The polarisation of social media has only picked up where the traditional press left off. Photo by Anna Zieminski/AFP
The polarisation of social media has only picked up where the traditional press left off. Photo by Anna Zieminski/AFP
The polarisation of social media has only picked up where the traditional press left off. Photo by Anna Zieminski/AFP
The polarisation of social media has only picked up where the traditional press left off. Photo by Anna Zieminski/AFP

If we really want civil public discourse, we must be prepared to hear things we disagree with


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In this age of whistleblowers and hacks, leaks and counter-leaks, the day-to-day job of being a journalist has become somewhat akin to a demolition derby, in which good fortune, as much as anything else, keeps reputations, principles and skins intact, if dented and scraped to varying degrees.

The conventional wisdom is that this situation is a direct consequence of the proliferation of social media. However, the truth is that although it is amplified by the instant deluge of judgment that can rain down, monsoon-like, on these platforms − and then, just as quickly, move on − the cause also lies with the failings of the traditional media itself.

As a whole, the English-language media lost its sense of objectivity a long time ago. Over the last 17 years, in particular, there has been a steady erosion of any willingness to hold the middle ground and present a truly diverse range of opinions, with all the discomfort that entails. This phenomenon is endemic, from the Americas to Europe, Africa and Asia.

Many have argued that the collapse of the pre-internet business model – which has, on the one hand, triggered a fragmentation of the media and, on the other, aided consolidation of previously dominant outlets under new types of owners − is the main driver of this trend.

However, another aspect is in play. Even when it was economically robust, the old media order was actually quite weak in moral terms. In much the same way that the Roman Empire could only be conquered from without once it had failed from within, the digital age has merely hastened the collapse of the traditional press.

When the media was most needed as a bulwark of scepticism and objectivity, it instead clung to the coattails of institutions that were, on the surface, sure of how the world should be shaped for the benefit of us all, but were, in reality, fundamentally dedicated to the pursuit of their own interests.

The overwhelming majority of the press got two of the biggest calls of this century wrong. It largely backed the 2003 invasion of Iraq, based on overblown reports of weapons of mass destruction, which served the aims of a dominant neoconservative ideology. It was also taken in by the swaggering confidence (and bulging coffers) of Wall Street investment banks, and refused to listen years earlier to warnings about the risks of the sub-prime mortgage boom in the US.

To an extent, these mistakes were overreactions to an even bigger miss – although it wasn’t just the media that failed here – which was that terrorists and extremists had hidden in plain sight, pursuing their vicious and deadly aims behind laws designed to protect the freedoms of innocent people. The September 11 attacks served to undermine the very foundations of our confidence that we should provide the right to freedom of opinion to all.

So it was that, in the English-speaking world at least, the media abdicated its much-needed responsibility to shape discourse and influence a more tolerant and balanced society. In that vacuum, the steady polarisation of public discourse and political ideology towards the far left and far right has crushed the idea that pluralism should be tolerated, let alone pursued as an ideal for a society.

While extraordinarily widespread access to social media – according to recent figures, around 40 per cent of the word are active users − has altered the landscape of the entire industry, the suspicion lingers that the users on these platforms have picked up where the mainstream media left off. After all, readers and audiences have long bought newspapers and tuned into TV news channels that reflect and amplify their views. Social media has reinforced this reality and, in a wholly unvirtuous circle, the rest of the media has doubled down once again in response.

The consequence is the rise of media controversialists and provocateurs. Take the example of the British columnist Rod Liddle. He was in typically offensive form when he recently suggested, with tongue in cheek, that the radical hate preacher Anjem Choudary should blow himself up in the London borough of Tower Hamlets. I disagree with much of what Liddle says but nevertheless found the vilification he received on social media – much of it from other journalists − for this to be unfair. Even if you do agree with his treatment, isn't there an argument for a more considered response, even if only because anger appears to be precisely what he wants to provoke? We seem to have lost a sense of perspective.

However, there is still plenty of time to find the courage to take responsibility for getting this perspective back. It may have become an unpleasantly pervasive habit, but we are all able to resist the temptation to stomp on any viewpoint that happens to contradict our own. We are also capable of actively creating space for each other’s opinions, in real life and online, and of recognising that the abandonment of open discourse has created an increasingly fractured, unpleasant and dangerous world.

By committing to more – not less – tolerance of those we disagree with, we might not get everything we want but we will reclaim the middle ground, ultimately diminishing the margins in which the real extremists thrive. It will also show our governments that we prefer that diverse and public discourse be treated as a sign of a society’s robustness rather than a threat to be snuffed out.

Mustafa Alrawi is an assistant editor at The National   

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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