Renowned journalist turned author Elizabeth Becker‘s latest book, “Overbooked: The Exploding Business of Travel and Tourism” hopes to give insights into the blooming multibillion dollar industry .She says that she was irritated and by the paradigm shift in the global economic force and was compelled to write this book in sort of bringing everything into the attention of public. She feels that, how in spite of its relevance most often it gets stuck to lifestyle columns of magazines and newspapers. She believes that through her book, it would get the deserving attention and also that people realize how the industry is also a job giver.
She estimates that around 1 billion people travel abroad each year spending approximately seven trillion dollars. However she also points out the pitfalls in the industry. As a part of her research she extensively travelled around the globe, met people and did a thorough statistical survey.
All this is quite evident in the book as she supports all her claims using plenty of data. In her book she describes the research she did in Cambodia, whose revenue from tourism contributes to almost 20 percent o their Gross Domestic Product. She continues saying that, in countries like that money does not help the poor and instead the elite and other foreign countries are highly benefitted from the industry.
Becker also examines other issues that affect them such as environmental exploitation and sexual assault on minors which most often are concealed by the authorities. She also agrees that Cambodia is not the only country acing these issues and she says that was her driving force for writing this book. Through this book she hopes that tourism industry would be taken seriously and an environment would be created which would be beneficial to the tourists and the local people alike!
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Chinese companies are collaborating with their government in trying to acquire assets from all around the world. This is a trend that has been on for quite some time now. They have been buying things like tech companies, international banks and also seem to be investing a lot on real estate. However last week it was announced that a meat producer from China is planning to take over Smithfield Foods a Virginia based food processing company has taken everyone by surprise. It is considered to be the world’s largest producer processed pork; they are famous for their widely loved range of hotdogs , ham and bacon under the household names like farmland and Armour.
U.S economists are kind of worried over this trend, as they worry whether this would give China an additional leverage on the U.S economy. Many also see it as a threat, as China also has the biggest military force in the world. At the same time, state and local chambers of commerce see it as a welcome change as well as suggest that there would be a boost in the local job markets. There are also other economists, who see it a much brighter light and say that the low of investments should not be frowned upon and rather be seen as an opportunity for good business and employment.
Thilo Hanneman, who analyses Chinese investment for Rhodiun, which is an economic research group, dismisses all the negative concerns and with quite an impressive assurance point out that it would be beneficial in the longer run because of an increase in tax revenue as well and suggest that the primary reason why mayors and governors go to China for endorsements is to promote these kinds of investments. However amidst of all the speculation and rumours, The Smithfield acquisition has not been confirmed yet, as there are strict rules and regulations to be fulfilled and also it is mandatory for to get the approval of the committee on foreign Investment.