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THE SCHUMPETER
The Economics Society Magazine
Issue 6
T HE S CHUMPETER CONTENTS

Zero

Fahad Memon Co-Editors for Academic Year,

2009/10:

A Little Goes A Long Way: Grameen and Microcredit

Anaam Raza

British Manufacturing, Are You There?

David Osborne

Coveting Employment’s Brass Rings—But Why?

Kirti Sharma

Fahad MEMON
Pearson-al Rendezvous with Dele Fatunla

Fahad Memon

It’s a Bird, It’s a Plane; It’s SuperFreakonomics!

Kirti Sharma

An Economic Mind

Fahad Memon

David OSBORNE
Acknowledgements & Extra

The Economics Society Magazine is funded by

member contributions, and relies on the contri-
bution of students and lecturers for articles. If
you would like to get involved writing for us
please email:
david.osborne.1@city.ac.uk
fahadmemon_73@hotmail.com
THE SCHUMPETER
The Economics Society Magazine

Unfortunately, this edition of The Schumpeter marks the end of

the Fahad Memon era, as he is about to graduate from City Uni-
versity, London. The Schumpeter would like to wish him the
best of luck with all of his career aspirations.

In light of this, the Schumpeter is seeking a new Co-Editor for

the new academic year.

The new co-editor should have the following qualities:

An interest in economics.
Exceptional grammar and writing skills.
Good research skills.
Knowledge of Microsoft Office 2007.
Creative thinking.

We would like to advertise this post especially to students about

to enter their second year of studies at City University, however
it is not a requirement to be a second year student.

If you think this position is right for you, please email your de-
tails to:

david.osborne.1@city.ac.uk

Thank you.
Zero
D isruptions in business, travel and
other life patterns; in all likelihood,
April of 2010 will last in the annals of our
mind by virtue of a unique volcanic erup-
tion. In what has been a worrying pattern
in the first quarter of the new decade, Ey-
jafjallajökull joins a vast number of other
natural disasters that have garnered
much global media attention. Regardless,
and unlike its predecessors, the Iceland
volcano does bear some good news.
January 2010 – Haiti earthquake
Economic losses: (as per the Inter-
American Development Bank) $8 billion.
Death toll: (as per the Haitian govern-
ment) 230,000.
February 2010 – Chile earthquake
Economic losses: (as per Eqecat Inc.) $15
to $30 billion.
Death toll: (as per the Chilean govern-
ment) 214.
April 2010 – Eyjafjallajökull volcano
Economic losses: (as reported by The
Times) $2* billion for Europe as a whole
and a further $1* billion for the aviation
industry as well as (per the Royal Bank
of Scotland) $0.6* billion in lost produc-
tivity due to workers stranded overseas .
(*Values were converted to U.S. dollars
via exchange rate, $1.5466/£1.)
Death toll: (based upon lack of casualties
reported) 0.
While essentially representing a pure ab-
sence of any value; 0, bearing in mind the
circumstances, is the ideal outcome. Nev-
ertheless, as aforementioned, the result is
fundamentally an assumption based on
the fact that no one has really cared to
speak about it and its significance with
Fahad Memon
regard to the matter.
As is the historical pattern for most news
mediums, ‘bad news’ makes the head-
lines. While the numbers may be subject
to marginal errors—it is quite clear and
unambiguous that businesses (with air-
lines at the forefront) have suffered tre-
mendously through this most recent pe-
riod of disaster.
As far as the ‘good news’ is concerned, it’s
understandable. How would one go about
commemorating the lack of a presence?
While one would grieve in the aftermath
of an adverse event, should one express
happiness in the event that a likely ad-
verse event does not follow through as
predicted? More specific to the discus-
sion, considering that Iceland’s popula-
tion remains untouched, should one cele-
brate this fact? As would be thought, no
such festivities have noticeably taken
place.
This brings forth the opportune question:
is human life of lesser importance than
economic prosperity?
The logic behind such an enquiry, in the
context of the newsroom, is of course,
skewed in a sense. The media is pro-
grammed as such: to report the latest
news. In the case of Eyjafjallajökull, the
death toll had remained constant but news
on aerospace lockdowns had continued to
inflow daily. Thus, one wouldn’t expect a
news station, be it Sky or BBC or another,
to revert back to the news of ‘0,’ just for
the sake of repetition and cheer-spreading.
So no, it isn’t because human life is less
relevant than the economy that news sto-
ries focus on the latter—effectively, it
bodes down to a case-by-case basis.
T HE S CHUMPETER Z ERO

The zero is vital, nevertheless; it is, in the

death toll context, the definition of an un-
scathed and thus, healthy community. Un-
fortunately, this is a far cry from war-torn
regions like Iraq and the Gaza Strip. While
refraining from advancing into the politi-
cal realm, the point to be made is the vast
scale of deaths that have escalated within
these areas.
6,000,000.
In accordance with the Palestinian Hu-
man Rights Centre, 1,409 Palestinians
have been killed; of these, 326 were chil-
dren under the age of 17. On the opposite
side, 3 Israeli civilians have been re-
ported dead.

And while zero represents nothing, one

should ask, what do these numbers rep-
resent? Moreover, how do they impact
the number zero itself?—Do they provide
95,888 - 104,595.
a new appreciation for it? Or do they have
no effect at all?

The Iraq Body Count (IBC) project, report

the number of civilian deaths that have
come as a result of the Iraqi conflict at
95,888 to 104,595.

With the numbers now having been

moved into the tens and hundreds of a
thousand, has an impact been made?
Have our minds registered the magnitude
of the issue? I ask not in the eye-opening
sense mind you; more so in line with the
concern for ‘zero.’ Surely it must not to be
taken lightly, especially in light of the car-
nage that surrounds us.
Going further back in time, one arrives at
the number, 6,000,000; accounting for
the Jewish civilians murdered over a se-
ries of events collectively known as The
Holocaust. It is a large figure; likely one
most of us won’t ever have the privilege
of seeing in front of our very eyes, be it in
units of currency or population.
1,409.
Rest assured, this is not meant to be a test
of the purity in one’s soul. Some of us may
not have the resources available to make
a difference, or more simply, we may
choose not to: it is a matter of human na-
ture. Yet the question lingers, how far
away does the figure need to be from a
value of 0 to get one, or better yet a
group, to care enough to take significant
action? 10 million? 10 billion? Is 1 asking
too much? After all, it is only 1. But just
because it’s small, does it necessarily
mean that it is not significant?
A Little Goes A Long Way: Grameen and Microcredit
W hen providing 42 people with a
$27 loan, could Muhammad Yunus
have imagined that his act of generosity
would escalate him to iconic status in the
world of microfinance? Let alone bring
him a Nobel Prize?
The charismatic yet simple Yunus, foun-
der and now director of Grameen Bank;
holds the credit to prove that the ‘poor
are bankable’ and that microfinance is the
development panacea of the 21st century.
Defining the poor as ‘micro-
entrepreneurs,’ Yunus’s belief is that low-
income earners could seize market op-
portunities provided they have access to
microcredit. In effect, his bank positions
itself such that it extends the benefits of
Anaam Raza
capitalism down to the poor while simul-
taneously being an alternative to ortho-
dox capitalism.
As of February 2010, Grameen has 8.04
million clients and outstanding loans of
$851.51 billion. Unquestionably, the or-
ganisation has had an immense impact on
the lives of many poor people and on
ideas about microcredit, poverty reduc-
tion and international development.
The success story of Muhammad Yunus
and his bank is built upon combining the
practices of institutional lending whilst
imitating the features of informal lending.
Grameen lends like a commercial bank
but at the same time takes no collateral
and refrains from imposing legalities.
It has, nevertheless, managed to
take advantage of the informa-
tion base of communities. By en-
forcing a ruling that, in the event
of a default, no group member
was allowed to borrow again; the
bank facilitated a sifting process
by the individuals themselves.
Due to realisations that risky
borrowers tarnished the credit-
worthiness of the group as a
whole, the ruling pushed the
risky clients out of the market
because some of the costs of their
riskiness were borne by other
borrowers instead of the bank
alone—a pivotal feature that
compensated for the lack of col-
lateral.
Today, Grameen is owned by the
rural poor whom it serves. Bor-
rowers of the bank own 94% of
its shares, while the remaining
T HE S CHUMPETER A L ITTLE G OES A L ONG W AY : G RAMEEN
6% is owned by the government.
Speaking about the agency and creditabil-
ity of the poor at the African Middle East
Microcredit Summit held in Nairobi a few
weeks ago, Professor Yunus called for an
urgent reinvention of the global financial
systems to end poverty and protect the
underprivileged. His belief is that banks
can and should serve the disinherited of
this planet; not only out of altruism but
out of self-interest too.
For him, this is crucial to the social and
economic development of low-income
earners as well as for the attainment of
the Millennium Development Goals.
Tom Dichter, a consultant who evaluates
microcredit programs, from the CATO In-
stitute disagrees. He believes that micro-
credit is not an engine of economic
growth or a tool of enterprise develop-
ment. Moreover, he cites that it has not
AND M ICROCREDIT
proved to play a vital role in the
serious reduction of poverty.
So what, according to Mr
Dichter, can microcredit do? It
can provide an additional push
to poor people in the informal
sector marketplace so that they
can increase their incomes.
These increases are not signifi-
cant in terms of moving people
over the poverty line, nor are
they permanent or reliable in-
creases.
He also criticises the influx of
microfinance institutions, stat-
ing that “agencies are jumping
into this field under the assump-
tion that they can alleviate pov-
erty without actually looking at
the different causes of poverty
in different regions. These MFIs
hold high repayment rates up like a ban-
ner but, while working in western Kenya,
I realised that some women were going to
their relatives to borrow money or selling
off their livestock to pay back the loans.”
Despite the numerous accolades Grameen
receives from the urban elite and econo-
mists, the agnostics are not at all con-
vinced. They say that ‘credit’ is just an-
other word for ‘debt.’ All of this in theory
looks good but what good is a loan to
weave baskets if there is no market in
which to sell them or no road on which to
transport them? If the social conditions
are not appropriate, then the loans could
push lives into abysmal poverty.
Others argue that all the hype around
Grameen has largely been based on anec-
dotes rather than much hard evidence.
They believe that Yunus and his brand of
MFIs all over the developing world
charge the poorest of the poor very high
T HE S CHUMPETER A L ITTLE G OES A L ONG W AY : G RAMEEN AND M ICROCREDIT

interest rate which varies between 24 to Timeline of Microfinance

36 per cent on average. This, they say, is
leading to multiple borrowing and so Most people accredit the birth of microfi-
poor borrowers end up juggling micro- nance to Professor Muhammad Yunus, the
credit loans the way some Western-based founder of the Grameen Bank. What they
citizens juggle credit card debt. fail to realise is that this practice has been
around for centuries as the following list
Fawzi Al-Sultan, the president of the In- demonstrates.
ternational Fund for Agricultural Devel-
opment, points out that Grameen has also 1300+
met a lot of resistance from the conserva- Savings and credit groups such as the “susus” of
tive Islamic groups due to these usurious Ghana, “chit funds” in India, “tandas” in Mexico,
the “arisan” in Indonesia and “tontines” in West
aspects. Moreover, he questions that if Africa commence operations.
poor people use microfinance to smooth
consumption and deal with emergencies 1700
rather that starting an enterprise, then Author and nationalist Jonathan Swift initiates
how can these people ever be possibly the Irish Loan Fund system in the early 1700s
which provides small loans to rural poor with no
lifted out of poverty? collateral. The idea caught on slowly and by the
1840s there were 300 funds all over Ireland.
Mr Al-Sultan warns against hailing micro-
credit as a universal remedy because the 1798
The world’s first savings bank is set up by the
assumption that an exclusive focus on
children’s writer and feminist Priscilla Wakefield.
credit is the best way to help poor is very She set up her ‘penny bank’ in 1798 in Totten-
weak, especially with such stringent re- ham. It was eventually taken over by the Post
payment schedules. He further notes that Office and became the Post Office Savings Bank.
these programs will need subsidising for
a good five to ten years, and this competi- 1865
The concept of the credit union is developed by
tion for donors will hurt other anti- Friedrich Wilhelm Raiffeisen who was motivated
poverty causes. to assist rural poor and halt their dependence on
moneylenders. From 1870, the unions expanded
Despite all the criticism and meticulous rapidly into many German States and once com-
scrutiny, Yunus’s Panglossian view of a bined with the cooperative movements in Europe
poverty free world remains intact. He and North America, spread to developing coun-
tries too.
continues to dream of a Utopian planet
where credit is a basic human right and 1895
where poverty exists on in museums. In Indonesia, the People's Credit Banks (BPR)—
or Bank Perkreditan Rakyat—opened in 1895
His Grameen Bank, though having estab- and has become the largest microfinance state
owned system in Indonesia serving about 22 mil-
lished 2,564 branches and providing ser-
lion micro savers with close to 9,000 associa-
vices to 81,343 villages, has firmly estab- tions.
lished its recognition outside Bangladesh
under its namesake framework. Holding 1961
true to its ideals, the “Grameen model” ACCION International is founded by Joseph
Blatchford by raising $90,000 from private com-
has been replicated in more than 40
panies in Venezuela. Today it is one of the pre-
countries, continuing to be the most mier microfinance organisations in the world.
widely cited development success story
in the world. 1971
Motivated by Jesus Christ’s call to serve the poor,
T HE S CHUMPETER A L ITTLE G OES A L ONG W AY : G RAMEEN AND M ICROCREDIT

Al Whittaker and David Bussau begin lending to 2001

micro-entrepreneurs in Indonesia and Colombia; The Microenterprise Access to Banking Services
forming Opportunity International in 1971. It initiative in the Philippines helps integrate rural
now operates in over 25 countries and is the banks’ microfinance loan clients into the credit
world’s first and largest micro insurance broker. system.
1972 2004
In 1972 the Self Employed Women's Association G8 Declaration on expanding access to Microfi-
(SEWA) is registered as a trade union in India to nance for entrepreneurs.
improve income and access to social security. In
1973, to address their lack of access to financial 2005
services, the members of SEWA decided to found The UN names 2005 the International Year of
"a bank of their own” which today has around Microcredit. Citibank opens Citi Microfinance to
30,000 active clients. broaden the outreach of its financial services and
Kiva, the world’s first online micro lending plat-
1976 form, is found.
The Grameen Bank Project was born in the vil-
lage of Jobra, Bangladesh, in 1976. Muhammad
Yunus addresses the banking problem faced by
the poor through an experimental credit pro-
gramme and attempts to eliminate the exploita-
tion by money lenders, establish credit as a basic
human right and create opportunities for self
employment.
1978
BRAC is formed by Sir Fazle Hasan Abed (who
was knighted by the Queen earlier this year). It is
now the world’s largest NGO in terms of the
number of its staff and the number of people it
helps.
1983
Eventually, through the support of donors, the
Grameen Bank was founded in 1983. The success
of Grameen Bank also stimulated the establish-
ment of several other giant microfinance institu-
tions like ASA and Proshika—both based in
Mosammat Taslima Begum (left) and Muham-
Bangladesh. mad Yunus (right), both representatives of
Grameen Bank, recieving Nobel Peace Prize
1992 medals and diplomas.
Acción helps found BancoSol of Bolivia, the first
commercial bank dedicated solely to microfi-
nance. It now offers, more than 70,000 clients, an 2006
impressive range of financial services including The Microfinance Summit Campaign Report esti-
savings accounts, credit cards and housing loans mates that there are more than 3,000 microfi-
– products that just five years ago were only ac- nance institutions serving 100 million poor peo-
cessible to Bolivia's upper classes. ple in developing countries. The total cash turn-
over of these institutions worldwide is estimated
1997 at $2.5bn. Muhammad Yunus (as pictured above)
The first Microcredit Summit was held in Wash- is awarded the Nobel Peace Prize.
ington, D.C. which gathered people from 137
countries to launch an international campaign to 2007
reach 100 million of the world’s poorest families JP Morgan launches a microfinance unit as part
by the year 2005. of its emerging markets strategy.
British Manufacturing, Are You There?
B ritain is well known for its history
behind the manufacturing industry,
most notably through the Industrial
Revolution of the 18th and 19th centuries.
As many will recall from history lessons
of days gone by, the Spinning Jenny and
the Steam Engine are two significant in-
ventions, which acted as catalysts for
British manufacturing and propelled
Great Britain into the position of the
world’s first industrialised nation. Since
then, British industry continued its
growth, and by the time of the Second
World War, more than half of the British
labour force was employed in industry.
Manufacturing proved its dominance in
the economy and became accountable for
around 40% of Britain’s output. However,
according to the Office for National Statis-
tics, manufacturing in 2009 only ac-
counted for around 10% of employment
and 13% of output. What has caused the
country to lose its flare for manufacturing
and become left behind, with respect to the
David Osborne
other industrialised nations?
After the industrial revolution in Britain,
other countries in Europe and North
America soon began to join the industrial
revolution bandwagon. After the Second
World War, with the increase in popular-
ity of air transport, British manufacturing
began to lose its edge. In addition, the
strikes of labourers in the pre-Thatcher
years began to take their toll on the com-
petitiveness of British goods; their con-
stant demand for higher wages conse-
quently augmented price levels. Needless
to say, imported goods became easier to
acquire and relatively cheaper. By looking
at the chart below, we may observe the
difference it has made to the volatility of
the UK’s balance of trade, which has been
much more volatile and for the most part,
in deficit since the 1970’s. This deficit has
been further exacerbated by the emer-
gence of emerging markets, such as China
and India in the last two decades.
T HE S CHUMPETER B RITISH M ANUFACTURING , A RE Y OU T HERE ?

nomic shift. As the

manufacturing sec-
tor declined, the
service sector grew
to take its place, and
soon overtook it—
so much so that at
present, more than
three quarters of
the British labour
force is being em-
ployed by the ser-
vice sector. Many
argue that the ser-
vice industry is an
unsustainable foun-
dation on which to
base an economy
and some econo-
British-manufacturing firm, Cadbury, now property of American firm, Kraft mists have attrib-
Foods Inc.
uted Britain’s vul-
nerability to the re-
cent crisis to being too heavily reliant on
From the 70’s onwards, many major Brit- services.
ish companies have been sold to or been
taken over by foreign firms, which in the A report from Price Waterhouse Coopers,
interest of efficiency and cost-cutting, states quite the opposite. In fact, manu-
have moved production outside of the UK, facturing in the UK is not in decline. This
or simply closed British factories alto- report, as well as numerous others,
gether. This has been especially notice- shows that although the proportion of
able in the automobile industry, where British GDP that manufacturing contrib-
there have been at least ten plant clo- utes to has shrunk, the amount of output
sures in the last eight years. A more re- from manufacturing has increased, over-
cent example may also be American all – regardless of the fact that the num-
snack giant Kraft’s recent hostile 840 ber of people in manufacturing has been
pence-a-share takeover of Cadbury, on the decline. This can be explained by
where Kraft promised to retain all of the textbook economic theory: where techno-
UK factories. However, shortly after win- logical improvements result in higher
ning the bid, Kraft announced its plan to wages, thus resulting in a lower labour
close the Cadbury plant in Somerdale, un- demand. However, international competi-
doubtedly exacerbating the sour senti- tion and the migration of people from
ment towards takeovers of British firms. manufacturing to service have also forced
industry to advance technologically as a
The growing importance of the service result of a declining labour market.
sector, which employs a considerable ma-
jority of the British labour force, has also That being said, it is not all doom and
played a very significant role in the eco- gloom. British manufacturing in more
T HE S CHUMPETER
technological sectors is in fact booming.
Rolls-Royce plc (not the car manufactur-
ing company, Rolls-Royce motors, which
is a separate entity) and British Aero-
space Engineering [BAE Systems] are just
two of these businesses that are flourish-
ing in what seems to be hard times for
British manufacturing. The total value of
sales for BAE Systems for 2005 was £15
billion and over the years it has grown
each year up to £22.4 billion in 2009,
with much growth still forecasted for
2010 and beyond. Rolls Royce plc has
seen its revenues almost double from
£5.8 billion to £10.1 billion.
Theoretically, at some point, all econo-
mies will go through a changeover from
industry to services, in fact, this reported
decline in manufacturing is not unique to
the United Kingdom. It can be observed in
most of Western Europe and in the
United States and thus, it is rational to
believe that as the emerging economies
develop, their production costs will rise,
fundamentally nullifying the incentive for
Britain to import from these countries.
Whether a new group of countries will
become the new emergent markets, or
whether domestic production will prevail
will have to be observed in due course.
B RITISH M ANUFACTURING , A RE Y OU T HERE ?
However, as with the current emergent
markets, as they move towards service or
high-tech based economies, the United
Kingdom will have to develop more tech-
nology and unique sectors to stay ahead
of global competitors.
Before taking what the media says to
heart, it is always worth checking other
sources for the other side of the story.
The myth of a declining manufacturing
industry is alive mainly because of the
quantity of takeovers of British flag bear-
ing firms by overseas companies, and a
decline in employment in manufacturing.
It ignores the fact that a large quantity of
British manufacturing has shifted from
being low-tech and labour-intensive to
high-tech and capital-intensive. Produc-
tivity increases have lessened the need
for large quantities of workers per out-
put, and this fact is usually ignored by the
mass media. Changing industrial trends
for the country is also largely ignored. So
is British manufacturing dying?—
Although it may seem like it, it isn’t; it’s
just changing.
Coveting Employment’s Brass Rings—But Why?
D oes anyone remember the frantic
week before the UCAS deadline? Or
perhaps the first to fifteenth draft of the
cursed personal statement? Such memo-
ries may make you recoil and then exalt
relief, but not so fast. These relic memo-
ries might be committed to the scrap
books of days-gone-by (I know mine
were—and gladly I might add), but alas,
only too soon a similar chapter was to
reopen: job applications; seeking employ-
ment, experience and acceptance into the
city fold by way of internships, place-
ments and graduate positions. I know
from my own experiences and from talk-
ing to other students that the stress of
simultaneously working on university
assignments and exams whilst doing ap-
plications for various companies was in-
tense. For a lucky number, it has been a
worthwhile process as they have been
receiving their offers recently. However,
with the process being so identical, from
the application process where we have to
“sell” ourselves to the colourful, youthful
prospectuses (that would not look out of
place at a higher education event), one
feels compelled to ask, what is the appeal
behind the “big four” or the heavyweight
investment banks? Is it the name or are
we looking for the companies that remind
us of our days as students?
One could propose that undergraduates
and new graduates are as predictable as
moths to a flame when it comes to mak-
ing application choices. To elaborate, we
could be seen to head to the environ-
ments that will most successfully bridge
the gap between university and the
harshly different world of work. It seems
natural to head for a more nurturing en-
vironment, perhaps even one that still
had an element of learning to it; some po-
Kirti Sharma
sitions, for example, will support their
employees through a CIMA or other ac-
counting qualifications. This allows the
student to continue to attain academic
achievement as well as receive that all
important pay-check, successfully strad-
dling both worlds of work and education.
This might be a feature that a student
would not actively turn down, but where
does it lie in the list of priorities?
Hearing people talk about placements,
internships and grad jobs, one cannot
deny that names hold a lot of clout—very
much in the same way that Oxford, Cam-
bridge and practically all other Russell
Group universities carry a lot of prestige
and presumed quality. All that in a name,
casually dropped into the conversation
when asked (or even when not, for those
who are particularly arrogant). Perhaps
this is why some are attracted to the big
names in the industry; with the simple
modus operandi of aiming for the best of
the best.
In This year’s Times Top 100 Employers,
the top employer was Pricewaterhouse-
Coopers (PwC), with 1000 places avail-
able for new recruits. They did not how-
ever explicitly state how many applicants
would be applying for each place
(perhaps because potential applicants
would be scared off). Goldman Sachs is
reported to have had 100 people applying
for each place across the board of vacan-
cies and they are a whole eighteen places
below PwC so one can assume that PwC
are getting at least that for each of their
vacancies. That is a lot of competition.
Naturally, we can assume the bandwagon
effect for some applicants not having
much of an idea of why they are applying;
nevertheless, there are also those who
T HE S CHUMPETER C OVETING E MPLOYMENT ’ S B RASS R INGS —B UT W HY ?
actually have passion for the position.
PwC is one of the companies that I per-
ceive to have a very wholesome approach
to new recruits, enticing the best in the
field with their colourful furniture and
online games that simulate the work en-
vironments, so that could be a part of
their appeal. More convincingly in my
eyes though, PwC is the holy grail of
graduate jobs solely based on its position
on the league tables—much like how Ox-
ford and Cambridge (the toppers of the
university league tables) are the holders
of the most coveted places in higher edu-
cation. Knowing this, one cannot deny
that a certain perception of PwC is one of
allure, awe and appreciation. The posi-
tion is a validation of a certain brilliance
and skill, of beating at least ninety-nine
people out of the running, and of course
this is not exclusive to PwC, generally any
of the Top 100 Employers will have a
similar competition rate.
One area that I have yet to explore is that
of the concept of remuneration. It is a
particularly tricky feature for one to base
their application process on, especially
considering that many Times 100 compa-
nies choose to define them as
‘competitive’—a fundamentally relative
term. Companies continue this tight-
lipped nature in the careers fair. For ex-
ample, when tentatively asking a Morgan
Stanley rep what they got paid, they re-
plied that they were explicitly told not to
comment, other than saying “it’s competi-
tive.” What I perceived from that was that
it was nothing to boast about, especially
considering that those from Goldman
Sachs were more than willing to say ex-
actly what they got. I completely under-
stand that Morgan Stanley pay is not too
shabby and I mean no offense to any fu-
ture employees of the bank, it just makes
the application process a bit skewed
when you want to prioritise the best sala-
ries. Regardless, even if pay is an appli-
cant’s top priority, and for most it is a
concern, it seems like one would be hard
pushed to find a company that paid well
(£25,000 and above for a graduate posi-
tion) and did not tick other boxes in
terms of prestige and a welcoming envi-
ronment. After all, they know more than
anyone: ‘a happy worker is a busy
worker.’ I have however heard of golden
rumours of some investment banks pay-
ing risk analysts £36,000 salaries just for
a placement; news that would definitely
sway cash strapped students in between
offers. Seemingly apparent, the old cli-
chés are true: investment banks and in-
vestment branches pay the best, but the
trading floor is a far cry from the lecture
room, so there is a balance.
On measure, it seems like we do not have
to choose between the companies that
make us feel secure in the cold square
mile of the city, or the name. The winning
formula for the most coveted positions is
that they make their new employees feel
welcome and help knit together univer-
sity education and whatever the job may
be. In that approach, they appeal to the
best of the best, and therein lay the best
pay and the best names. So there you
have it, the best places to work have the
complete package, we aim for the best
and we get the best—in pretty much eve-
rything—it just might be that some com-
panies do a more convincing job than oth-
ers.
Pearson-al Rendezvous with Dele Fatunla
A s with any field one chooses, it is im-
portant to know what one must do
(and not do) in order to become success-
ful. How is this knowledge best gained?
Via consultation with those whom have
experienced what we have yet to endure.
Thus, given the opportunity to speak to
Mr. Dele Fatunla at City University’s re-
cent “Insight into Media” event, I inquired
as to the possibility of conducting an in-
terview with the Pearson Diversity Com-
munications Officer himself. Considering
that Pearson, as one of the world’s most
well-renowned publishers, is synony-
mous within the context of prosperity
within the industry of media; this was an
opportunity of a lifetime to gain valuable
career insight and information.
The interview, conducted on Tuesday
April 13th 2010, reads as follows:
Fahad Memon (FM): Thank you for
your time Mr Fatunla, I thoroughly ap-
preciate this opportunity.
Dele Fatunla (DF): You’re welcome Fa-
had, I am delighted to take part.
(FM): To start off, could you provide a
brief description of your educational
background and any work experience
you undertook whilst studying?
(DF): Sure, I studied at the School of Ori-
ental and African Studies, University of
London, and graduated with a degree in
African Studies and Politics. I enjoyed my
time at SOAS immensely and part of the
reason for this was because I got an op-
portunity to engage in lots of different
activities related to my interests and
meet a wide variety of people from all
over the world. I was the events secretary
Fahad Memon
for the SOAS Africa Society, and organised
two very successful events along with my
colleagues; one was a lecture by Human
Rights campaigner, Peter Tatchell and the
second was a very successful fundraising
party for the Africa Society. My proudest
extra-curricular activity was reviving the
[previously neglected] SOASSPIRIT, a
publication, and putting it back in the
centre of the university’s intellectual life.
We published three issues of the maga-
zine and I handed over the publication to
people who kept it’s spirit and ethos of
quality and efficiency going. All through
my studies I also worked to sustain my-
self in a variety of jobs from being a café
barista to work in blockbusters, and I was
also actively involved as a writer on the
London literary scene.
(FM): That is tremendously impres-
sive; I’d venture to guess that your fol-
lowing year after graduation was fruit-
ful. Could you talk me through that
time period?
(DF): Graduation was a tough wake-up
call, after the relatively protected experi-
ence of university, which had its stresses
but was at least certain; graduation was
[certainly] a tough wake-up call. I spent
most of the months immediately after my
graduation hunting for jobs and experi-
ence in publishing and media, and even-
tually got a job in a bookshop – which
was a tried and tested route into publish-
ing. The experience was great – although
challenging – I ran a number of sections
including the literary fiction, non-book
products and black interest sections; it
taught me a lot about the commercial im-
peratives of a business. At the same time I
was approached to help launch a maga-
zine aimed at young people in the African
T HE S CHUMPETER P EARSON - AL R ENDEZVOUS WITH D ELE F ATUNLA

Diaspora and [so] I very proud that I

took up this opportu- learnt to speak fluent
nity along with Portuguese whilst
working at the book- there.
shop.
(FM): What was it
(FM): Can you that eventually in-
elaborate as to clined you to return
what your experi- to the United King-
ence at the book- dom then? More so,
store provided you? how is it that you got
your foot in the door
(DF): Although ulti- at Pearson?
mately, I decided
that working at a (DF): Sadly, all good
bookstore wasn’t things come to an end,
where I saw myself and I ended my Brazil
Pearson’s Diversity Communications Officer,
for the rest of my life, Dele Fatunla. trip mostly because
the experience did I’d run out of money,
give me a lot of knowledge and some and also because I’d figured out more
good personal contacts. I was also able to clearly what I wanted to do in terms of
use my savings from my time at the book- work. So I returned to the UK with a firm
store to organise a trip to Brazil to do and clear ambition to work in the pub-
some volunteering. lishing industry. Returning to London
penniless and unemployed was not a
(FM): Interesting choice, any specific pleasant experience, and I spent quite a
reasons as to why you chose to travel few months job hunting – luckily I found
to Brazil? Also, could you enhance and joined a recruitment agency called
upon the volunteering aspects of your Rare Recruitment – which puts high cali-
trip and how that benefitted you? bre candidates from ethnic minority
backgrounds into prominent and success-
(DF): My main reasons for choosing Bra- ful companies. Rare put me forward for a
zil as a place to volunteer was because I vacancy at Penguin which I didn’t get as
had some family there and it seemed like the recruiter was worried I would be
a once in a lifetime opportunity to see the bored – but the interview led to a sugges-
country. While I was there I discovered a tion that I apply for the Pearson Diversity
volunteering organisation whose ethos I Summer Internship Programme. I applied
liked. They are called AEC-TEA, and they and was invited to interview, and subse-
are a cultural association in the north- quently got onto the programme to carry
eastern state of Bahia. I’d always been out a research project for Penguin.
fascinated by the African influences in
Brazilian culture and Bahia is where this (FM): The opportunity to work for a
is most evident, so I jumped at the chance Pearson-affiliated publication must be
to volunteer there. I volunteered in a invaluable. Can you discuss your ten-
small town called Capim Grosso, and even ure at Penguin?
though the experience was deeply chal-
lenging at times, I learnt a lot, and I’m (DF): Yes, working for a Pearson com-
T HE S CHUMPETER P EARSON - AL R ENDEZVOUS
pany was and is great experience. I was
working for an imprint of Penguin called
Healthy Penguin during my internship.
The role involved producing a research
report into Ethnic Minority Health and
Penguin’s titles and how they could be
made more relevant and/or available to
this audience. More importantly during
the internship I also got to strengthen my
networking skills, and work hard at de-
veloping my business and presentation
skills.
(FM): How did you make the transition
from intern to your present employ-
ment as Pearson's Diversity Communi-
cations Officer? And what sort of work
is it that you do now?
(DF): My internship led to an offer of a
role as Diversity Assistant for Pearson’s
Diversity Manager, from which I was later
promoted to Communications Officer.
The role is varied however my main re-
sponsibilities [involve] promoting the
Pearson Diversity Summer Internship for
ethnic minority final year students and
graduates, managing all the communica-
tions for the diversity team, whether this
be [by way of] ad–hoc projects like a pro-
motional or corporate video or our regu-
lar communication [via] our newsletters
and websites. I also organise our events
programme which includes both informa-
tional open days for students and gradu-
ates and events [that] we organise with
organisations we work with or sponsors
such as Stonewall.
(FM): Before concluding this interview,
WITH D ELE F ATUNLA
can I ask, is there any advice you can
provide students on how to go about
pursuing a career in journalism—what
to do and what not to do?
(DF): Oooh! Don’t do it! No, in all serious-
ness, a career in journalism is great, how-
ever, I would say to any candidate pursu-
ing this [career path] to make sure they
get some great work experience and/or
internships under their belt before they
graduate – network and make sure you
develop a profile. Also, know your
strengths and weaknesses and don’t be
snobbish about which publications you
work for, a lot of students are fixated on
the national press but there are lots of
great opportunities in business to busi-
ness publications and of course on spe-
cialist publications like the Financial
Times. Lastly, of course I would advise
candidates to apply for any and all oppor-
tunities for which they are eligible includ-
ing our programme, the Pearson Diver-
sity Summer Internship Programme.
(FM): Well sir, I cannot thank you
enough for this great insight; speaking
for myself, it has been an honour to
interview you. I wish you continued
success.
(DF): Thank you Fahad, I would like to
wish you the best of luck as well.
For further information about Pearson
and its Diversity Summer Internship Pro-
gramme, please visit http://
www.pearson.com/ and/or http://
summerinternships.pearson.com/.
It’s a Bird, It’s a Plane; It’s SuperFreakonomics!
Kirti Sharma

S o here is it, four years in the making,

the second offering from Stephen J.
Dubner and Steven D. Levitt—for those
unfortunately what we have come to ex-
pect from these two authors. It is always
difficult when high expectations are in-
that have not yet read their first book, volved because regardless of the quality
Freakonomics, go do it now. It is not es- of the content the perception will be dif-
sential reading but ferent.
it will break up the
monotony of what- The good news is that
ever textbook your the book thankfully
currently trying to stays true to the initial
crack. writing style that we
have come to expect:
It is always going to witty humour, anec-
be a hazard for dotes to keep the
creators to come up reader hooked and
with a sequel after more thought-
releasing such a provoking insights. In
unique and ground- this sense, some have
breaking first pro- critiqued it as being
ject. It is difficult to too samey, but it is
match it, let alone ‘SuperFreakonomics,’
better it. However, it purports itself as an
both the authors extension of the first
believe that this book instead of a dif-
book is much better ferent topic altogether.
than the first; but as In essence the authors
is in most cases, an follow their penetrat-
artist always thinks ing methods of analy-
a lot worse of their sis and continue to
work than it is, and in some conditions, take hard facts and draw out startling
think that it is better than it actually is. To conclusions which then allow the authors
establish which book has the better con- to make astute comments on society’s ac-
tent could be grounds for a long, drawn tions. For example, in the first chapter
out comparison that curiously titled “How is
is frankly unneces- “...men are getting more sex for a street prostitute like a
sary in that this book free than before, therefore the d e p a r t m e n t - s t o r e
will not take away Santa?” the authors ex-
from the first. What is demand for paid sexual acts plore the supply and
immediately clear is has decreased.” demand of prostitutes
that there are always and conclude that the
going to be points for the first book be- relative fee of a prostitute’s services have
cause it was the first: it was refreshing decreased when compared to a prostitute
and, to some extent, shocking; and while from the 1800s. This observation is sup-
this book is very similar in its effect, it is ported by the simple notion of supply and
T HE S CHUMPETER IT’S A B IRD , I T ’ S A P LANE ; I T ’ S S UPER F REAKONOMICS !

demand; taking into consideration that

casual sex has become a lot more ac-
cepted within society, men are getting
more sex for free than before, therefore
the demand for paid sexual acts has de-
creased. These observations are obvious
when thought about but when the au-
thors and their band of researchers
plunge more deeply than most would
bother, or into areas that perhaps were
seen as unnecessary in the academic
realm of economics, it provides for a fas-
cinating venture. Nevertheless, through
these conclusions, the authors make as-
tute observations about the weak policing
surrounding prostitution which is illegal
by large in America. Dubner and Levitt
argue that the police, by going after the
suppliers (the prostitutes) instead of the
demand components (the customers),
actually augment the problem. By con-
tracting supply, they heighten demand for
each remaining supplier thereafter. They
play the legislative devil’s advocate in
suggesting castration for convicted cus-
tomers, which instead would soon see
‘the market contract in a hurry.’

It is this kind of unique conclusion that

comes from research conducted in the
most unusual ways that reveals the most
truthful outcome. It is, however, abun-
dantly clear that while the authors go into
detail about how the information was
sourced, it is more and more the ground-
work of other economists. In the previous
book, the professional economist of the
pair, Levitt, masterfully extracted so
much of the data himself; but this is not
so much the case in this book. They have
taken on the juicier role of writers and
analysts rather than being the research-
ers of the grassroots, perhaps this is to be
expected, but it is a definite shame to not
see them build up their argument from
the most detailed facets of their research
methods.
The authors, Steven D. Levitt (top) and
Stephen J. Dubner (bottom).
Overall, the book is still charming in its
style and revealing in its conclusions but
the impact is lighter. It is based on more
rhetoric and less hard fact, and the hard-
core research has indeed been out-
sourced. However, as students of the var-
ied realms of research, economics and
politics and business, it reminds us most
importantly that supply, demand and in-
centives rule the human psyche more
than legislation and imposed rules ever
will; and that all that we learn in micro-
economics has a wider application be-
yond the classroom—this book inspires
that exact outside-the-box perception.
An Economic Mind
A lthough unorthodox, I would like to
commence with an apology to my
fellow writer, Kirti Sharma. Additionally, I
owe an apology to the aforementioned (in
Kirti’s preceding piece, “It’s a Bird, It’s a
Plane; It’s SuperFreakonomics!”) authors,
Stephen J. Dubner and Steven D. Levitt. As
this indicates, I have not yet had the privi-
lege of reading SuperFreakonomics; more
so, despite having been inclined to do so
by positive word-of-mouth reviews, I
have neither read the original—
Freakonomics.
In defence of this foolishness my rational
mind proposes the bylaw that for a stu-
dent to optimally strengthen his or her
academic foundations; their focus should
remain on the pages of their textbooks.
Despite this poor excuse, I derive solace
from Albert Einstein’s words that “the
only source of knowledge is experience.”
While I insist that I by no means am com-
paring my level of thought to theirs, I am
considerably gratified to have not had the
drive to yet read either of their works.
Growing up as an aficionado of the likes
of Harper Lee, I can relate to the urge of
wanting to ‘read the last page, first,’ but
as is best said by author Greg Anderson,
one should “focus on the journey, not the
destination.”
Speaking with regard to my journey at
City, I appear to have emulated the very
thinking processes implemented by Dub-
ner and Levitt. The form of cerebral de-
velopment, which scales to reach the
summit I proclaim ‘an economic mind,’
differentiates from other assortments in
that it provides an alternative outlook to
one’s own decision-making as well as to
that of other mechanisms.
Fahad Memon
Thinking with regard to one’s diet and
fitness (“dependent variable, Y”); one can
identify what aspects (“independent vari-
ables, Xi—where ‘i’ = 1, 2,... n”) have either
a positive or negative effect on their
health. Though we are not aware of each
component’s respective magnitude
(“coefficients, βi—where ‘i’ = 1, 2,... n for
every respective Xi”), we may be able to
adjust such values on the basis of our in-
dividual experiences (i.e. data collection).
Of course, such results on a broader scale,
being based solely on one’s own experi-
ences, would display a bias—one of the
deadly sins of economic theory. This
could be rectified by means of utilising
methodology to establish a consensus,
but to dwell further on this matter would
serve no purpose with reference to this
narrative.
You may ask yourself: who thinks this
way and why? I’d like to think I share that
honour with most of my fellow Economic
students.
What benefits, if any, does such a mind
provide one? To name just one: a univer-
sal problem-solving system.
Taking the diet and fitness example into
account with my personal realisations of
various lifestyle choice effects, I was able
to implement a successful plan to live
healthier (∆Y > 0). Simple changes in hab-
its such as taking a 45-minute walk to
school (X2; β2 > 0—taking X1 autono-
mously) and refraining from drinking soft
drinks (X3; β3 < 0), provided the book-
worm in me with some much needed ex-
ercise and dietary benefits. Again, bearing
in mind that I had undertaken a month’s
worth of market research (think of the
“Volvic challenge,” but with ‘take a drink
T HE S CHUMPETER
American economist and mathematician, John
Forbes Nash, Jr., inspiration behind book and
motion picture, “A Beautiful Mind.”
of water’ making way for ‘unhand that
soda and take a drink of water instead’),
these results are biased toward my per-
sonal genome code (i.e. you’re either go-
ing to have to conduct your own experi-
ment or find your nearest National Statis-
tics office).
Though admittedly a bit mundane, the
diet and fitness example serves as a sim-
plified prototype to other, more compre-
hensive computations that can be made.
One such interest piece in today’s world
of economics is that of the optimisation of
happiness. This—as elaborated upon in
the Schumpeter’s 5th issue article,
“Happiness and Money: A Social Science
Experiment”—provides a platform for an
intriguing display of economics at work.
The common pedestrian might believe in
the edict that ‘money equals happiness,’
A N E CONOMIC M IND
but that isn’t necessarily the case. Studies
by the likes of Daniel Kahneman and
Richard Easterlin prove that such asser-
tions do not hold true when actual experi-
ments are conducted. In my opinion, this
is the crowning facet one could hope to
gain from an economics course: the abil-
ity to decipher such connections in an op-
timal and—if plausible—unbiased man-
ner.
Though this may all sound ludicrous to
think: that our minds work out compli-
cated regressions to realise what to do
and what not to do with regard to a de-
sired result, it may not be far from the
truth. Paraphrasing the words of City’s
own, Dr. Claudia Jefferies, “we are econo-
mists; our psyches are tremendously dif-
ferent to those of others; unique in that
we develop our theories by observa-
tion—the best way there is to learn.”
Though I found myself venturing into this
area of knowledge on the basis of increas-
ing my employment prospects, I depart
with a much greater gift: true education.
“Intelligence plus character,” the profits,
as specified by Dr. Martin Luther King, Jr.,
that one reaps from achieving such gran-
deur. Not the kind you gain by means of
aimless textbook-reading and lecture-
attending, but the kind you experience by
way of an enhanced, fruitful mind.
Obviously, due to limitations with regard
to an alternative reality viewpoint, I can-
not know for sure if this experience has
been “profit-maximising.” Regardless,
ending up here, at this point, educated at
a level greater than I could have imag-
ined; I find myself in an uncompromising
state of satisfaction. It is thus with im-
mense pride that I can state: I have been a
student of economics. Then again, given
its scientific nature, economics has been a
student of me.
T HE S CHUMPETER
ACKNOWLEDGEMENTS & EXTRA
Cover
Polina Sheverdyakova
Picture References
“Zero.”
(i) 1st pg., top — Dutton, L. (n.d.). “The number
zero on pedestal.” GettyImages. [Online]. <http://
www.gettyimages.com/detail/82193708/Photograp
hers-Choice>. [Accessed: April 23 2010].
(ii) 2nd pg., top right — Myers, J.E. (1945).
“Rows of bodies of dead inmates fill the yard of La-
ger Nordhausen, a Gestapo concentration camp.”
Wikimedia Commons. [Online]. <http://commons.wi
kimedia.org/wiki/File:Rows_of_bodies_ of_dead_inm
ates_fill_the_yard_of_Lager_Nordhausen,_a_Gestapo_
concentration_camp.jpg>. [Accessed: April 23 2010].
(iii) 2nd pg., right centre — “Iraq woman and
child - war and death.” (2008). Viral Politics.
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(iv) 2nd pg., bottom right — (2008). “Abunimah-
Gaza.” Friday Lunch Club, Blogspot. [Online]. <http://
friday-lunch-club.blogspot.com/2008_12_01_archiv
e.html>. [Accessed: April 23 2010].
“A Little Goes A Long Way: Grameen and Micro-
credit”
(i) 1st pg., top — “Grameen Logo.” (2009). So-
cialEarth. [Online]. <http://www.socialearth.org/
company-list>. [Accessed: April 23 2010].
(ii) 1st pg., bottom — The American. (2007).
“Yunus.” [Online]. <http://www.american.com/archi
ve/2007/may-june-magazine-contents/micro-man/
>. [Accessed: April 23 2010].
(iii) 2nd pg. — The American. (2007).
“Working.” [Online]. <http://www.american.com/ar
chive/2007/may-june-magazine-contents/micro-ma
n/>. [Accessed: April 23 2010].
(iii) 4th pg. — 12 Angels. (2009). “Yunus
Oslo.” [Online]. <http://12angels.org/tag/grameen-
bank/>. [Accessed: April 23 2010].
“British Manufacturing, Are You There?”
(i) 1st pg., top — Dutton, L. (n.d.). “3' x 5' British
Flag.” Confederate Mercantile Online Store. [Online].
<http://www.confederatemercantile.com/catalog.ht
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Balance of Trade, 1950-2009 (£ millions at current
prices).”
(iii) 2nd pg. — The Economist. (n.d.).
“0410BR1.” [Online]. <http://www.economist.com/
world/britain/displaystory.cfm?story_id=15331177
>. [Accessed: April 23 2010].
(iv) 3rd pg., top — BAE Systems plc. (2010). “BAE
Systems logo.” Wikimedia Commons. [Online].
<http://commons.wikimedia.org/wiki/File:BAE_SYS
TEMS.svg>. [Accessed: April 23 2010].
(v) 3rd pg., bottom — Rolls-Royce plc. (2010).
“Rolls-Royce plc logo.” [Online]. <http://www.rolls-
royce.com/>. [Accessed: April 23 2010].
“Coveting Employment’s Brass Rings—But Why?”
(i) 1st pg., top — Janet Boyd. (n.d.). “Brass Ring.”
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(iii) 2nd pg. — “PricewaterhouseCoopers
logo.” (n.d.). PricewaterhouseCoopers. [Online]. <htt
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“Pearson-al Rendezvous with Dele Fatunla.”
(i) 1st pg., top — “Penguin logo, black and
white.” (n.d.). Pearson. [Online]. <http://www.pears
on.com/media-1/logos-style-guides/>. [Accessed:
April 23 2010].
(ii) 2nd pg. — ”Dele Fatunla, Pearson” (n.d). Pear-
son. [E-mail].
(iii) 3rd pg. — “Pearson logo, black and
white.” (n.d.). Pearson. [Online]. <http://www.pears
on.com/media-1/logos-style-guides/>. [Accessed:
April 23 2010].
“It’s a Bird, It’s a Plane; It’s SuperFreakonomics!”
(i) 1st pg., top — “Superman Sheild.” (n.d.). DC
T HE S CHUMPETER
ACKNOWLEDGEMENTS & EXTRA
Comics. [Online]. <http://www.80stees.com/produc
ts/DC_Comics_Superman_Classic_t-shirt.asp>. [Acces
-sed: April 23 2010].
(ii) 1st pg., centre — William Morrow. (2009).
“SuperFreakonomics.” Penguin Books India. [Online].
<http://www.penguinbooksindia.com/section/BUSI
NESS_CLASS/General/Superfreakonomics_9780713
999914.aspx>. [Accessed: April 23 2010].
(iii) 2nd pg. — “Levitt-Dubner.” (2009). Amazon.
[Online]. <http://www.amazon.com/SuperFreakono
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“An Economic Mind”
(i) 1st pg., top — “Atomic Brain.” (n.d.). Encefalus.
[Online]. <http://encefalus.com/neurology-biology/
neuromarketing-neuropolicy-center-emory/>. [Acce
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(ii) 2nd pg. — Badge, P. (circa 2000). “John
Forbes Nash, Jr.” Typos1. [Online]. <http://commons.
wikimedia.org/wiki/File:John_Forbes_Nash,_Jr._by_P
eter_Badge.jpg>. [Accessed: April 23 2010].
Quotes
“When one's expectations are reduced to zero, one
really appreciates everything one does have.” —
Stephen Hawking.
“One day our grandchildren will go to museums to see
what poverty was like.” —Muhammad Yunus.
“British manufacturing is bigger than you think and
it's likely to grow.” —Roger Bootle (of The Daily
Telegraph).
“Pearson started a serious and focused diversity pro-
gramme in 2001. One of our aims was to raise the in-
dustry profile of diversity, and we have definitely
done that.” —Dele Fatunla.
“Choose a job you love, and you will never have to
work a day in your life.” —Confucius.
“The bad economist sees only what immediately
strikes the eye; the good economist also looks be-
yond.“ —Henry Hazlitt.
Any comments / contributions, contact: david.osborne.1@city.ac.uk or fahadmemon_73@hotmail.com.
Words from the Editors
First and foremost, we would like to acknowledge and
thank the following individuals and groups, without whom
The Schumpeter could not be made possible.
Adrian Booth - writer
Anaam Raza - writer
Dr. Andy Denis - administration
Anna Reitman - writer
Balraj Singh Sura - writer
Bhavina Bharkhada - writer
City University Economics Society - affiliate
Cora Schwendtke - artist
Habeeba Anjum - writer
James Dainty - administration
Folarin Araromi - writer
Francesca Satturley - writer
Kirti Sharma - writer
Miles Hamilton - writer
Polina Sheverdyakova - artist
RR Donnelly - printing
Dr. Saqib Jafarey - administration
Timothy Robinson - writer
“The Schumpeter is a prime example of what one can ac-
complish with good people around you for support. The
multitude of names above speak volumes of that. Myself
and David promised to publish four issues during the aca-
demic year; that goal has been reached beyond our expec-
tations. Our motivation has always been to provide stu-
dents with opportunity, quality and a voice; we pride our-
selves for staying true to our agenda. Moving forward into
a new venture, I will dearly miss working on the City Eco-
nomics Society magazine and so, encourage others to step
up because they will certainly benefit from it. Lastly I have
to thank David Osborne for being an exceptional partner
and dear friend; I wish him great, continued success.”
Fahad Memon, Co-Editor of The Schumpeter
“When Tim Robinson appointed Fahad Memon and I as
editors for The Schumpeter, I was quite nervous as to how
we were going to make this magazine work and improve
upon it. Now; one year on, we’ve released four issues, each
edition being a slight improvement to the other. For this,
everyone listed above must be thanked. Their contribu-
tions to The Schumpeter have been nothing short of amaz-
ing. For this specific edition, I would like to express special
gratitude to Fahad Memon, for all his hard work in this edi-
tion and over the course of the year. I wish him the very
best of luck with his future endeavours. Finally, I would
like to wish all students the best of luck with their upcom-
ing examinations.”
David Osborne, Co-Editor of The Schumpeter