eyes on the U.S.

Why Harvard Is Ruining Our Youth

Op-Ed: French Philosophy Professor Emmanuel Jaffelin tells us why we shouldn't be "Harvardizing" the world's universities, and reminds us that knowledge is not about securing a return on student debt.

Living the Harvard dream (Will Hart)
Living the Harvard dream (Will Hart)
Emmanuel Jaffelin

PARIS - The boundless admiration that some have for the diploma machine that is Harvard worries me by its lack of hindsight. Of course, this private university - the richest in the world - does not lack laurels, but do not forget that laurels grow well on manure.

Our French universities are as poor as church mice and any professor who crosses the Atlantic comes back depressed by what he has seen: investment in research, well-equipped facilities, high-tech amphitheaters and libraries, and salaries a soon-to-retire French university professor can only dream of. America is a young country that invests in its youth and in knowledge! This production of gray matter is the reason behind its technological lead and the source of its hyper-power. The American dream! How could you not be tempted!

In Isabelle Rey-Lefebvre's recent article (see Le Monde from May 16), we learn that "44 Nobel Prizes, 46 Pulitzer Prizes and 8 United States presidents hail from its ranks." Sacrebleu! Based on sociologist Stéphanie Grousset-Charrière's book The Hidden Side of Harvard, the article showcases the advantages and inconveniences of the university's unique education. The latter are logical counterparts to the former: teachers are never absent even when they're sick; they interact directly with their students; tests and assessments aren't used to punish students; positive feedback is deemed more "constructive."

Teachers As Employees, Students As Clients

From afar, this method of teaching is both interesting and innovative, and it is true that thoughtfulness is better than contempt or humiliation. But Harvard did not invent this motivational method: it flourished in Europe after Jean-Jacques Rousseau's Emile. What is worrying about this student-teacher relation has nothing to do with the fact that it is constructive and attentive. It is worrying because it is about pandering to the students. Because tuition is so high, they expect their professors to be knowledgeable, competent and efficient, but also submissive. The client is always right.

This pandering is why students get to evaluate their teachers; those who weren't deemed "convincing" enough are fired, thrown out like an old piece of furniture! In the country where the doer trumps the thinker, the payer evicts the payee. This is nothing new: Nero's preceptor Seneca complained in On Benefits that human relations in Rome were based on debt. He wanted to replace this commercial relationship by a more benevolent relationship, like the one between Gods and men.

Letting your children start their adult life with so much debt should be illegal. There is nothing wrong with dismissing bad professors, as long as the student-teacher relation is intellectual and not commercial. At Harvard, the educational is linked to the economic, and the intellectual is linked to the clientele.

Knowledge v. Earning Power

Debt means debtors. American students aren't as interested in knowledge as they are in income, if only to pay back their debt! It isn't easy to motivate children to learn; is it necessary to saddle them with debt to transform their meager scholarly appetite into a hyper-motivation for university? Free market economists say debt fosters motivation. Psychoanalysts tell their patients the same: pay to know yourself. One can clearly see how masochistic the system is!

Max Weber acutely described this logic in The Protestant Ethic and the Spirit of Capitalism - John Harvard was a young Puritan pastor of the early 17th century. But is debt the only way for knowledge to blossom and flourish? Mark Zuckerberg invented Facebook not through economic masochism but through another, more joyful impulse! Neither Marie Curie nor Albert Schweizer nor Bergson nor Camus nor Sartre got into debt to create their work.

Even though we know that French professors aren't paid as well as their German or British colleagues, is it necessary, in order to reassert the value of knowledge, to decide that the only way they'll get a raise is if they "Harvardize" their teaching methods? That is to say by abandoning free, selfless teaching methods for a tempting yet childish client-employee system? Some already think and act this way.

But at a time when students in Quebec are protesting against university tuition hikes and when American student debt has passed the $1 trillion threshold, it may be time to invent cheaper and less castrating solutions than "Harvardizing." Let us start with the following premise: knowledge is immaterial, abundant, communicable and not automatically mercantile. Remember that in Greek, school ("Skholè") doesn't" mean client or debt, but "leisure."

Read the original article in French

Photo - Will Hart

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Debt Trap: Why South Korean Economics Explains Squid Game

Crunching the numbers of South Korea's personal and household debt offers a glimpse into what drives the win-or-die plot of the Netflix hit produced in the Asian country.

In the Netflix series, losers of the game face death

Yip Wing Sum


SEOUL — The South Korean series Squid Game has become the most viewed series on Netflix, watched by over 111 million viewers and counting. It has also generated a wave of debate online and off about its provocative message about contemporary life.

The plot follows the story of a desperate man in debt, who receives a mysterious invitation to play a game in which the contestants gamble their lives on six childhood games, with the winner awarded a prize of 45.6 billion won ($38 million)... while the losers face death.

It's a plot that many have noted is not quite as surreal as it sounds, a reflection of the reality of Korean society today mired in personal debt.

Seoul housing prices top London and New York

In the polished streets of downtown Seoul, one sees endless cards and coupons advertising loans scattered on the ground. Since the outbreak of the pandemic, as the demand for loans in South Korea has exploded, lax lending policies have led to a rapid increase in personal debt.

According to the South Korean Central Bank's "Monetary Credit Policy Report," household debt reached 105% of GDP in the first quarter of this year, equivalent to approximately $1.5 trillion at the end of March, with a major share tied up in home mortgages.

Average home loans are equivalent to 270% of annual income.

One reason behind the debts is the soaring housing prices. In Seoul, home to nearly half of the country's population, housing prices are now among the highest in the world. The price to income ratio (PIR), which weighs the average price of a home to the average annual household income, is 12.04 in Seoul, compared to 8.4 in San Francisco, 8.2 in London and 5.4 in New York.

According to the Korea Real Estate Commission, 42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s. For those in their 30s, the average amount borrowed is equivalent to 270% of their annual income.

Playing the stock market

At the same time, the South Korean stock market is booming. The increased demand to buy stocks has led to an increase in other loans such as credit. The ratio for Korean shareholders conducting credit financing, i.e. borrowing from securities companies to secure stock holdings, had reached 21.4 trillion won ($17.7 billion), further increasing the indebtedness of households.

A 30-year-old Seoul office worker who bought stocks through various forms of borrowing was interviewed by Reuters this year, and said he was "very foolish not to take advantage of the rebound."

In addition to his 100 million won ($84,000) overdraft account, he also took out a 100 million won loan against his house in Seoul, and a 50 million won stock pledge. All of these demands on the stock market have further exacerbated the problem of household debt.

42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s

Simon Shin/SOPA Images/ZUMA

Game of survival

In response to the accumulating financial risks, the Bank of Korea has restricted the release of loans and has announced its first interest rate hike in three years at the end of August.

But experts believe that even if banks cut loans or raise interest rates, those who need money will look for other ways to borrow, often turning to more costly institutions and mechanisms.

This all risks leading to what one can call a "debt trap," one loan piling on top of another. That brings us back to the plot of Squid Game, "Either you live or I do." South Korean society has turned into a game of survival.

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