Notting Hill Critic, Autumn 2023

Autumn 2023

Issue 05

Debate and opinion from the Politics, Philosophy & Economics Departments of Notting Hill & Ealing High School

Why is everything made in China? Evelyn S The rise of cryptocurrency Esha R What happened to Wilko? Meher G South Sudan civil war: why is education vital to democracy? Roxana Q Does religion do more good for the world than humanism? Lilia P Should billionaires be allowed to exist? Satya R The glass ceiling Venus R Swiftenomics: how has Taylor Swift impacted the economy? Shivani P Does wealth have a direct influence on happiness? Akshaya S Is Rishi Sunak’s British Baccalaureate a good idea? Harinee S

Notting Hill Critic – Autumn 2023

Why is everything made in China?

By Evelyn S, Y11

The Chinese economy appears to be thriving as a manufacturing powerhouse, and their products seem to surround us in the Western world. China has become known as the “world’s factory” because of its low labour costs and lack of regulatory compliance.

no strict laws relating to minimum wage requirements and child labour. Therefore, because of the large number of labour workers in China, they are able to produce in bulk and accommodate any seasonal industry requirement. Historically, factories in China have employed children, had long shift hours, and have not provided the workers with basic rights, such as compensation insurance. A few factories would give their workers one paycheck per year, in order to prevent them from quitting before the year is over. Due to increasing criticism, the Chinese government claimed to introduce laws protecting workers' rights and provide for fairer compensation, however many industries' compliance was low.

As well as this, environmental protection laws are paid little attention, allowing for lower waste management costs. Finally, the export VAT in China is zero percent, allowing companies to keep the production costs low.

China’s population of 1.4 billion people makes it the most populous country in the world, meanwhile the demand for low wage workers is very low. Because of the law of supply and demand, we can see that the supply for low wage workers is much greater than the demand, therefore employers are able to keep their wages incredibly low.

Furthermore, until the late 20th Century, most of China's rural population were lower-class, until internal migration, which brought immigrants who were willing to work long shifts for low wages into the cities. Unlike the West, China's labour laws are much less restrictive, with

The rise of cryptocurrency

By Esha R, Y10

A recent development worth discussing is the rise of cryptocurrency and its impact on the financial landscape.

Cryptocurrency used to just be Bitcoin but has since been gaining popularity and recognition as a digital alternative to traditional currencies paving the way for other currencies like Ethereum and Monero. It operates on a technology called blockchain, which ensures secure and decentralised transactions - allows transactions without needing a middle-man.

benefits of cryptocurrencies with the stability and control of traditional currencies in use today. Moreover, cryptocurrencies have become a popular investment option. People can buy and hold cryptocurrencies in the hopes of their value appreciating over time. However, it's important to note that the cryptocurrency market can be highly volatile, so thorough research and caution is advised.

Overall, cryptocurrency is an exciting and evolving field that holds immense potential for the future of finance. As the world navigates economic shifts, such as the rise of cryptocurrency, staying informed about both the potential opportunities and challenges is important.

Understanding new cryptocurrencies and strategies employed by governments can help individuals and businesses make informed decisions. In the dynamic field of economics keeping an eye on emerging developments and trends can help in navigating the ever-changing economic landscape.

The beauty of cryptocurrencies lies in their potential for financial independence and borderless transactions. The decentralised and transparent system that they offer eliminates the need for mediators like banks. With cryptocurrencies, individuals can have greater control over their money and engage in peer-to-peer transactions.

Governments around the world are grappling with how to regulate and integrate cryptocurrencies into their financial systems. The emergence of Central Bank Digital Currencies (CBDCs) is seen as a way to combine the 2

Notting Hill Critic – Autumn 2023

What happened to Wilko?

By Meher G, Y10

Wilko, also known as Wilko Retail Limited, is a British high street retail chain that primarily specialises in homeware, household goods, and garden products.

enough to encourage customers to buy from the company. This resulted in a decline in sales at physical stores.

Competition is another significant factor. The retail landscape is fiercely competitive, with giants like Amazon and big-box stores dominating the market. If Wilko struggled to compete effectively with these industry leaders, its market share would have decreased rapidly.

Moreover, the closure also might have been part of a strategic decision to adapt to new market realities. Many retailers choose to restructure their operations, refocus on specific market segments, or close unprofitable locations in an effort to improve overall profitability.

The company has a rich history dating back to its founding in 1930 by James Kemsey Wilkinson in Leicester, England. Since then Wilko has been a staple in the retail industry for many decades, known for its affordable and diverse range of products. The closure of the once-prominent British high-street retailer raises questions about the complex dynamics of the retail industry and some factors that might have contributed to its closing.

Finally, economic downturns, such as the COVID-19 pandemic, have had a profound impact on the retail sector globally. Temporary store closures and reduced consumer spending during such periods have taken a toll on retailers' financial health, which affected Wilko’s viability.

Firstly, economic challenges within the retail sector cannot be overlooked. Largely due to inflation there has been a rise in operation costs including rent, labour, and supply chain logistics which has been putting immense pressure on retailers. Wilko faced difficulties adapting to these financial constraints; which led to financial strain and compelled the company to consider downsizing or closure.

In conclusion, the closure of Wilko is a multifaceted issue, likely resulting from a combination of the factors mentioned above. This closure serves as a poignant reminder of the dynamic and challenging nature of the retail industry and the need for adaptability in an evolving marketplace.

Secondly, changing consumer behaviour, particularly the surge in online shopping, has disrupted traditional physical retail. Wilko failed to keep up with the evolving shopping habits of consumers and didn't offer a compelling online presence, it did have some online connection like a website and social media, but it was not

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Notting Hill Critic – Autumn 2023

South Sudan civil war: why is education vital to democracy?

By Roxana Q, Y10

“In South Sudan, A girl is more likely to die in pregnancy or childbirth than complete primary education.” This is just one of the shocking statistics that have arisen from South Sudan following the pernicious civil war that occurred during 2013 right through until a peace declaration was signed in 2020. The war was a multi-sided conflict between the government and opposing forces. Although this civil war is technically over, the effects that it had on the country and its people can be seen in almost every aspect of their daily life. In this essay, I will be discussing how vital girls’ education is to democracy and the development of the country, and what measures the country should take to reverse the impacts that war has had on their education system.

in the Army for other societal reinforcements. China and South Sudan already have a highly successful trade partnership; with approximately $667 million worth of South Sudanese products exported to China. It is the country's duty, to provide their children with the richest start to life as possible, and this includes the right to education. After all, isn’t it in their best interest to?

By limiting a girl's right to an education, South Sudan is preventing democracy in their country. For a democracy to work, people must feel educated and confident enough to make a decision based solely off of their own view and opinion, and without acting on a taught view without having the independence to consider opposing points of view. Without proper education, this is not possible. An education provides the chance for an individual to develop their own views, without the threat of a biased power. In a world where feminism and empowerment are some of the most important themes, it feels as though South Sudan is taking steps back instead of moving forwards. A society with uneducated people, politically-biased people who do not have the power to think for themselves, is a society that cannot function.

The democracy of the society will decline so rapidly it will cause turmoil. If a basic level of education is not reached

by South Sudan as quickly as possible, the knock on effects will be catastrophic.

Education is vital to development due to its effect on the future of our civilization. The education of girls saves lives, communities and economies. Approximately 49.94% of South Sudan’s population is female; that is 5.43 million lives, jobs and futures. Yet, societal changes and long durations of instability have caused a severe lack of education, and specifically impedes the equality of education for girls. This rapid decline in girls' education is mainly due to the devastating civil war that ripped through South Sudan from 2013 to 2020. The civil war left a devastating effect on the standard of education in South Sudan - around 2 million children are out of school, 30% of primary schools have suffered at least one attack, and 48% have ceased to operate. South Sudan has one of the world's lowest female literacy rates, and an extremely high maternal mortality rate. To solve this issue, there needs to be a big push on girls' education. Although the economy and society of South Sudan is in a devastating state, the only way to recover and repair the damage done is to ensure that the weight of South Sudan’s future is not borne by uneducated people. Temporary schools, volunteers and activists are essential to the survival of their country. If the strain on South Sudan’s resources is too large, they should make deals with countries of a higher status, China is a prime example. China would provide funding for schools and teachers, and also send

For me, education has always been something I never considered to be a luxury. Growing up, I always considered school to be taxing, but never thought about a life without it. The rules for education in the UK have long been very strict; it is illegal to not go to school between the ages of 5 and 16, and everyone must pass Maths and English GCSE. Therefore, the life of a South Sudanese girl our age feels alien to me. A girl should never be able to not go to school, the idea of school should never feel alien, and every girl should have the opportunity to leave school with qualifications, and a sense of fulfilment and wonder about the world ahead of them.

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Notting Hill Critic – Autumn 2023

Does religion do more good for the world than humanism?

By Lilia P, Y8

Religion and Humanism are two different worldviews that shape how individuals understand their place in the world and their relationship with others. Religion is a set of beliefs and teachings that guide a follower through life the morally right way, which provides a sense of meaning for its adherents. It is typically based on a belief in a divine power. Whereas Humanism focuses on human values and ethics. Humanism is a philosophical and ethical stance that emphasises the values and agency of human beings, individually and collectively, and generally prefers critical thinking and evidence, therefore rationalism, over the acceptance of dogma or superstition. Humanism is a perspective that highlights reason, compassion, and the pursuit of human knowledge and potential, often in contrast to religious, supernatural, or authoritarian beliefs and practices.

good for the world, for example, charitable work, both bettering the lives of many in the world.

On the contrary, Humanism foregrounds the value of human life and dignity, without the need for supernatural beliefs or religious doctrines. It prioritises individual autonomy and encourages people. Humanists advocate for the use of reason, science, and evidence to guide ethical decision-making and promote social progress.

They prioritise individual freedom, equality, and social justice, and reject dogma and superstition. Humanists believe that all people have inherent worth and should be treated with respect and compassion. Humanists advocate for social policies that support equality, justice, and human flourishing. In addition, Humanists UK, a large-scale Humanist-preaching charity, says that Humanists do good for the world in many ways like supporting democracy, open governments, and that and advocate for the environment, human rights and social equality and justice.

One of the ways Religion does good for the world is that it can provide people with a sense of meaning, purpose, and community. Religious practices often involve a set of rituals that can help people feel connected to something greater than themselves. This sense of belonging can provide comfort and a sense of direction in life, which can be particularly important during challenging times. It also provides a framework for moral values and ethical behaviour. Many religions advocate for principles such as compassion, forgiveness, and generosity, which can inspire people to act in ways that benefit others. Religion has been a significant force in shaping human societies and cultures for thousands of years and many people believe that the moral framework has helped people to live better lives. Religious teachings often emphasise the importance of compassion and selflessness, which can inspire individuals to act in ways that benefit others and society as a whole. Religious institutions engage in charitable work, such as providing aid to the needy, running soup kitchens, or building schools in impoverished areas. There are over 6800 Religious State Primary and Secondary schools in the UK providing the youth with a free education. Moreover, in England and Wales, Religious Charities raised £16 billion in 2015.

Overall, Religion does imperceptible good for the world, such as counselling and moral support, as well as visible

Both Religion and Humanism do good for the world, as proven by the above. However, it is important to note that religion has also been associated with negative consequences, such as religious conflict, intolerance, and discrimination. Furthermore, humanism can provide a rational and evidence-based approach to ethical decision-making, which can be more effective in addressing complex societal issues. Religion, on the other hand, has often been used to justify discrimination and 5

Notting Hill Critic – Autumn 2023

oppression. Some have argued that certain aspects of some religions promote sexism, homophobia, and racism, which can lead to discrimination and violence against marginalised groups. All in all, I believe that Humanism does more good than religion for the world as it promotes cooperation and understanding between people of different cultures and beliefs. It encourages people to respect and appreciate the diversity of human experience and to work together towards common goals.

It promotes critical thinking and evidence-based decision-making and as a result goes against human rights violations, racism, sexism and homophobia.

Humanists value reason scientific inquiry and are sceptical of claims that are not supported by evidence.

This approach has led to many important scientific discoveries and advancements in fields like medicine and technology. Religion relies on faith and belief rather than evidence. This can lead to harmful practices and beliefs that are not based on reality. To conclude, I disagree with the essay statement and I believe that religion does do good for the world but it also has a lot of negative effects on the world therefore in my view humanism does more good for the world than religion.

Should billionaires be allowed to exist?

By Satya R, Y8

The question of whether billionaires should be allowed to exist is a topic of heated debate. While the idea of extreme wealth may seem concerning to some, it is crucial to consider the complexities of this issue by discussing the arguments from both sides.

and environmental conservation. Their extreme wealth can have a positive influence, making a sizable impact on various global challenges.

However, critics argue that the existence of billionaires can lead to numerous negative consequences. People argue that it is inherently unfair for a very small percentage of the population (billionaires or extremely wealthy individuals) to have a disproportionately large amount of wealth while a significant portion of the population (millions of people) face difficulties in meeting their basic, essential needs such as food, shelter, healthcare, and education.

Many people argue that allowing billionaires to exist is essential for a thriving capitalist economy. Those who support the existence of billionaires argue that the probability of amassing a significant amount of money motivates individuals to engage in activities that drive change and create new businesses. In other words, the potential to become extremely wealthy encourages people to come up with new ideas, start businesses, and take entrepreneurial risks, which can lead to economic growth and the development of new technologies, products, and services. Billionaires, they say, often create companies that drive economic growth, create jobs, and bring about technological advancements that benefit society as a whole. It is argued that without the incentive of mass wealth individuals lack motivation to take big risks and start new businesses or pursue groundbreaking ideas.

Moreover, critics declare that the political influence of billionaires can threaten democratic systems. With their vast resources, they can fund political campaigns and lobby for policies that particularly assist their interests, potentially altering the decision-making process and tilting the balance in their favour. Having this economic power may damage the principles of fairness and equality that support a fair society.

The existence of billionaires is a complex issue with valid arguments on both sides. The focus should be on creating a more trustworthy and just society with accessible economic opportunities, while recognizing the positive impact of responsible billionaires. We should focus on motivating new business, ensuring a fair distribution of wealth, and preventing the unnecessary influence of extreme wealth on our political system.

Additionally, it is worth noting that the wealth generated by billionaires can be channelled into promoting the welfare of others. Many billionaires have established foundations and charitable organisations, such as Microsoft creator Bill Gates’ ‘Melinda and Bill Gates foundation’. This contributes significant amounts of wealth to issues, from poverty and disease to education 6

Notting Hill Critic – Autumn 2023

The glass ceiling

By Venus R, Y13

The Glass Ceiling is the unacknowledged barrier to advancement in a profession, especially affecting women and members of minorities, and it is not spoken about anywhere near enough. The representation of minorities and women in high ranking positions across the world today is severely lacking, and a huge part of this is due to the invisible barrier that inhibits deserved progression and promotion. In the making of this article, which aims to raise awareness to the many different forms of the glass ceiling, I have been fortunate enough to sit down with individuals who have broken through the ceilings in their respective industries. The article will focus on the ceilings present when: being a gay man, being a black woman, being a white woman, and being a black man. In response to understanding just how prevalent the glass ceiling is in so many industries, I also spoke to Tiernan Brady, the EDI lead for the law firm Clifford Chance, in order to learn about how we can work to reduce glass ceilings, along with some of the initiatives involved in bringing about this change. All of the people I have spoken to have incredible stories, and have shown that glass ceilings are not unbreakable. I hope that anyone out there currently stuck under a ceiling will be inspired by them to persevere and break through it.

black on the outside, and white on the inside, is just one example, or ‘when I say black people, I’m not including you,’ is another. Unacceptable is the only way to put it, and the idea that this is said in a professional setting emphasises how corrupt the system can be. Far too often people feel entitled to act in whatever manner they want, simply because they are in a powerful position that might even be undeserved. Away from the blatant racism that is so often directed towards people of minority groups, Patricia wanted me to spotlight that these issues are also deeply ingrained within everyday interactions. Whether it’s the implication of the added ‘for a black person’ when someone says, ‘you speak well,’ or her colleagues joking about how she needs to find a husband, the foundation is all the same. People feel they can act towards her with this tone of superiority because they see her as less. This is the glass ceiling. Even if these actions aren’t directly discriminatory towards her, Patricia is still actively dealing with a disadvantage as she has to overcome stereotypes before people consider her for promotion. Patricia is not a unique example, this happens frequently in hundreds of industries.

Being a woman in an industry dominated by males comes with a variety of challenges, most of which root back to the glass ceiling, and prevent women from progressing at the same rate as men. Speaking to Patricia Kabuleeta, a member of the Ugandan High Commission, she told me a lot about the two major ceilings she is confined underneath; the one that comes with being a woman, and the one that comes with being African. Patricia’s experience with the glass ceiling can be found even in her formative years when her tribe, the Tootsi, had to endure one of the most despicable genocides the world has seen, whilst it was overlooked by general society. After surviving this difficult time, Patricia attended Georgetown and Harvard, before breaking into the financial industry as one of Bill Clinton’s interns. Despite this success, the glass ceiling persisted throughout, and some of the things said to Patricia in the early stages of her career are simply harrowing. Being labelled as a ‘Coconut,’ because she is

Patricia’s stance on the issue is that not enough is being done, and rightly so. Her belief that women have to bring their own ‘fold out’ chair to board meetings (because it’s so rare that they would be given an actual seat), is all the more true when one considers how the glass ceiling is being tackled. More awareness needs to be raised around the issue, but even when this happens,

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it will take time for members of majority groups to learn and become more aware of the glass ceiling. In the meantime, it is essential that those under the ceiling support and celebrate each other when possible. One of the most important messages Patricia portrayed to me was that when women do break the ceiling, they should hold the door open, rather than slamming it shut. It wouldn’t be surprising to see that a large number of people aren’t aware that Tanzania currently has its first female president. Whilst she has done incredibly well to break through the ceiling, not much has been done since to promote her achievement, or to enable Tanzanian women to follow on a similar trajectory, and this is part of the issue. Patricia stresses the importance of hiring strong, powerful women, and giving them the opportunity to demonstrate that no matter your ethnicity, or gender, they are just as competent as the huge number of white males that currently dominate these positions.

Women have also too often fallen at the height of their careers due to a cynicism towards pregnancy, and Tara Falk’s experience with this is a really useful insight into how businesses can treat women who choose to be mothers. Having a baby, a big decision for any woman, is made even more high-risk by the professional world’s ruthless and unfair attitude towards the topic. Tara acknowledged that her fear of losing progress whilst having a baby was so large, that it was actually an important incentive behind her setting up her own company. And despite all this, a male colleague still stole three of her clients whilst she was on maternity leave.

People questioned whether she could be a CEO and a mother simultaneously, and put her down if she prioritised her children. No matter how many times Tara’s suitability was probed, she persisted, and remains to this day an incredible CEO and mother. We all should be immensely grateful to women who choose to bring life into the world, but instead, they are treated worse than almost anyone else. Despite the ludicrous immorality of this, it is still rarely spoken about. Pregnancy is a gift, not a burden, and the corporate world needs to be encouraged to look at the event as something beneficial for their employee, rather than as an inconvenient absence.

Sitting down with Bill Wharton, head of Argo Insurance in Bermuda, helped me progress my knowledge on the glass ceiling that black men can be underneath. Bill’s story is particularly important in this aspect, as he was able to attribute specific moments as reasons for why he broke through the ceiling. Relationships are vital to success in the finance industry, and Bill emphasised that at the time he started, there were very little opportunities for black people to go to golf clubs, or out to dinner in nice restaurants. This is important because it meant that if they ever did get in front of a businessman, they would have barely anything in common with his corporate lifestyle, and as a result, would struggle, if not all together fail, in the industry due to difficulties building a network. The problem is made even worse by the fact the richer sons of these businessmen would slide right into their positions, creating almost a negative feedback loop of perpetual nepotism. The idea that this could even happen highlights how deeply entrenched the glass ceiling is within society, and demonstrates the desperate need for change. Bill’s metaphor of, ‘They were playing

Tara Falk, founder of Paragon Brokers, has had a similar experience to Patricia in respect to how their corporate careers began. Both entered the workplace at a young age, with Tara’s occupation in Lloyd’s, seeing hardly any female placing brokers and a huge overpopulation of white men. She lists experiencing sexism, older male underwriters who did not want to trade with a woman, and male colleagues who would host social events at men-only clubs to put her at a disadvantage. Although these events are blamed on the traditional attitudes around at the time when they took place, this is not actually accurate. Tara emphasised that even though the unconcealed exclusion of women has died down within the finance industry, biases and discontent towards females in power still exist right under our noses.

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golf on the course, so I became the caddy,’ seems to be the most accurate way of putting it. Bill continued to use this tactic as his life progressed, learning about sports so that he could fit in, since others didn’t accept him for what he was. Having to do so much just to be respected is wrong in so many ways. This extra leg work that people under the barrier have to put in perhaps also explains the glass ceiling; once someone finally does get into a position of power, they are exhausted with how long it took them to get there and so don’t try to progress any further.

what Bill observed, that people from ethnic minorities may struggle to build networks, and so he set up the bubbles programme. This contained 12 people, two ethnic minority trainees, and 10 other people who were mostly white and more senior. The group would meet once every six weeks, and has had an amazing impact within the firm. I also want to acknowledge an initiative Bill is a part of in Bermuda, called ACRE, or the Association for Corporate Racial Equity. This group spends a lot of time speaking to businesses about the benefits of racial equity and enlightening them on how to look for diverse talent properly. The response to this process has been truly inspiring, with the percentage of diversity in the Bermudian financial market constantly increasing towards what it should be. These are just a few initiatives that have started the journey to remove the glass ceiling, and hopefully more will continue to be tested and tried out in the future.

It is also worth talking about David Bamber, Design Studio Director at Tom Ford, and how his experience with the glass ceiling has been relatively pleasant. David made it clear when I spoke to him that he never actually experienced limitations in progression due to his minority background, and as a result has held many positions of power throughout his career. Although there could be the argument that things are different in the fashion industry, I think instead an example should be made. The fashion industry should act as a model to all others, since its diversity is much closer to how the workplace should be, and people are free to be rewarded for what they deserve.

The glass ceiling has been an issue for far too long, and its time of confining minorities is way past its sell by date. I want anyone reading this to keep that in mind as you go about your daily life. If we really are to remove the glass ceiling, we need to go about it in the correct manner. The barriers are different in different places, and so, for a good campaign, we can’t just open one door and expect everyone to march through, we need to build thousands of doors, so that everyone can begin their journey when they feel suitable. The actions we do every day are what have made the glass ceiling so ingrained within society, and no doubt this will take a while to undo. Nature abhors a vacuum, and if diverse leadership isn’t involved in this space, then something else will fill it, and it will almost always be the wrong voices. Throw stuff at the wall and see if it sticks, make it clear why diversity, equity and inclusion is utterly connected to success, help people become ambassadors for inclusion; but most importantly, we need to embrace the change that is coming, and work together confidently to raise awareness and obliterate the glass ceiling once and for all.

So now that you all know what the glass ceiling is, and some examples of it, what can be done to lift this barrier?

Tiernan Brady at Clifford Chance is perhaps the most suitable person to answer this question as some of the initiatives he has implemented are revolutionary. His main belief is that culture within a professional setting is absolutely vital for change. After learning that black men were remaining at the firm for significantly smaller periods of time than their white colleagues, he knew an intervention needed to be made. He found the reason behind this was that managers didn’t want to offend people by saying the wrong thing, and so took barely any notice of why people of varying ethnicities experience’s might be different. To combat this, he introduced a reverse mentoring programme. Senior Leadership were paired with a junior based on gender, ethnicity or LGBTIQQ status, and they would meet once a month to talk about issues around inclusion. The programme had a huge impact, reducing the separation between how long white and black lawyers stayed at Clifford Chance down from 4 years, to 8 months. Tiernan also noticed, similar to 9

Notting Hill Critic – Autumn 2023

Swiftenomics: how Taylor Swift has affected the US economy

By Shivani P, Y13

Taylor Swift first started pursuing her music career in 2006, releasing her self-titled debut album and performing at small-scale concerts. Since then, she has released ten studio albums, four (soon to be six) re-recorded albums and has headlined six concert tours to support her albums. These have not only greatly impacted her career but also helped boost the economy.

Her latest tour, the ‘Eras Tour’, has generated $5 billion in revenue, which is more than the GDP of 50 countries.

Her success and fame has enabled a huge number of people to attend her concerts. During her current tour, the Eras Tour, she performs in sold out stadiums of around 90,000 people, with tickets priced between £58.65 to £662.40 per person. This brings in a huge amount of revenue for the artist, with ticket revenues from her US leg estimated at £2.2 billion. The profits from this can then be spent by her, which helps boost many firms. Moreover, she spends a vast amount of money on the tour for things such as the stage, screens, audio/live band, trucks and drivers taking the equipment, back-up singers, dancers, costumes, choreographers, and more – it has been reported that the singer has so far distributed bonuses for her crew amounting to £43 million. This in turn helps the economy greatly by providing employment opportunities and increasing the revenue obtained by firms which enables them to grow.

Another way she has impacted the economy is through the travelling of her fans. Her huge fanbase, known as Swifties, are willing to travel immense distances just to witness one of her concerts. In some areas of the world, such as in Liverpool, Edinburgh and Cardiff, hotels have already been fully booked ahead of the concerts in June 2023. Travelling Swifties will not only have to pay for hotels but also food, transport (e.g. flights, fuel), and more. Furthermore, everyone at her concerts dress in costumes, meaning that the spending of Swifties will increase even more. This spending has helped firms, especially small businesses that handmake Taylor Swift themed clothing, by causing a greater demand for their products leading to an increase in revenue and profit. The Eras Tour is projected to generate around $5 billion in consumer spending in the United States alone. Swifties are spending an estimated $1,300-$1,500 per person leading up to her show, helping cause an economic boom.

Analysts are estimating that the Eras Tour will surpass the $1 billion mark in profit by March, meaning she will achieve the milestone of most profitable tour in music history. So, Taylor Swift’s impact on the economy has been so vast that she has literally taken over the world!

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Notting Hill Critic – Autumn 2023

Does wealth have a direct influence on happiness?

By Akshaya S, Y7

Many people think that they can fulfil their wildest desires when or if they become wealthy, but this might not always be the case. You can have none of the wealth you wish for but still be happy and content knowing you are valued by your loved ones or knowing that you are making a difference in other peoples’ lives. So, it can be said that you can be happy with or without money but does an increase of wealth directly influence happiness levels?

you desire. Your life would be nothing short of perfect, right?

On the other hand, if you wanted to ensure a decent pension plan for when you grow older you would have to work. Even if you had sufficient money to avoid needing a pension, whether it be from winning the lottery or inheriting assets from relatives, one may view their life as dull or without purpose especially if they have no job or other goals to achieve, they are simply content by money.

This feeling can deteriorate one’s mental health and lead to drug use, alcoholism and an overall decline in health.

This shows that wealth may not have the influence that we expect on happiness and may in fact have the inverse effect. An increase in wealth may actually have more negative consequences than positive ones.

Let’s paint a picture of what your life would be like if you managed to obtain billions and billions of pounds. Your life would presumably be enjoyable and stress-free because you wouldn't have any major responsibilities.

Your masses of wealth would mean you would be exempt from worrying about work, like most people do, as you would have no financial dependence on a job.

Furthermore, people obligated to work in order to make a living don’t have time to partake in recreational activities to relax and have fun. Without the obstacle of a job you would be able to do many things that you otherwise wouldn’t such as visiting family and friends, exploring the world, or, as you have the money, anything

I personally think that the answer to this question is yes, happiness levels can be influenced by wealth, but not necessarily increased by wealth. The word ‘happiness’ can mean different things to different people and what might make me happy could be completely different to what makes you happy. To me happiness is an intrinsic emotion that doesn’t require wealth to be experienced.

The Easterlin Paradox refers to a phenomenon identified by economist Richard Easterlin in the 1970s, in which increases in a country's GDP per capita income do not necessarily lead to increased happiness or life satisfaction among its citizens. Easterlin’s theory was that the happiness caused by wealth has a saturation point, so that money will only affect the happiness of a country up to a certain point. Therefore wealthy nations will not increase the life-satisfaction of their citizens by economic growth.

The paradox has created a lot of debate within the field of economics and still has not ceased to be a topic of academic debate today, as it leaves us with the unanswered question ‘does more money make us happier people?’.

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10 Top Reads in Economics

By Miss Watkins

1. We Need to Talk about Inflation: 14 Urgent Lessons from the Last 2,000 Years by Stephen D King 2. The Great Crashes by Linda Yueh 3. Can’t We Just Print More Money?: Economics in Ten Simple Questions - Patel and Meaning 4. Extreme Economies - Richard Davies 5. Follow the Money - Paul Johnson 6. Good Economics for Hard Times - Duflo and Banerjee 7. The New Goliaths: How Corporations Use Software to Dominate Industries, Kill Innovation, and Undermine Regulation - James Bessen 8. Age of the City: Why our Future will be Won or Lost Together - Goldin and Lee-Devlin 9. Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist - Kate Raworth 10. The Women Who Made Modern Economics Rachel Reeves

PPE Picture What political, philosophical and economic concepts might you be able to see in this image?

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