving and investing are disciplines that when adopted early make life navigable, in a world where capital rules. There is no escaping the reality that capital drives modern society.
Therefore, knowledge of how capital works is an imperative. Understanding how cash and debt are created; investing and saving; why debt is central to an economy; how debt drives banking and finance; debt capital as cash flow and driver of local business; bank capitalization; demand and supply; growth and recession; deficit and surplus and more; provides the country with a well-equipped, business savvy, and efficient workforce. That is only a good thing.
Dickson Igwe is an education official in the Virgin Islands. He is also a national sea safety instructor. He writes a national column across media and has authored a story book on the Caribbean: ‘The Adventures of a West Indian Villager’. Dickson is focused on economics articles, and he believes economics holds the answer to the full economic and social development of the Caribbean. He is of both West African and Caribbean heritage. Dickson is married with one son.
