The Vertigo Years: The speed of progress sent us over the edge



The Vertigo Years: Change And Culture In The West 1900-1914 
Philipp Blom 
Phoenix 
Dh60

The West in the years before the First World War continues to fascinate. 1914 inaugurated violent destruction on a horrific scale previously unimaginable: millions died and four empires were destroyed - five, if one counts the awakening of demands for independence in the British colonies. There is a strong temptation to look back on the pre-war years - La Belle Epoque, the good old days - with a combination of nostalgia and acute sadness: all that progress, prosperity and bright happiness, blind to the suffering and loss to come.

Of course, the concept of La Belle Epoque is at least in part a post-war construction. Life was anything but belle for most Europeans, who struggled just to get by. And, as Philipp Blom documents in his excellent The Vertigo Years, to whatever extent people's lives were defined by optimism, they were also marked by rapidly increasing anxiety. Blom examines the years 1900-1914, during which speed seemed to define modern life more than ever before. Bicycles (which had exploded in popularity in the 1880s) and cars carried individuals faster than they had ever previously travelled. A German electric locomotive reached the blazing speed of 210 kilometres per hour. The first aeroplanes took off, and in 1909 Louis Bleriot flew one all the way across the English Channel. Early films captured these feats - and an enormous public. More news, information and disinformation flew off printing presses faster than ever. The American engineer Frederick Winslow Taylor developed techniques to measure the time assembly-line workers took to do repetitive tasks, enabling employers to sanction slow performance. This contributed to an industrial speed-up that weighed heavily on labourers; Henry Ford loved it. When a visitor to a factory noticed that most of the workers were quite young, he asked where the older employees were. His hoTeest suggested they step out to see the cemetery.

Science, once thought of as a source of certainties, often generated the exact opposite. Marie and Pierre Curie discovered the power and danger of uranium and radium - then died from overexposure. Ernest Rutherford's finding that matter was in constant movement was followed by Einstein's theory of relativity: neither space nor time nor physical objects were fixed. The old truths seemed to be being knocked off one by one. Avant-garde art, music and literature reflected this by discarding all their old rules. Virginia Woolf worried: "grammar is violated; syntax disintegrated". Was human nature itself changing? What was next?

In his classic The Banquet Years, Roger Shattuck examined La Belle Epoque in France through the lens of four figures he considered to be representative of its innovative culture (Jarry, Apollinaire, Henri Rousseau and Satie). Blom's approach is significantly broader: he considers basically all of Europe, and he does so by reading as much as he can. He has mastered the work of the age's authors - everything from Apollinaire on African art and August Bebel on women and socialism to Thomas Mann, Marcel Proust and even the memoirs of the Russian prime minister Sergei Witte. This helps him convey the experience of elites. But he also wants us to observe how ordinary people experienced the speed of life. To this end, he has read a wide and revealing range of contemporary newspapers and magazines.

Ultimately, Blom, who studied history in Britain but lives in Vienna, covers some very familiar ground while looking at very familiar years, but his wide-reaching synthesis and close attention to the daily life of this "nervous generation" makes The Vertigo Years a significant contribution nonetheless. He is particularly good on Austria-Hungary and Germany, which puts him in a small group of historians writing in English. He is a bit less sure when he crosses the Rhine, but this rarely detracts from his enticing mosaic of the period.

Blom's approach is motivated by his conviction that we cannot understand the years in question by viewing them as a countdown to the shock of Great War. Only by trying our best to forget what came along in the hot August of 1914, he insists, can we gain meaningful insight into "this period which is so massively overshadowed by the events that followed and is too often treated as a hostage to historical inevitability". (Similarly, he writes that he would not have us analyse the 1990s in the US as time suspended before September 11.) This challenge is most difficult, if not impossible. For we do know what came next: Armageddon. The organisation of Blom's book make this hard to put out of mind. Each chapter addresses one year, and despite Blom's best intentions, they march on with relentless predictability built in. No 1915 chapter is needed.

This inevitable psychological obstacle aside, Blom is right that we should avoid simple hydraulic models of history; it is not the case that pressure for war simply built up in the form of entangled international alliances until in 1914 the house of cards inevitably collapsed, ushering in a radically new era with a radically new set of problems. "Modernity," he writes, "did not rise virgin-born from the trenches of the Somme"; part of his project is to suggest that, rather than representing a sharp rupture with the past, the violence of the Great War was embedded in many of the historical events, scientific discoveries and cultural changes he analyses and evokes.

In this time of unprecedented speed, life often seemed to be spinning out of control. As Blom writes: "Velocity can be frightening as well as deeply exhilarating, and it is this fear and rejection of change that echoes." He also quotes the French novelist Pierre Loti's 1917 essay Some Aspects of the World's Vertigo: "Stability no longer exists and we are condemned...to careen around in that dark void...we have no point of reference which would not be caught up in the vertigo of movement, and this frightening speed can only ever be evaluated relative to other moving things, to other poor little things…which are also falling." Freud suggested that beneath the veneer of "normal human functioning", all was repressed psychic turmoil and sexual desire; to many, that veneer seemed to be eroding. Newspapers brought vivid reports of horrible crimes that seemed to threaten civilisation to public attention. Thousands sought treatment for "exhausted nerves", which became widely known as "neurasthenia".

Feminists seemed to many males and most political leaders to threaten stability. Some threw rocks through store fronts on London's elegant Oxford Street. In 1913, Emily Wilding Davison ran onto a racetrack to stop King George's horse; she was struck and killed. Perhaps it was no coincidence that at a time of vocal feminist challenges and a number of homosexual cause-célèbres, notably the trial of Oscar Wilde in Britain and mean-spirited scandals in German court circles, rates of male duelling - handy as an assertion of virility - reached new heights in many European countries. In France, many obsessed about the country's low birth-rate: when the time came to retake Alsace-Lorraine, would there be enough soldiers?

Those paying attention to the international scene (often, again, with help from the mass press) had even more to worry about. The "entangling alliances" given so much credit for the outbreak of war were basically set with the 1904 Entente Cordiale between Britain and its old enemy France. In Britain, Queen Victoria, who represented the stability long associated with Pax Brittannica, died in 1901 after a dignified reign of more than 60 years. Her son, Edward VII, was another sort of monarch altogether: a rotund, hard-partying lady's man. The presence of "Edward the Caresser" on the throne was hardly reassuring, particularly as the European climate became increasingly tense. In the Austrio-Hungarian Empire, Franz-Josef had been on the throne almost as long as Victoria, but new demands from his constituents (15 nationalities in all) were bringing unprecedented instability. The German Emperor William II was an irresponsible sabre-rattler with a notoriously short attention span (dubbed "William the Sudden" behind his back). Across the continent, militarism became more rampant than ever. Middle-class Germans applauded each time the Kaiser broke a bottle of bubbly over a new ship of war.

Blom's suggestion that the outbreak of war was intertwined with the mood of the era is particularly compelling when he documents the rise of eugenic thinking. "The spectre of decadence, weakness and unmanliness rose everywhere," he writes, "and behind it loomed a machine-power dystopia, in which the masses of the weak and unfit were lulled into artificial sleep by mass entertainments and industrial levelling of all distinctions, all merits and all values. Eugenics appeared to offer a solution to these fears." The British scientist Francis Galton, nephew to Charles Darwin, concluded that the most prominent, superior British families of the finest stock had to be protected from being overrun by the "inferior" classes, and that racial selection could create a race of supermen. As for the rest of us, our reproduction should be limited. Virginia Woolf went even further, writing in her diary of "the long line of imbeciles" she had encountered, one "a miserable ineffective shuffling idiotic creature...[with] an imbecile grin...They should certainly be killed." In 1910, Winston Churchill proposed that 100,000 British subjects of modest means be sterilised.

People from far away were treated far worse. King Leopold I of Belgium held the region now known as the Congo as his personal colony until his country's parliament confiscated it, if not in the name of humanity, at least to end the murderous atrocities of forced rubber extraction. British imperialists roaring about their white man's burden were little better. Blom argues that imperial doings seemed far from the lives of ordinary Europeans, but he underestimates the impact of imperialism in the imagination: the potential thrill of seeing distant places painted in a colour representing one's own country, for example. Even if Blom is correct that William II's subjects, for example, were not actively conscious of their country's expanding empire, it is indubitable that imperial rivalries helped fuel the arms race that helped lead Europe to war.

Thus lots of bad stuff was out there before the Great War, including aggressive nationalism, anti-Semitism, the urge to eliminate undesirables, and the means and will to war. Many Europeans were in varying ways aware of this - and frightened by it. "Madness...had come closer, grown more real." The outbreak of war - which many Europeans had expected since at least 1905 - was a catalyst, not a creator. Blom's fine synthesis makes this clear to readers.

In some ways, as Blom points out but does not develop, we might well be living in a similar period of overlapping, anxiety-provoking uncertainties. Many of the old signposts, most prominently the Cold War balance of power, are gone. "Some of the openness and uncertainty of the Vertigo Years have reappeared, and today it is much more difficult to say what the future will bring for our societies." Perhaps it is fruitless to ask, but perhaps we cannot help it: countdown to what?

John Merriman is the author of Dynamite Club: How a Bombing in Fin-de-Siècle Paris Ignited the Age of Modern Terror. The third edition of his History of Modern Europe will be published in 2010.

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How to protect yourself when air quality drops

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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COMPANY%20PROFILE
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COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners