History has no final verdicts. Major shifts in events and power bring about new subjects for discussion and new interpretations.
Fifty years ago, as decolonisation accelerated, no one had a good word to say for imperialism. It was regarded as unambiguously bad by both ex-imperialists and their liberated subjects.
Schoolchildren were taught about the horrors of colonialism and how it exploited conquered peoples. There was little mention, if any, of imperialism's benefits.
Then in the 1980s, a revisionist history came along. It was not just that distance lends a certain enchantment to any view.
The West, mainly the Anglo-American part of it, had recovered some of its pride and nerve under the US president Ronald Reagan and the British prime minister Margaret Thatcher. And there was the growing evidence of post-colonial regimes' failure, violence and corruption, especially in Africa.
But the decisive event for the revisionists was the collapse of the Soviet empire, which not only left the US top dog globally but also seemed to vindicate western civilisation and values against all others.
With the EU extending its frontiers to embrace many ex-communist states, the West became again, if briefly, the embodiment of universal reason, obliged and equipped to spread its values to the still-benighted parts of the world. Francis Fukuyama's The End of History and the Last Man testified to this sense of triumph and historical duty.
Such conjuncture set the stage for a new wave of imperialism, although the reluctance to use the word remained. In doing so, it was bound to affect interpretations of the old imperialism, which was now extolled for spreading economic progress, the rule of law, and science and technology.
Foremost among the new generation of revisionist historians was Niall Ferguson of Harvard University, whose TV series, based on his new book Civilization: the West and the Rest, has started showing in Britain.
In its first episode, Mr Ferguson appears amid the splendid monuments of China's Ming Dynasty, which, in the 15th century, was undoubtedly the greatest civilisation of the day, with its naval expeditions reaching the coasts of Africa.
After that, it was all downhill for China (and "the Rest") and all uphill for the West.
Mr Ferguson summarises the reasons for this reversal in six "killer apps": competition, science, property rights, medicine, the consumer society and work ethic. Against such tools - unique products of western civilisation - the rest had no chance.
Understandably, this thesis has not met with universal approbation. The historian Alex von Tunzelmann accused Mr Ferguson of leaving out all of imperialism's nasty bits: the Black War in Australia, the German genocide in Namibia, the Belgian exterminations in the Congo, the Bengal famine, the Irish potato famine, and much else.
But that is the weakest line of attack. Edward Gibbon once described history as little better than a record of the "crimes, follies, and misfortunes of mankind". Imperialism certainly added its quota.
The most serious weakness in his presentation is his lack of sympathy for the civilisations dismissed as "the rest", which also points to the most serious limit of the revisionist case. The "triumph of the West" that followed the collapse of communism in Europe was clearly not the "end of history".
As Mr Ferguson must know, the main topic of discussion in international affairs nowadays concerns the "rise" of China, and more generally Asia. Of course, the Chinese may prefer to talk about "restoration" rather than "rise".
Chinese savings are underwriting much of the US civilising mission Mr Ferguson applauds. The pattern seems clear: the West is losing dynamism and the rest are gaining it.
The rest of this century will show how this shift plays out. For now, most of us have lost the historical plot. It is possible to imagine a "western world" (one that applies Mr Ferguson's "killer apps") in which the West is no longer the dominant factor: America simply passes the torch to China, as Britain once did to America. But it seems to me extremely unlikely that China, India and "the rest" will simply take over western values wholesale.
Some syntheses and accommodations between the West and the rest will accompany the shift in power and wealth from the former to the latter. The only question is whether the process will be peaceful.
A Robert Skidelsky, a member of the British House of Lords, is professor emeritus of political economy at Warwick University
* Project Syndicate
UAE currency: the story behind the money in your pockets
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
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UAE currency: the story behind the money in your pockets
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
New schools in Dubai
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
Dubai World Cup Carnival Card:
6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
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.”
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE