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Insurance Industries in Low-Income Nations

By Vaasav Gupta Introduction Insurance markets are critical to any nation’s socioeconomic health. On an individual level, it provides benefits in many aspects: it ensures financial stability and protects from unexpected occurrences that may otherwise create financial difficulties by transferring risks from individuals to large insurance corporations. Because of this, insurance is a large industry.…

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Challenges Facing Developing-Economy Entrepreneurs in the 21st Century

By Vassav Gupta Introduction Particularly in today’s fast-paced global economy, entrepreneurship is vital to any nation’s socioeconomic health. Entrepreneurial success leads to innovation, higher employment, and happier consumers – all of which stem from greater competition. As Austrian political economist Joseph Schumpeter famously theorized in 1942, economies naturally go through “creative destruction,” the process by…

Credits: Picture by Benjamin Lowy

Child Labor and Slavery in the Chocolate/Cocoa Industry

By Stephanie Bechara Chocolate, a product of the cocoa bean, remains one of the world’s most popular snacks. In 2020, 268.09 million Americans alone consumed chocolate and other candies (Wunsch, 2021). While chocolate may be a joy stimulant when consumed in moderation, the conditions faced by the people who grow cocoa may not be as…

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The Economic Implications of the Russia-Ukraine Conflict

By Vaasav Gupta Introduction ​On Thursday, February 14, Russia commenced a large-scale military invasion of Ukraine. The aggression was not unexpected, as in the weeks prior Russia had built up a significant military presence around the Ukrainian border. However, the invasion was still a significant moment for both nations as it marked an escalation of…

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The Asymmetrical Impact of COVID-19

The Impact of COVID-19 on Developing Economies, Low-Income Nations, and Marginalized Populations By Vaasav Gupta Introduction The Coronavirus, widely referred to as COVID-19, was first discovered in Wuhan, China. The spread of this disease was officially declared a pandemic by the WHO in March of 2020. Since its discovery, the COVID-19 pandemic has taken over…

An individual holding unroasted coffee beans

Labor Exploitation in the Coffee Industry

Introduction The morning “cup of joe” is an everyday staple for coffee enthusiasts all over the world. However, the deplorable human rights violations pervasive throughout the coffee industry remain unbeknownst to a vast majority of these drinkers. The International Labor Foundation reports that there are 25 million people currently entrapped in forced labor of some…

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Spes Nova at Ignatian Family Teach-In for Justice 2019 in Washington D.C.

On December 15-17, Spes Nova Inc. sent our founder, Dr. Erick Rengifo and four students (Ngan Tran (IPED 2020), Victor Sapkota (IPED 2021), Alison Stauffer (Gabelli 2021) and Jessica Sudol (2022)) from Fordham University to the Ignatian Family Teach-In for Justice 2019 in Washington D.C. The conference was a great opportunity for Spes Nova to…

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Spes Nova Lecture Series and Networking Event Held at Fordham University

Last November 27, Spes Nova Inc. organized a lecture and networking event for its university chapters at Fordham University. The event raised issues pertinent to the business model that Spes Nova has, and opened opportunities for collaboration in the future. The lecture series first featured Dr. Michael Pirson who discussed the difference between economic and…

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Nyabigena Soapstone Carvers Cooperative

One of the cooperatives that Spes Nova works with is the Nyabigena Soapstone Carvers Cooperative. The members of this cooperative live in the village of Nyamarambe in Western Kenya. Nyabigena means “land of soapstone,” and the cooperative has several soapstone quarries nearby. The carvers do not have complex equipment, so all of the work is…

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The Three Pillar Approach

Spes Nova works to alleviate poverty by helping to fund, protect and expand markets for entrepreneurs and small businesses around the world. Spes Nova is a 501(c)(3), non-profit organization working with volunteers, supporters, universities, religious groups and non-government organizations to support entrepreneurs and small businesses in some of the poorest communities around the world.  Our…