Good day, Bad day
GOOD DAY FOR: Cultural capital, as many natives of the United Arab Emirates are looking at the global economic crisis—which is leaving the booming region with unfinished development projects and slumping revenue—as a blessing in disguise. Emiratis make up only about 10 percent of Dubai, and many of them see their culture being lost in the influx of wealth-seeking foreigners. “This is a blessing; we needed it,” said Abdul Khaleq Abdullah at United Arab Emirates University. “The city needs to slow down and relax.” (The New York Times)
BAD DAY FOR: The ‘new’ economy, as small businesses are rediscovering the advantages of bartering. Exchanging goods and services, rather than paying for them, helps cut down on cash outflows—and with banks tightening lending standards, it helpfully reduces the need for credit. Barter exchanges are popping up or increasing memberships nationwide. (BusinessWeek.com)
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