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Wednesday, September 11, 2019

Transforming Stress, Unexpected Change and Uncertainty into New Opportunities: Interview with Elaine Bontempi, Ph.D.

The ever-increasing pace of change, combined with new displacing and disruptive technologies that involve digitalization, robotics, widescale automation and more, is requiring everyone to rethink how they live their lives and how they earn a living. In all cases, individuals may feel under pressure, out of control, and fearful.

Welcome to an interview with Dr. Elaine Bontempi, who talks to us today about transforming a stressful situation into one that builds confidence and open doors.  She talks about the psychological and physical costs of doing nothing, and the benefits of developing a plan and a new philosophy. 

1.  What is your name and your background?

Elaine Bontempi, Ph.D.
My name is Elaine Bontempi and I have the following background. My website is here:

Ph.D.: Educational Psychology
Focus: The role of culture in motivation & learning

M.Ed.: Educational Psychology
Focus: The role of culture in motivation & learning

M.A.: Human Relations
Focus: Multicultural Counseling

B.A.: Health Psychology
Minor in Sociology (Contemporary Social Issues)

•    Over 15 years of experience teaching graduate & undergraduate courses in Psychology, Human Motivation in Learning, Human Motivation in Work & Leadership, Human Learning, Cultural Diversity, Leadership, Contemporary Social Problems, Social Psychology, & Ethics

•    Over 10 years of experience designing, implementing & evaluating educational outreach and training programs for non-profits, Dept. of Education, government institutions and businesses

•    Academic & Life Coaching

2.  What are your areas of expertise, and how did you get interested in them?

My areas of expertise are in Psychology, but in particular, Motivation, Health, & Well-Being.

•    Motivation & psychological well being
•    The role of goals and psychological well-being (not all goals are created equally, and although society really pushes some goals, the pursuit and attainment of certain types of goals actually undermines well-being).
•    Motivation in the workplace
•    At risk teens
•    Eating disorders
•    Overcoming anxiety without medication
•    Stress management
•    Coping with aging and/or terminally ill parents
•    Grief & loss
•    Spirituality and well being

How did I become interested in these topics? I would say that I have always been interested in what makes people tick, so to speak, as well as health, and general well-being. Growing up as an athlete, you learn the importance of goal setting, self-regulation, and motivation. However, these are limited tools because as we grow older, we encounter challenges and life transitions, and many of these are quite uncomfortable as we are stretched outside of our comfort zones. Of course many of these transitions are inevitable and are part of the maturation process. However, even anticipated mile markers can act as barriers to our growth and self-actualization if we lack a healthy mindset, coping skills, and self-regulatory strategies

3.  How do people manage change today? What are some of the negative ways that people cope with change? What are better ways?

Photo by Humphrey Muleba from Pexels

The ways in which people handle stress vary considerably from one person to the next. Each person has a unique set of experiences, coping mechanisms, abilities, and values that all contribute to how one handles stress. In addition to individual differences there are some general group differences that can be seen as well, as a result of cultural norms and gender socialization. 

Some of the negative ways that people cope with change and stress include smoking, drug use/abuse, alcohol use/abuse, compulsive spending, over or under eating, eating unhealthy "comfort" and junk foods, excessive use of sugar and caffeine, sleeping too much or too little, sexual promiscuity, overworking, lashing out at others, and violence.

However, there are definitely healthier ways of handling stress. The first step is identifying the sources of stress in your life, as well as your attributional style. Do you have a tendency to place the blame for your stress on others, do you feel that you have no control over your circumstances, or do you recognize that although you may not be able to control events, you can control your reactions?

There are different approaches to changing the stressful situation--you can either avoid the stressor, or sometimes you can alter the stressor. For example, you can often times avoid a stressor by simply learning how to say "no." Often times, we feel compelled to say "yes" to everything in order to please others, or to avoid looking incompetent or lazy. It is imperative that you learn to recognize your limits and say no to things that will result in too much stress.

If you are unable to avoid a stressor, you may choose to alter the situation. An example of altering the situation might include expressing your feeling in a different manner. For example, rather than bottling up emotions and letting them fester and brew, find a friend or counselor that you can talk to. Or, it may mean changing how you express your emotions, or even regulating your time so that you are less likely to feel stressed out from having too much responsibility and not enough time to accomplish the things you have committed to.

You can also learn to adapt by using healthy stress management techniques, and/or accept the stressor.  Adapting to the situation often means learning how to use emotional regulation strategies for healthier coping, which often times involves changing your interpretation of the event that you perceive as being stressful. Is the stressor really that important or are you putting too much emphasis on something that really, in the long run, doesn't mean much? The old saying, "learn how to pick your battles" may apply here.

 Sometimes you simply have to accept things that you cannot change but find work arounds. Focus on the things you CAN change rather than getting upset about things you cannot control. For example, if you are responsible for the caregiving of a sick child or aging parent, you probably won't be able to change or avoid the stressor. However, you can change your reaction. You will need to accept that your child or parent is ill and needs help, and re-arrange your schedule in order to meet these demands. If you are still responsible for other obligations then it may be necessary to adapt to the stressor by seeking outside help to assist in caregiving, recognize that you as a caregiver, also need to maintain a healthy lifestyle, learn to manage time more efficiently, and never overlook the importance of self-care.

Some of the healthier ways in which people handle stress include:
•    social support networks including family and friends
•    support groups, spirituality and prayer/meditation
•    learning the art of forgiveness
•    spending time in nature
•    getting regular exercise (cardiovascular exercise in particular)
•    eating properly and getting plenty of sleep
•    applying biofeedback
•    practicing yoga
•    spending time with pets
•    writing in your journal
•    working outside in the garden
•    painting/sculpting/drawing
•    dancing
•    playing a musical instrument
•    scheduling time for self-care such as massage/Reiki/ acupuncture
•    practicing mindfulness
•    learning time management
•    accepting there are things you cannot control
•    embracing a positive attitude
•    avoiding too much caffeine
•    avoiding abuse of alcohol, drugs or nicotine
•    seeking counseling, etc.

Certain counseling techniques such as cognitive evaluative therapy might be helpful in thought stopping behaviors and replacing negative thinking with positive thoughts. Behavioral therapy can also helpful in reinforcing positive behaviors and extinguishing negative ones. Exercise can play a very important role in improving anxiety and depression. Especially something as simple as walking daily. Exercise increases the production and release of serotonin and dopamine, both neurotransmitters play an important role in maintaining a healthy and positive mood.

3.  What are some of the major stressors in our world today and how do they change over one's lifespan?

Photo by Oladimeji Ajegbile from Pexels

We are facing many stressors in the world today. It seems like our world is shifting so rapidly that people are struggling to keep up with the transitions, and as a result sometimes it seems that the world has gone mad. Climate changes that are causing major shifts in weather patterns, mass immigration and migration, racism, economic uncertainty resulting in layoffs, downsizing, closures and job loss, global migration, political polarization, mass shootings, etc. are just a few of the global stressors.  We are also seeing alarming trends concerning the use of social media and depression/anxiety/suicide. A sociological phenomenon known as “upward social comparison” is wreaking havoc on peoples’ self-worth and self-esteem, as they are comparing themselves to the lives of others represented through reality television and social media. Even though these profiles are considerably altered through selective use of highly edited photos, and the “highlight” reels of one’s life, people are often left feeling deflated and dissatisfied with their own lives when comparing them to the self-marketed profiles of others in Facebook and other social media platforms.

Other stressors are small, daily things such as dealing with traffic and long commutes, office politics, paying bills, screaming children, juggling obligations between work, family, and/or school, etc. These types of stressors don't tend to score big on the "life stressors" chart, but major transitions in life, even if they are perceived as positive, can take a larger toll and undermine well-being.

Major transitions in life include events such as graduation, marriage, birth of a child, changes in career (new job or loss of job), relocation, divorce, empty nest, changes in health, loss of a loved one, natural disasters, war, unhealthy relationships, aging parents, etc. Studies have repeatedly shown that as people grow older, their health declines more rapidly if they do not have a social support system. This is a growing problem as people are living longer, but often more isolated lives. Adult children are often scattered across the globe as job opportunities take them away from the same town as their parents. This is especially common in individualistic cultures such as the United States and western European cultures, that place value on independence and competition rather than on community and harmonious interdependence.  Nursing homes and assisted living centers in the US are filled with aging, forgotten parents.

4.  What are some of the stresses related to taking care with aging parents or relatives?

Photo by Matthias Zomer from Pexels

 Taking care of aging parents or relatives can be a particularly stressful job, as it can leaves one feeling physically and emotionally drained. As parents get older, their physical limitations decrease, thus their need for support increases. Their needs are multi-pronged and may include financial costs associated with healthcare and nutrition, mobility needs (ie, a parent may go from using a cane to a walker, to a wheelchair, and ultimately being bedridden), etc. As their needs increase, the demands placed on the caregiver also rise. Seeing a parent who was once vital and independent regress to a state of dependence can be difficult to watch, and it tends to cause a shifting in the dynamics of the relationship as roles are reversed.

This can seriously tax the physical and emotional reserves of anyone caring for an elderly parent, but when personality changes associated with aging and dementia are also present, it can especially stressful. It may also be particularly stressful on the caregiver if they are trying to juggle their own responsibilities of work, family/relationships, health, etc. In most cases it leaves the person responsible for caregiving feeling emotionally and physically drained, thus one of the most important things for any caregiver to remember is the importance of self-care. If the caregiver overlooks this it can quickly erode both the physical and emotional health of the caregiver. Thus, relying on some of the above mentioned strategies for stress management are imperative. Getting proper nutrition, plenty of sleep and exercise, spending time in prayer/meditation, having a strong support system of one’s own, and learning how to say “no” to increasing demands by sharing the responsibility with other family members or hiring help are very important.

5.  What are support networks?  What happens when people lose their support networks?

PHOTO CREDITS Photo by Tristan Le from Pexels

Support networks refer to the psychological and physical support provided by a social network. Social networks can include close friends and family members, tribal members, social activity/group such as a book club, community support groups, or even a religious community. Social support networks can provide a variety of resources ranging from emotional support, financial assistance, prayer, or help with daily tasks. Those who have high quality or quantity social networks tend to show decreased depression, anxiety, loneliness, drug/alcohol use, and a lower risk of mortality in comparison to those who have low quantity or quality of relationships.

Poor social support has been also linked to cardiovascular disease, lowered immune system, and altered brain function. Although there are individual and group differences, women often have closer support networks due to the differences in how men and women are socialized. While gender roles are changing, women are still more likely to be socialized as nurturers and caregivers, and playing support roles rather than placing emphasis on competition and independence. As a result, women’s health tends to benefit as they grow older as they are much more likely to have a social network for support. Men tend to rely on spouses and children, but if neither are around as they grow older, they are much more vulnerable to the ill effects of having a limited support network.

Wednesday, September 04, 2019

Argentina: Overcoming Debt Challenges and Rebuilding with Infrastructure and Innovation

Of all the countries in the world, perhaps no country more embodies “debt trap” and then “default on sovereign debt” than Argentina. Argentina’s national banks defaulted on their first loan only a few years after independence from Spain in the 1820s when the Minister of Finance obtained loans to pay off war debts. The loans were considered usurious, and the ensuing crisis resulted in a 33 percent devaluation in 1827, and then 68 percent in 1829 (Argentina Country Risk Report, 2019). Unfortunately, these were not to be the only loans that quickly became unmanageable due to high interest rate and impossible terms, and which deeply damaged the Argentine economy.

Later, however, the time from 1850 to 1930 was very prosperous for Argentina, which, thanks to its prosperous agricultural sector, and the infusions of investment capital into infrastructure (railways) and industries. At one point, Argentina was the seventh largest economy in the world, and its inhabitants were the 10th wealthiest.  In addition, the country benefited from being perceived as a safe haven for money and resources fleeing war-torn and newly communist countries in the world.

However, there was a slowdown in the 1930s, inspiring in 1943 a coup d’etat by Juan Perón, whose goal was the empowerment of the poor and working class. Argentina was not invited to the 1944 Bretton Woods conference that established the International Monetary Fund and the World Bank because Argentina had not yet joined the Allies in World War II. In fact, Perón was against joining the group and considered the effort "imperialistic.” Perón was overthrown in a rival coup in 1945. In 1946, he was narrowly elected President. His government was accused of repression.

Argentina finally officially joined the International Monetary Fund in 1956. In the meantime, the Argentine government continued its idealistic utopian socialist transformation through modernization approach which so typified the first half of the century in rebuilding nations. There was an emphasis on large infrastructure projects and in state-owned industries that employed many thousands of people in the administration of the nationally owned utilities and social services.  The ensuing deficits led to a need for liquidity, and then the first waves of large loans. Waves of economic problems were accompanied by protests and activism, resulting in repressive governments.

Source: Wikipedia.

Economic Decline: In such a situation, economic growth was difficult if not impossible. Between 1975 and 1990 real gross domestic product feel by almost 20 percent, which had a very negative effect on the entire country, but most pronouncedly on manufacturing, which entered into continuous decline in the 1970s. The government attempted to level the playing field by creating a wall of tariffs and by instituting protectionist policies. Instead of incubating the domestic companies, the result was a lack of investment, a loss of competitiveness, and finally a loss of markets.  Argentina, which was once known for the high quality of its manufactured goods, began to shutter factories as they could no longer stay open, even when heavily subsidized.

Almost every decade has been marked by a dramatic economic crisis, often marked by devaluation, hyperinflation, a default in national debt, with corresponding erosion of credit-worthiness.
As of September 2019, Argentina's external debt stood at around $101 billion (The Times, 2019). The currency has been devalued again, resulting in an exchange rate of $US 1 to 56 Argentine pesos, from 25 to one US dollar a little over a year before.

What is it like to try to have a business in Argentina during times of devaluation of the currency? What is the impact on the supply chain? 

Argentina has a history of high external debt, and it has been borrowing for infrastructure projects and also to service existing debt.  According to many analysts, Argentina "is almost certain to default on its $100 billion of debt again" (Aldrick, Sept 3, 2019, The Times). South America's second largest economy has been in trouble financially many times since it joined the IMF in 1956.

Specifically, Argentina has been bailed out an astonishing 22 times since 1958 and has defaulted on its  loans nine times since independence in 1816. Slow or reduced payments to investors have been “de rigor” since the 1960s until even September 2019 when the maturity on short-term government loans was extended without negotiation (Sanders 2019).

President Macri's initial strategy involved having Argentina reenter global markets, pay off "vulture funds," and ask the IMF to audit funds (with the idea of more loans).  He also tried to balance the budget by increasing the amount paid to the government for services (utilities, etc.), and to restrict the flow of capital out of the country. The resulting devaluations made Mr. Macri extremely unpopular, and his loss in the primary elections further weakened confidence in a challenged economy.  The goal in early September 2019 was to refinance the debt. However, the country remains deeply divided between Macri's reformist party and the socialist / populist party (Kirchner, etc.) which has been accused of corruption and mismanagement (Argentina Country Risk Report, 2019).

What happens when the IMF requires the country to service its debt?  Usually there is an austerity plan with the goal of a balanced budget (prioritizing paying off debt). However, IMF austerity plans in Argentina have an unhappy history.  What has happened in Argentina is a devaluation of the peso, lack of buying power, poverty, lack of capital investment, and labor insecurity.  The country falls to an even lower level of productivity, due to uncompetitive products, falling productive capacity, obsolete and inefficient factories, lower level of human capital (due to lower social and education services (Mariza, 2019)), falling levels of confidence, and widespread financial institutional instability. But, faced with few options, the country tends to accept "loans of last resort" in order to service debt and avoid wholesale seizure of assets (Koch & Perreault, 2019).

Infrastructure Leveraged for Economic Growth:  Investing in infrastructure and marketing support for innovative products offers an alternative.  First, productivity must improve in the short run. There are a few ways to do so, which include conducting bid rounds in order to develop mineral and petroleum resources.

While it can be argued that the country often receives insufficient proceeds for licensing multinational companies to develop mines and oil fields, this is often the best approach in the short run. Indeed, this is an approach that Argentina has used, with success.  They have attracted investment in the Vaca Muerta shales, and five separate provinces are currently seeking investment in order to develop their oil and gas. In a recent international oil and gas congress (AAPG's International Conference and Exposition), executives from ExxonMobil, Equinor, Shell, and others were unified in their message that they were increasing their investment in Argentina and would continue to do so if the government could assure positive conditions. They also suggested maintaining Argentina's policy of maintaining a posted minimum price of $75 per barrel of oil, which de-risks the investment a great deal.

Second, boosting agricultural production in order to increase exports and facilitate import substitution is a possible strategy. However, years of neglect in the infrastructure have made transportation, processing, and warehousing difficult (Berlinski, 2019). Supply chain coordination is lacking, and so the fail-safes and protections that could be implemented to help de-risk the enterprise and protect against extreme weather, harsh conditions, and the need to store and hedge, are not possible.

A third strategy has to do with creating a global platform for Argentine innovation. The "Silicon Pampas" can develop new products to license, including such innovations as new systems for intelligent oil and gas operations. In fact, Yacimientos Petroliferos Fiscales (YPF) has created a spin-off company, YPF Tecnología (, which invests in start-up and mid-development products. New technology and innovations include innovative pumps, control systems, smart operations systems, and more. Intellectual property has been protected by means of patents. In addition to technologies used in drilling, completing and producing oil and gas, Y-TEC has developed alternative energy solutions, new process for processing and purifying contaminated water, and new approaches for developing monitoring systems using satellite and remote sensing for better management of the arid, fragile environment where many of Argentina’s oil and minerals are found.

The strategy is not without its own difficulties. Devaluation and inflation, along with protectionist policies regarding imports (extremely high duties) make it difficult to import the raw materials and equipment needed for the startups, and it becomes necessary to obtain painfully complicated licenses and exceptions.

Loans for Infrastructure:  Many of Argentina's loans have been for infrastructure, and in fact the so-called "vulture loans" (ones where the loaning entity refused to renegotiate or restructure, thus requiring Argentina to repay the entire principle and interest, often at a high rate of interest), have been for infrastructure. 

Unfortunately, there has been a long history of problems with loans for infrastructure projects; first, the interest rates can be very high, and second, there can be cost over-runs and excesses; third, additional affiliated fees, permits, and licenses can slow development.  The World Bank currently has a number of infrastructure projects in Argentina on the books:

Selected Examples of 
World Bank Projects and 
Operations for Argentina   
                                                                 Total Cost           World Bank Commitment   Approved
Northwestern Road Development
Corridor Project                                       $US 311.00 million      US$ 300.00 million    2017

Metropolitan Buenos Aires Urban
Transformation                                        $US 125.00 million      $US 100.00 million    2019

Salado Integrated River Basin
 Management Support Project                 $US 375.00 million     $US 300.00 million    2017

Argentina Renewable Energy
for Rural Areas Project                             $US 240.09 million    $US 200.00 million    2015

Matanza-Riachuelo Basin Sustainable
Development Project (Sewers in BA)        $US 1000.00 million    $US 840.00 million    2009

Urban Transport in Metropolitan Areas     $US 187.60 million    $US 150.00 million    2009

Argentina First Inclusive Growth
Development Policy Financing                 $US 500.00 million    $US 500.00 million    2018
(The World Bank, 2019.           

Challenges:  It is very difficult to keep politics out of economic development, and so some of the investments may be more politically expedient than truly productive in terms of economic development.

An often failed strategy has been privatization of the long-condemned as inefficient, state-run monopolies (utilities, etc.).  However, while privatization did have the effect of reducing the country's overhead, many of the state-run monopolies eventually can run the risk of becoming de facto private monopolies (or oligopolies).

Laws designed to protect workers are sometimes circumvented because they carry with them high taxes and severe penalties for letting a person from their job. As a result, an underground labor market has begun to supplant the formal labor supply. Much work is done off the books and consists of short-term employment. Not only do the employees not receive the benefits of a regular employee, they have no assurance of regular employment, and the pay tends to be much lower.

Recovery Plan: A recovery plan can leverage infrastructure projects and combine them with innovation (new technologies and communication), supply chain improvements, and productive linkages with local and international markets.

Now that there are certain sectors of the population that are facing food insecurity, and there are serious issues of hunger, an economic recovery plan will need to incorporate provision of nutrition and basic health coverage for the vulnerable (children and elderly), as well as nutritious meals for the workers.

A recovery plan should include the following items:
1.  Improved infrastructure, beginning with roads and sustainable electricity.
2.  Coordination between production (agriculture and extractive) and needed infrastructure.
3.  Targeted innovation and new technology developing in conjunction with infrastructure and production (agriculture, smart operations, mining, oil and gas, medicine, tourism, pharmaceuticals, marketing).
4.  Collaboration and partnering with global marketing networks for developing short-term and long-term markets for products and services.
5.  Private-Public Partnerships to help develop infrastructure, but in a way that protects workers and markets, and generates local employment (avoid importing all the workers, etc.).
6.  Restabilization of the financial sector, in order to attract investment as a "safe haven" investment, which may need development of cryptocurrencies.
7.  Innovation in supply chain operations, and the use of blockchain for assuring integrity, source, supply.
8.  Leverage the geographical position of the Tierra del Fuego, etc. to develop high-tech surveillance, monitoring, and strategic operations, in conjunction with allies.

Once the key elements of a recovery plan have been identified, steps can be taken to build out a critical path and a workflow. Using as many new techniques from supply chain management and risk management can be quite helpful.  In addition, it is useful to develop probabilistic models that can help one simulate the outcomes of different scenarios and then develop plans. 

£83 billion towering debt pile crippling Argentina’s economy. (2019, August 31). Daily Mail, p. 105. Retrieved from

Argentina Country Risk Report. (2019). Argentina Country Risk Report (pp. 1–59). Retrieved from

Berlinski, N. (March 19, 2019). Roads to prosperity. Fixing Argentina's crooked architecture. Prosper: Notes on the Future of Development from CSIS.

Country Reports - Argentina. (2019). Argentina Country Monitor (pp. 1–59). Retrieved from

Koch, N., & Perreault, T. (2019). Resource nationalism. Progress in Human Geography, 43(4), 611–631.

Mariza, Nazla. (August 19, 2019). The future of low-skilled manufacturing labor in Industry 4.0. Prosper: Notes on the Future of Development from CSIS.

Mexico Infrastructure Report. (2019). Mexico Infrastructure Report, (3), 1–60. Retrieved from

Sanders, P. (2019). Argentina Seeks to Extend Debt Maturities as Reserves Tumble. Bloomberg.Com, N.PAG. Retrieved from

The World Bank (2019) World Bank project. The World Bank, 2019.

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