Joseph E. Stiglitz’ major international bestseller (2002) entitled Globalization and its Discontents is an indictment against policies of the International Monetary Fund, World Trade Organization, and World Bank that unintentionally but relentlessly increased vulnerabilities of the poorest groups and nation-states to the advantage of an unfettered market. In his 2003 publication entitled The Roaring Nineties: a New History of the World’s Most Prosperous Decade Stiglitz forcefully argues for a more balanced relationship between State and the Market by elaborating on outcomes and unintended consequences of the free market (neoliberal, market liberal) ideologies that shaped US Presidents Reagan and Bush I administrations national economic policies from c.1980-1992. He reveals the deceptions, distortions and disasters caused by the idealization of the private sector and demonization of government programs and regulations that Stiglitz claims led to the boom and bust of the 1990s. Stiglitz holds a Nobel laureate in Economics (2001), was member then Chair of the Council of Economic Advisors (1993-1997), senior vice-president and chief economist of the World Bank from 1997 to 2000.

In an attempt to understand the Sachs-Stiglitz debate I am reading both. The overarching theme which concerns me is the moral mathematics that leads to the current disequilibrium. As a bricoleuse I am using technologies and software to heighten the findability of useful resources for a more informed civil society, one that includes moderate civil religions. Editor of Rollo May argued forcefully that “the terms ‘optimism’ and ‘pessimism’ employed by Sachs should refer to the state of one’s digestion, and have nothing whatever to do with truth (May 1982).

Jeffrey D. Sachs (2007) argued that those who challenged his unbounded optimism in human capacity to find solutions to our man-made problems through the use of human reason and spirit are promoting ideas that are dangerous and defeatist. He is convinced that humans can continue to build on the 17th century Enlightenment belief in Reason and Science to create a New 21st Century Enlightenment that still includes Adam Smith’s concepts of international markets and Condorcet’s improved harnessing of resources. Like his hero John Maynard Keynes, Sachs occupies a liminal space between the academic and political arenas. We can now develop sustainable smart technologies so that those in wealthier countries do not have to sacrifice but rather can maintain our current high-consumption level through smarter living while making poverty history through a New Politics of global co-operation, an Open-Source Leadership capable of providing concrete actions such as anti-malaria mosquito nets, universal access to anti-retroviral medications by 2010 and voluntary reduction of fertility rates in poor countries. His optimistic vision of a practical, attainable, dynamic, changing peace that meets the challenge of each new generation is “based not on a sudden revolution in human nature but on a gradual evolution in human institutions, on a series of concrete actions and effective agreements which are in the interest of all concerned.” He dismisses those who question our ability to change or who feel depressed by his unabashed optimism in such dark times, as promoting a dangerous defeatist belief. He advocates commandeering the US military budget, debt cancellation for the poorest nations and zero sum redistribution. Whereas his solutions for economic reform for Bolivia in 1985 involved a rapid shock treatment approach to combat hyperinflation, he now advocates a gradualist approach in the evolution of human institutions. He calls for transparent timelines and responsibilities towards Gleneagles promises. He lists off historical acheivements such as the end of slavery, debt-relief, WHO programs as a rebuttal to the historic reality of the 20th century’s unfulfilled good intentions and unacheived goals.

Sachs claims that human reason can solve the unsolvable: “Our problems are man-made, therefore they can be solved by man, and man can be as big as he wants. No problem of human destiny is beyond human beings. Man’s reason and spirit have often solved the seemingly unsolvable, and we believe they can do it again. I am not referring to the absolute infinite concept of universal peace and goodwill of which some fantasies and fanatics dream. I do not deny the value of hopes and dreams, but we merely invite discouragement and incredulity by making that our only and immediate goal (Sachs 2007-04-11).”

Sachs on over-consumption: “I do not believe that the solution to this problem is a massive cutback of our consumption levels or our living standards. I think the solution is smarter living. I do believe that technology is absolutely critical, and I do not believe on the evidence that I’m going to be discussing in these Lectures that the essence of the problem is that we face a zero sum that must be re-distributed. I’m going to argue that there’s a way for us to use the knowledge that we have, the technology that we have, to make broad progress in material conditions, to not require or ask the rich to take sharp cuts of living standards, but rather to live with smarter technologies that are sustainable, and thereby to find a way for the rest of the world, which yearns for it, and deserves it as far as I’m concerned, to raise their own material conditions as well. The costs are much less than people think. You are making the argument that this is so costly we don’t dare do it (Sachs 2007-04-11).”
Sir Christopher Meyer, a former British Ambassador to the United States and currently Chairman of the Press Complaints Commission rejected Sachs’ overoptimistic assumption that human nature can make such a marked change that would lead to the solutions Sachs proposed. Meyer argued that history has proven otherwise.

I am still reading Stiglitz’s The Roaring Nineties: a New History of the World’s Most Prosperous Decade in my non-linear fashion. It is strange that his message is more uplifting to me that Sachs. To be continued . . .

Some useful key concepts emerging from these readings to be developed:

Anthropocene is a term coined by Paul Crutzen which “is the idea that for the first time in history the physical systems of the planet — chemical fluxes, the climate, habitats, biodiversity, evolutionary processes — are to an incredible and unrecognised extent under human forcings that now dominate a large measure of the most central ecological, chemical and bio-physical processes on the planet – the hydrological cycle, the carbon cycle, the nitrogen cycle, the location and extinction of species, and basic physical habitats. Of course human forcings have always played their role. We know that the hominids already controlled fire a million or more years ago, and therefore changed landscapes, even before the rise of homo sapiens. But never has the control of such fundamental processes been determined by human forcings, and we’ve barely awakened to that reality (Sachs 2007-04-11).” This is the the first of three challenges discussed by Sachs (2007-04-11) that face humankind in 2007. [. . .] Sachs’ discussed “the Anthropocene in Beijing, China, which soon will be the country that is the largest emitter of carbon dioxide on the planet, and one that faces its own profound challenges of water stress, which will worsen, perhaps immeasurably, as the glaciers of the Himalayas melt and as the seasonal timing of snow melt from the Himalayas changes the river flow of the Yangtze and Yellow rivers and other rivers of Asia. The Anthropocene tells us that it’s not just about one problem, as Sir Nicholas Stern, one of the intellectual leaders of our time, has brilliantly exposed in his report for the UK government. It’s not only the problem of mass extinctions, or only the problem of the mass destruction of fisheries in the North Atlantic and in many other parts of the world. We are weighing so heavily on the Earth’s systems, not only through carbon dioxide emissions changing climate but through carbon dioxide emissions acidifying oceans, through destruction of habitat, which is literally driving perhaps millions of species right off the planet. We are over-hunting, over-fishing, and over-gathering just about anything that grows slowly or moves slowly. If we can catch it we kill it. Our capacity in the Anthropocene is unprecedented, poorly understood, out of control, and a grave and common threat (Sachs 2007-04-11).”

Folksonomies

Globalization, Economic conditions, Economics, International Monetary Fund, IMF, World Trade Organization, WTO, World Bank, Washington Consensus, WB, neoliberal, market liberal, vulnerability to social exclusion, at-risk populations, extremes of wealth and poverty, moral mathematics,

A Tag cloud for Jeffrey D. Sachs’s Reith Lectures tbc

Jeffrey D. Sachs, Bursting at the Seams, Reith Lectures, BBC, 1948, Royal Society of London, 1660, slavery, empire, humanist, project of modernity, Enlightenment project of material progress, reason, Adam Smith, economics, global market, international markets, technology, Wilberforce, anti-slavery, 1770s, Condorcet, harness reason to grow more crops and to extend life expectancy, [John Locke], important scientific issues of the day, leaders of thought and action, new enlightenment, John Maynard Keynes, John Kennedy, Commencement Address at American University, June 10, 1963, Cuban missile crisis, between academic and political, restore[d]? broken economies, Bolivia, Poland, Russia, global co-operation, harnessing resources, catastrophe, physical geography, epidemiology, climate stress, rain-fed agriculture, drought-prone savannah climates, disease, zoonotic disease, hunger, pollution, clash of civilisations, over-populated world, increasing risk, increasing instability, increasing hatred, tribalism, corruption, ignorance, fanaticism, modern history, Western Darfur, Beijing, China, water stress, acidifying oceans, Himalaya glaciers melt, Yangtze River, Yellow Rivers, Asia, carbon dioxide, geopolitics, fiction of United States as New Rome, leaders of thought and action, optimistic epistemic communities, Sir Nicholas Stern, multi-disciplinary, reason and faith, human nature, gradualism versus shock treatment, concrete actions, anti-malaria mosquito nets, 2010 universal access to anti-retroviral medications, child survival, rapid demographic transition, voluntary reduction of fertility rates in poor countries, Paul Crutzen, Anthropocene, Age of Convergence, women and development, Spice Girls, Geri Halliwell, Ellen Johnson-Sirleaf, Liberia, Africa, over-consumption, maintain consumption level with smarter living, knowledge, technologies, redistribute zero sum that must be re-distributed, Sir Christopher Meyer, open-source leadership, new politics, unfulfilled good intentions, unacheived goals, 2001, World Health Organisation, AIDS, 2005 Make Poverty History, transparent timelines and responsibilities towards Gleneagles promises, GlaxoSmithKline, commandeering the US military budget, practical economics, 1985 debt cancellation for poorest countries, short-term thinking, addressing poverty at home, dangerous defeatist belief versus unbounded optimism.

Timeline of Social History

1776 Adam Smith, the father of modern economics, argued in his 1776 treatise The Wealth of Nations that the market leads us as if by an invisible hand to economic efficiency. Although Adam Smith’s thoughts on this were more circumspect, he is cited by those who since then have argued for unfettered markets. For a critique of the invisible hand argument see the work of Nobel Peace Prize winners Gerard Debreu and Kenneth Arrow (Stiglitz RN 2003:13).

Post WWII

1950s Nobel Peace Prize winners Gerard Debreu and Kenneth Arrow ‘established the conditions under which Adam Smith’s “invisible hand” worked. These include a large number of unrealistic condition, such as that the information was either perfect, or at least not affected by anything going on in the economy, and that whatever information anybody had, others had the same information; that competition was perfect; and that one could buy insurance against any possible risk. Though everyone recognised that these assumptions were unrealistic, there was a hope that the real world did not depart too much from such assumptions – if information were not too imperfect, or firms did not have too much market power – then Adam Smith’s (1776) invisible hand theory would still provide a good description of the economy. This was a hope based more on faith – especially by those whom it served well – than on science (Stiglitz RN 2003:13).”

1980 – 1992 During US Presidents Reagan and Bush I administrations national economic policies were shaped by free market ideologies who idealized the private sector and demonized government programs and regulations (Stiglitz RN 2003:12).

1987 Stock markets fell on October 19 by 23% erasing nearly a quarter of Corporate America’s capital (Stiglitz RN 2002:62).

1991 An economic downturn, a recession, began [in the US?] (Stiglitz RN 2003:54). Between 1990 and 1992 3.5 million people in the US were added to the unemployment pool while millions of others lost well-paying jobs and were forced into underemployment (Stiglitz RN 2003:40). The US federal government lowered interest rates but not quickly enough (Stiglitz RN 2003:40).

1992 President Bush was defeated largely due to poor economic performance (Stiglitz RN 2003:48). Economic circumstances were unsual [in the US?] (Stiglitz RN 2003:54).

1993 President Clinton largely owed his election to the faltering US economy. In January 1993 unemployment was at 7.3%, the US GDP was shrinking by -0.1% and the budget deficit had increased to 4.7% up from 2.8% in 1989 (Stiglitz RN 2003:40-1). Clinton made deficit reduction his priority setting aside his social agenda of job creation. Clinton under the advice of his risk-taking New Democrat economists (including Stiglitz) went against the standard theory of economics that held that deficit reduction slowed down economies and increased unemployment. They took the risk that they would succeed in backloading the nation’s deficit into a future more prosperous time (Stiglitz RN 2003:41). Clinton proposed taxation of polluters (emitters of greenhouse gases) (Stiglitz RN 2003:48).

1997 The meltdown of Asian economies

1997 Stiglitz in Ethiopia, Thailand and Russia

1997? Stiglitz resigned when his protestations about the fundamental wrongness of policies that force already vulnerable economies into capital liberalisation were met with disdain by his political masters.

Webliography and Bibliography

Bibliography and Weliography

May, Rollo. 1982. “The Problem of Evil: An Open Letter to Carl Rogers.” Journal of Humanistic Psychology. Summer:20.

Sachs, Jeffrey D. 2007. “Bursting at the Seams.” Reith Lectures. BBC. No. 1. April 11, 2007. 9am. http://www.bbc.co.uk/print/radio4/reith2007/lecture1.shtml?print

Stiglitz, Joseph E. 2002. Globalization and its Discontents. New York: W.W. Norton & Company. ECO-STI-GLO
Stiglitz, Joseph E. 2003. The Roaring Nineties: a New History of the World’s Most Prosperous Decade. New York: W. W. Norton.

Notes to be developed . . .

The standard theory of economics in the ??? held that deficit reduction would slow down recovery and increase unemployment (Stiglitz RN 2003:41).

Keynes theory of economics was that . . . (Stiglitz RN 2003:41).

New risk management that Clinton applied in 1993 was smaller government and smaller deficit (Stiglitz RN 2003:41)?

The New Democrats like President Bill Clinton and his administration in 1993, were a loose group of politicians, academics and policy makers who called for a revamping of the Democratic Party. They wanted to replace the overuse of bureaucratic solutions with greater concerns for policy impact on business and the marketplace (including Stiglitz?) (Stiglitz RN 2003:12).


CC 3.0 Flynn-Burhoe, Maureen. 2007. “Sachs-Stiglitz debates: Nobel and Reith.” >> Google Docs. Uploaded December 14, 2007. http://docs.google.com/Doc?id=ddp3qxmz_433djbf9mfx


Business Editor Charles Frank (2007) cites a FirstEnergy Capital Corp newsletter to clients comparing Alberta’s provincially-funded analysis “Our Fair Share” chaired by Bill Hunter on royalties, to the modus operandi of socialist governments Kazakhstan and Venezuela. Premier Ed Stelmach commissioned a full analysis of provincial royalties as the price of a barrel of oil soared. It is now c. $82.881 a barrel. (It has to be $50 a barrel to extraction of oil from the oil sands profitable.)

EnCana CEO Randall K. Eresman threatened to redirect a billion dollars of EnCana’s planned capital investment out of Alberta to other parts of Canada or the United States if Premier Stelmach adopt’s the “Our Fair Share” report proposals in their entirety.

2007-10-02 Saskatchewan politicians hope that companies like EnCana will act on their bluff and move at least part of their billion dollar threat out of Alberta and into Saskatchewan if royalties are raised too much. Canadian Association of Petroleum Producers industry vice-president David Pryce adds to the oil companies threats saying that if Alberta opts for their fair share of royalties the oil companies will shift activity to the other jurisdictions like Saskatchewan. However, even though Saskatchewan politicians might hold out for awhile, they would pay at the polls just like Stelmach if they continue to operate their energy sector as if the rules of the 1970s still apply. Alberta has lower corporate taxes, no provincial sales tax and no resource royalty surcharge so how much is Saskatchewan willing to give away to enjoy an Alberta boom? (Wood 2007-10-02). Do they really want the housing crisis, the long delays in service to drive their thriving economy even more? Are they willing to forego their fair share to entice fickle oil companies to their province.

CBC. 2007-10-05 ConocoPhillips President Kevin Meyers threatened Alberta Premier Ed Stelmach that ConocoPhillips will postpone $8 billion proposed oilsands projects. Meyers claimed that if royalties are raised as suggested in Our Fair Share and by the Alberta auditor ConocoPhillips would lose an oilsands project worth $500 million next year. They threaten to cut 30 to 40% of the $2.5 billion to $3 billion it plans to spend in 2008 on Alberta-based activity. It is estimated that if all the recommendations of Our Fair Share were implemented, the Alberta government would benefit by $2 billion a year. Alberta has a history of hospitality for oil and gas companies with the low energy royalties (based on oil at ?20 a barrel versus $80 and rising4), no provincial sales tax, no Alberta has lower corporate taxes, no provincial sales tax and no resource royalty surcharge. Oilsands developers have been allowed to use Alberta’s limited natural gas resources to extract their oil as quickly as possible instead of slower technology-intense methods. (Even the oil industry DOE report urges the need for patient money). Images of the Fort McMurray’s envirnomental nightmare landscape of Fort McMurray are courteously not shown around at dinner tables (although in quieter voices Albertans will ask, “Have you ever been to Fort McMurray?”).

Who’s Who

EnCana 10th place in Fortune Global 500’s Mining, Crude-oil production Industry: EnCana with an overall Fortune 500 rank of 431/500 (previously 396/500) and revenues of $17,081.0 millions. EnCana’s profits are $5,652.0 million; Assets: $35,106.0 Million; Stockholders’ Equity: $17,466.0 million. CEO Randall K. Eresman. It has 4,678 employees and is located at 855 2nd St. S.W., Calgary T2P 2S5, Canada, Phone: 403-645-2000
Website: www.encana.com
FirstEnergy Capital Corp. (started c. 1994) is a member of the Canadian Investor Protection Fund. Its 79 employees including CEO Jim Davidson, Jill Angevine, Vice-President of institutional research, John

Chambers, Ruby Wallis, Bev Thompson, Sheila Kaiser, Margie Gal, and Angelique Cyr work long days beginning at 6:15 AM and engage in the high-pressure industry of investment dealing. These investment dealings and transactions individually involve multi-millions and even billions of dollars of financings2. It is located at 1100, 311 – 6 Avenue SW, Calgary Alberta T2P 3H2 (FirstEnergy Capital (USA) Corp. is a member of the Securities Investor Protection Corporation.) The firm has raised $7 million for Calgary’s less fortunate. It now supports over 200 charities. (Every year, [they] allocate a minimum of 2.5 percent of our gross profits to charitable organizations and community groups. Often, [they] significantly exceed this minimum donation. These actions illustrate the strong sense of community that is part of [their] corporate culture.” For example a party they hosted during the rodeo with 1500 guests raised $200,000 for Calgary Communities Against Sexual Abuse (CCASA), Calgary Quest School and the Parks Foundation Calgary. In June 2006 CalgaryInc named them as the best place to work in Calgary. As well according to their own site “Canadian Business magazine ran a very complimentary article on FirstEnergy in the August 2007 edition covering the firm back to inception and including a mention of our expanded relationship with Société Générale.”

FirstEnergy Capital Corp FirstNews for investors tracks changes in the price of oil, gas through indicators such as unseasonable temperatures (for example in Toronto) or weather disturbances (such as hurricanes), consumer confidence, industry takeovers, bankruptcies, labour disputes, changes in interest rates, the housing market, oil and gas inventories and industry regulation. For example on September 25 they reported that “U.S. stocks fell on Monday, after news that Germany’s largest bank may take a hit from sub-prime mortgage investments. Citigroup and other banks fell after sources said the exposure could reduce Deutsche Bank’s profit by $2.4 billion. Furthermore, the first nation wide strike at General Motors in 37 years raised concerns about the economic outlook. Shares of auto parts suppliers fell, led by a 3% drop in Lear Corp. The Dow Jones Industrial Average lost 61.13 points to end at 13,759.06, while the NASDAQ fell 3.27 points to close at 2,667.95 (FirstNews 2007-09-25).”

Timeline

1992 Kazakhstan adopted among the world’s most open investment laws in order to encourage development.

2002 After the April 2002 aborted coup against Venezuela’s President Hugo Chávez, many observers accused Washington of having been behind the attempted ouster. The Bush administration denied any U.S. involvement in the affair. However, one relatively clear connection emerged between the U.S. government and the anti-Chávez movement: millions of dollars in U.S. taxpayer money channeled through the IRI and other U.S. organizations that funded groups opposed to Chávez during the years preceding the April coup. Writer Mike Ceaser reported that in an April 12, 2002, fax sent to news media, IRI President George A. Folsom rejoiced over Chávez’s removal from power. “The Venezuelan people rose up to defend democracy in their country,” he wrote. “Venezuelans were provoked into action as a result of systematic repression by the government of Hugo Chávez.” With NED funding, IRI had been sponsoring political party-building workshops and other anti-Chávez activities in Venezuela. “IRI evidently began opposing Chávez even before his 1998 election,” wrote Ceaser. “Prior to that year’s congressional and presidential elections, the IRI worked with Venezuelan organizations critical of Chávez to run newspaper ads, TV, and radio spots that several observers characterize as anti-Chávez” (Ceaser 2002). (IRI 2007)

2007-09-25
Rumours circulate that Germany’s largest bank may take a hit from sub-prime mortgage investments (FirstNews 2007-09-25).

2007-09-25 The first nation wide strike at General Motors in 37 years raised concerns about the economic outlook. Shares of auto parts suppliers fell, led by a 3% drop in Lear Corp. (FirstNews 2007-09-25).

2007-09-28 The Global Energy Conference for members only was held in Toronto, Canada on September 28 and announced on FirstEnergy Capital Corp. website.

2007-09-28 “The Kazakh parliament unanimously approved a bill Sept. 26 that would allow the government to modify or break any contract unilaterally in which the “interests of Kazakhstan” are threatened (as defined by the government). They are demanding royalties of 40% up from 30%. Kazakhstan now produces 1.3 million barrels per day (bpd) of oil, and if the projects currently signed are completed, within 10 years it hopes to be producing 3.5 million bpd [. . .] Royal Dutch/Shell, ExxonMobil and ConocoPhillips are part of the oil consortium developing Kazakhstan’s oil. [. . .] The best that Kazakhstan [might end up with a] Venezuela-like situation, in which foreigners freeze all expansion efforts and focus solely on inexpensive methods of maintaining existing output. In Venezuela output has fallen from 3.5 million bpd to 2.3 million bpd since government restrictions began 10 years ago. One of Kazakhstan’sfields is one of the most technically challenging in existence, boasting vertical and variable deposits loaded with high-pressure hydrogen sulfide. The field itself is in a high wind zone that freezes over in the winter. Kashagan will be the most technically challenging — and expensive — oil project ever attempted.” [China has the capital to invest in Kazakhstan but perhaps lacks the technology for now (Offnews.info 2007).”

2007-10-02 Saskatchewan politicians hope that companies like EnCana will act on their bluff and move at least part of their billion dollar threat out of Alberta and into Saskatchewan if royalties are raised too much. Canadian Association of Petroleum Producers industry vice-president David Pryce adds to the oil companies threats saying that if Alberta opts for their fair share of royalties the oil companies will shift activity to the other jurisdictions like Saskatchewan. However, even though Saskatchewan politicians might hold out for awhile, they would pay at the polls just like Stelmach if they continue to operate their energy sector as if the rules of the 1970s still apply. Alberta has lower corporate taxes, no provincial sales tax and no resource royalty surcharge so how much is Saskatchewan willing to give away to enjoy an Alberta boom? (Wood 2007-10-02). Do they really want the housing crisis, the long delays in service to drive their thriving economy even more? Are they willing to forego their fair share to entice fickle oil companies to their province.

CBC. 2007-10-05 ConocoPhillips President Kevin Meyers threatened Alberta Premier Ed Stelmach that ConocoPhillips will postpone $8 billion proposed oilsands projects. Meyers claimed that if royalties are raised as suggested in Our Fair Share and by the Alberta auditor ConocoPhillips would lose an oilsands project worth $500 million next year. They threaten to cut 30 to 40% of the $2.5 billion to $3 billion it plans to spend in 2008 on Alberta-based activity. It is estimated that if all the recommendations of Our Fair Share were implemented, the Alberta government would benefit by $2 billion a year. Alberta has a history of hospitality for oil and gas companies with the low energy royalties (based on oil at ?20 a barrel versus $80 and rising4), no provincial sales tax, no Alberta has lower corporate taxes, no provincial sales tax and no resource royalty surcharge. Oilsands developers have been allowed to use Alberta’s limited natural gas resources to extract their oil as quickly as possible instead of slower technology-intense methods. (Even the oil industry DOE report urges the need for patient money). Images of the Fort McMurray’s envirnomental nightmare landscape of Fort McMurray are courteously not shown around at dinner tables (although in quieter voices Albertans will ask, “Have you ever been to Fort McMurray?”).

Footnotes

1. “Crude oil prices posted big gains on the day. The continued decline of the U.S. dollar and concerns that supply may not be able to meet demand this coming winter, fuelled the price increase. NYMEX light sweet crude for November delivery gained $2.58 to end at $82.88 per barrel [. . .] Canadian stocks continued their five day rally closing higher on strong commodity prices. The government also reported a $13.8 billion budget surplus for fiscal 2006-07, which will be used to pay down debt. Suncor Energy was the biggest weighted gainer, up $2.17 or 2.3% to $95.71. The S&P/TSX Composite Index gained 94.76 points to close at 14,129.73. [. . .] U.S. stocks ended higher on Thursday, as energy shares were elevated by higher oil prices. However, a report released earlier in the day showed a plunge in new home sales and the sharpest year-over-year drop in prices in nearly 37 years. The Dow Jones Industrial Average gained 34.79 points to 13,912.94, while the NASDAQ gained 10.56 points to close at 2,709.59. (FirstNews 2007-09-28).”

2. In an online summary FirstEnergy includes in their recent report on their 800 financings and over 200 M&A assignments that they has participated in since c. 1994.$701,000,000 disposition by EnCana Corporation of its Interest in Petrovera Resources LimitedPartnership in January 2004. Others are: $495,000,000: the Sale of Sound Energy Trust to Advantage Energy Income Fund in September 2007; $3,500,000,000: of CCS Income Trust as Formal Valuator and Advisor to the Independent Committee September 2007; $508,000,000: Sale of Capitol Energy Resources Ltd. to Provident Energy Trust. June 2007; $91,000,000 Compton Petroleum Corporation Acquisition of Stylus Energy Inc.August 2007; $980,000,000 for TriStar Oil & Gas Merger with Real Resources Inc. August 2007; $440,000,000 Sale of Find Energy Ltd. to Shiningbank Energy Income Fund September 2006; $431,000,000 True Energy Trust Acquisition of Prairie Schooner Petroleum Ltd. September 2006; $1,500,000,000 Savanna Energy Services Corp. Merger with Western Lakota Energy Services Inc. August 2006; $320,000,000 Highpine Oil & Gas Limited Acquisition of Kick Energy Corp. August 2006; $4,000,000,000 Viking Energy Royalty Trust Merger with Harvest Energy Trust February 2006; $4,400,000,000 Precision Drilling Corporation Reorganization into an Income Trust November 2005; $350,000,000 UTS Energy Corporation Partnership and Asset Sale to Teck Cominco Limited December 2005; $1,400,000,000 Cequel Energy Inc. and Progress Energy Ltd. Merger and Reorganization into a Trust and Spinout of ProEx Energy Ltd. and Cyries Energy Inc. April 2004.

 

3. 1st place in Fortune Global 500’s Mining, Crude-oil production Industry: Anglo American with an overall Fortune 500 rank of 195/500 and revenues of $33,072.0 million; 2nd place in Fortune Global 500’s Mining, Crude-oil production Industry: BHP Billiton with an overall Fortune 500 rank of 205/500 and revenues:$32,153.0 millions; 3rd place in Fortune Global 500’s Mining, Crude-oil production Industry: Rio Tinto Group with an overall Fortune 500 rank of 313/500 and revenues:$22,465.0 millions; 4th place in Fortune Global 500’s Mining, Crude-oil production Industry: RAG with an overall Fortune 500 rank of 345/500 and revenues:$20,365.0 millions; 5th place in Fortune Global 500’s Mining, Crude-oil production Industry: CVRD with an overall Fortune 500 rank of 359/500 and revenues:$19,651.0 millions; 6th place in Fortune Global 500’s Mining, Crude-oil production Industry: Oil & Natural Gas with an overall Fortune 500 rank of 369/500 and revenues:$19,237.4 millions; 7th place in Fortune Global 500’s Mining, Crude-oil production Industry: Occidental Petroleum with an overall Fortune 500 rank of 377/500 and revenues:$19,029.0 millions; 8th place in Fortune Global 500’s Mining, Crude-oil production Industry: Surgutneftegas with an overall Fortune 500 rank of 392/500 and revenues:$18,413.1 millions; 9th place in Fortune Global 500’s Mining, Crude-oil production Industry: Xstrata with an overall Fortune 500 rank of 414/500 and revenues:$17,632.0 millions; 10th place in Fortune Global 500’s Mining, Crude-oil production Industry: EnCana with an overall Fortune 500 rank of 431/500 and revenues:$17,081.0 millions; 11th place in Fortune Global 500’s Mining, Crude-oil production Industry: China National Offshore Oil with an overall Fortune 500 rank of 469/500 and revenues:$16,038.9 millions.

4. Not to mention Tertzakian’s $100 a barrel peak!


Webliography and Bibliography

2007. “EnCana.” Snapshots. Fortune Global 500. September 30. http://money.cnn.com/magazines/fortune/global500/2007/snapshots/11155.html

CBC. 2007-10-05 “Energy giant rages against plan to hike Alberta royalties.” http://www.cbc.ca/canada/calgary/story/2007/10/05/royalties-protests.html

Ceaser, Mike. 2002. “As Turmoil Deepens in Venezuela, Questions Regarding NED Activities Remain Unanswered,” Americas Program, December 9.

FirstNews. 2007. FirstEnergy Capital Corp. September 28. http://firstenergy.com/research/news/News-2007-09-25.pdf

FirstNews. 2007. FirstEnergy Capital Corp. September 28. http://firstenergy.com/research/news/News-2007-09-28.pdf

Frank, Charles. 2007. “Tough Talk Just the Start to Ugly Royalty Fight.” Calgary Business. Calgary Herald. September 29. C1 & c14.

(IRI) International Republican Institute. 2007. Right Web Profile. Silver City, NM: International Relations Center, July 19.

Offnews.info. 2007. “Kazakhstan – End of an Era.” Offnews.info. Buenos Aires, Argentina. September 30. http://www.offnews.info/verArticulo.php?contenidoID=9429

Wood, James. 2007. “Politicians in no mood to alter Sask. energy royalties system.” The StarPhoenix. Saskatoon.


Creative Commons License 2.5 Flynn-Burhoe, Maureen. 2007. “Fear Industry marries Oil Industry: Albertastan? Canazuela? Who’s Afraid of Social[ism] Capital?” http://docs.google.com/Doc?id=ddp3qxmz_380dvhvz9 September 30. Creative Commons License 2.5 Flynn-Burhoe, Maureen. 2007. “Fear Industry marries Oil Industry: Albertastan? Canazuela? Who’s Afraid of Social[ism] Capital?” >> Speechless. September 30.


Patrick Watson (1980) vs CTV (2007): the case of Conrad Black: The Canadian Establishment and governance.

Throughout the trial of Conrad Black I wondered why Patrick Watson‘s articulate and well-researched CBC documentary entitled the Canadian Establishment (1980), was not viewed on CBC. Conrad Black was known for a strong and effective offensive tactics when dealing with his image management in the press and until the guilty verdict became publicized the media was discouraged from entirely objective coverage. This may change now that the jury has revealed to their decision. CTV coverage reveals a pro-Black bias describing him as stoic, proud, even …onian, in the face of this trial, almost agreeing with Conrad Black that he is somehow above the law. However, he did glare and skowl at the jury when they gave their decision. They describe how he helped every community he was a part of. They admire his rise from his university education to an emerging career with the press to the circle of the uber-wealthy. They expect him to stand up to this and continue to argue for his own innocence. He was found guilty of obstruction of justice where he removed evidence from his Toronto office and of email fraud which hold a combined possible sentence of 10 to 65 years. Charges of racketeering were dismissed. Nonetheless he stole millions of dollars from Hollinger, and continues to feel no remorse. There appears to be a strong empathetic response to the potential of his doing his real jailtime in an American jail where he is actually going to have to do work such as laundry. There is speculation and some relief that since he is so ‘astute’ in terms of money that he will have provided for himself and his family, Barbara Amiel, their son and daughter, Alanna in some ‘legal’ fashion. CTV journalists are comparing the American and Canadian legal systems in terms of fairness and approaches to access to jury information. They mused about whether American courts would be harsher on Black and his co-accused than their Canadian counterparts who would be more influenced by Black’s position of power, wealth and prestige. They seem to admire Black for his intelligence and his ability to write and do research and imagine him using his minimum security prison to study and write. Although others argue that an American minimium security prison is not an exclusive club prison like those in Canada and Black will not have access to a computer. CTV interviewees describe Black as someone very concerned with his place in history. CTV journalists look for ‘silver lining’ in his situation. They wonder how Black will survive from now to his sentence hearing by Judge … in November. He is no longer a Canadian citizen since he abandoned it to become a British Lord. This means he has no rights to go to Canadian jails which are considered to be friendlier to the uber-wealthy. Black is expected to begin quickly to appeal the jury’s findings. This will not be stalling the sentencing hearing.

What makes Watson’s (1980) revelations so compelling at this time is the way in which he reveals Black’s roots as outsider on Bay Street until he was able to take advantage of widows of Establishment members to get his toe in the door. While Black’s father had some wealth through his brewery, his family lacked the prestige and power of the Canadian Establishment. According to Watson, it was during the era of Conrad Black that the Establishment shifted towards an even more self-serving attitude of entitlement. His business ethics predates that of the mean-spirited arrogance of the financeers in the 1990s. He seems to embody that which is dysfunctional and unsustainable in a social world corrupted by extremes of wealth and poverty.

My own concern with Black was the role he played as media mogul in obstructing access to an objective press, a keystone of democracy. Like the the New Brunswick-Bahamas Irvings prior to their ethical turn, mass media moguls adopt Friedman’s motto that their sole responsibility is to make money. Black claimed that he hoped to provide more of a pro-business, economic efficiency viewpoint to counteract the perceived social justice bias of the media (Flynn-Burhoe).

Do we secretly admire white collar criminals and their brilliant lawyers? Conrad Black and three others are accused of stealing $60M from shareholders to fatten their 5- and 7-figure salaries. Prosecutor Jeffrey Cramer claimed in his opening statement that media mogul Black failed to provide the public with objective accounts of world affairs.

read more | digg story

CTV News. 2007. Conrad Black. July 13, 2007.

Flynn-Burhoe, Maureen. 2006. “Media and Objectivity: a Selected Timeline of Social Events.” >> papergirls. December 6.

Flynn-Burhoe, Maureen. 2007.

Is the Mass Media Coverage Biased in Favour of Conrad Black?”>> papergirls. May 9, 2007.

Watson, Patrick. 1980. The Canadian Establishment. CBC.

Patrick Watson.” Museum TV Archives.

Speechless

December 11, 2006


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home| about | key concepts | theorists | timelines | Opinion pieces | Web 2.0

Somewhere on the Pacific a small lifeboat shared by two unwilling and unlikely passengers rolled with the waves. Pi knew he could do more than just survive once he realized that Richard was dependent on him. Pi could fish. A Bengal Tiger, king of his own ecosystem, would die at sea without the help of the seventeen-year-old. The book really ended there; it didn’t matter after that what was truth or fiction. Pi’s understanding of power in everyday life was his new reality.

Speechless refers to both the writer and reader. At one level it’s about a writers’ block being blogged. At another level is refers to deafening silence that occurs when one speaks with too much feeling or mentions an uncomfortable idea in a nice place, a unpleasant reminder in polite company, a divergent idea in a space of group think, another perspective than the Renaissance perspective. But it also refers to robust conversations among political philosophers who understand the power of language and everyday life. Socrates, Plato, Derrida called for renewals in philosophy. They examined what we do with words, the role of memory. Speechless alludes to Derrida’s urgent appeal for a renewed democracy, for a revitalized philosophy from a cosmopolitical point of view.

The human eye can distinguish 16 values of grey but that’s not including the subtle differences in the colours of grey. We just don’t have the time to see the variations.

I began speechless on October 16, 2006. Two months later I have learned what a permalink is and how to make one. It’s the equivalent to the old web page’s index.html. Now I have to learn where to use it.

https://oceanflynn.wordpress.com/index.php/2006/12/11/speechless

The cloud of tags below has grown organically since I first began using WordPress as my main blog host on October 16, 2006. I am building my customized clouds of folksonomies by working on and learning from a number of Web 2.0 feeds. This includes a Flickr account for photo blogging which attracts alot of viewers. I have only a couple of dozen images but one image alone uploaded on October 22, 2006 was viewed 1,179 times over a period of 64 days! I reworked this image again and posted it on speechless under “Wave Algorithms.”

Featured folksonomy:

Benign colonialism is a term that refers to an alleged form of colonialism in which benefits outweighed risks for indigenous population whose lands, resources, rights and freedoms were preempted by a colonizing nation-state. The historical source for the concept of benign colonialism resides with John Stuart Mills who was chief examiner of the British East India Company dealing with British interests in India in the 1820s and 1830s. Mills most well-known essays (1844) on benign colonialism are found in Essays on some Unsettled Questions of Political Economy. Mills’ view contrasted with Burkean orientalists. Mills promoted the training of a corps of bureaucrats indigenous to India who could adopt the modern liberal perspective and values of 19th century Britain. Mills predicted this group’s eventual governance of India would be based on British values and perspectives. Those who adopt benign colonialism as a truth claim argue that education, health, housing and employment possibilities improved conditions for indigenous peoples as settlers, merchants and administrators also brought new industries, liberal markets, developed natural resources and introduced improved governance. The first wave of benign colonialism lasted from c. 1790s-1960s. The second wave included new colonial policies such as exemplified in Hong Kong (Liu 2003)), where unfettered expansion of the market created a new form of benign colonialism. Political interference and military interference (Doyle 2006) in independent nation-states, such as Iraq (Campo 2004 ), is also discussed under the rubric of benign colonialism in which a foreign power preempts national governance to protect a higher concept of freedom. The term is also used in the 21st century to refer to American, French and Chinese market activities in countries on the African continent with massive quantities of underdeveloped nonrenewable envied resources. Literature that challenges the assumptions of benign colonialism claiming colonialist project as it actually unfolded placed First Nations, Inuit and Métis at higher risks of vulnerabilities to catastrophes, to social exclusion and human rights abuses, have not been as widely publicized.

For more see Flynn-Burhoe (2007).

There is a widespread Canadian mythology that First Nations, Inuit and Métis are among those who benefited from settler colonies prempting, improving, managing and governing aboriginal lands, resources and educating, training, developing, serving, monitoring and governing its peoples. Those who adopt benign colonialism as a truth claim argue that education, health, housing and employment possibilities improved conditions for the indigenous peoples since the arrival of settlers. Literature that challenges the assumptions of benign colonialism claiming colonialist project as it actually unfolded placed First Nations, Inuit and Métis at higher risks of vulnerabilities to catastrophes, to social exclusion and human rights abuses, have not been as widely publicized. The Royal Commission on Aboriginal Peoples (RCAP) addressed these claims but the term benign colonialism is still a convenient truth for many. Celebratory and one-sided social histories of the Hudson’s Bay Company, the RCMP, and various government leaders such as John A. MacDonald or civil servants such as Indian Agents, northern adventurers, when viewed through the lens of settlers while ignoring the perspective of First Nations, Inuit and Métis contribute to on-going dissemination of distorted histories. Museums, maps and census contribute to these distorted histories by grave omissions.

Related citations:

“Today, Mill’s most controversial case would be benign colonialism. His principles of nonintervention only hold among “civilized” nations. “Uncivilized” peoples, among whom Mill dumps most of Africa, Asia, and Latin America, are not fit for the principle of nonintervention. Like Oude (in India), they suffer four debilitating infirmities – despotism, anarchy, amoral presentism and familism — that make them incapable of self-determination. The people are imposed upon by a “despot… so oppressive and extortionate as to devastate the country.” Despotism long endured has produced “such a state of nerveless imbecility that everyone subject to their will, who had not the means of defending himself by his own armed followers, was the prey of anybody who had a band of ruffians in his pay.” The people as a result deteriorate into amoral relations in which the present overwhelms the future and no contracts can be relied upon. Moral duties extend no further than the family; national or civic identity is altogether absent. In these circumstances, Mill claims, benign colonialism is best for the population . Normal relations cannot be maintained in such an anarchic and lawless environment. It is important to note that Mill advocates neither exploitation nor racialist domination. He applies the same reasoning to once primitive northern Europeans who benefited from the imperial rule imposed by civilized Romans. The duties of paternal care, moreover, are real, precluding oppression and exploitation and requiring care and education designed to one day fit the colonized people for independent national existence. Nonetheless, the argument also rests on (wildly distorted) readings of the history and culture of Africa and Asia and Latin America. Anarchy and despotic oppression did afflict many of the peoples in these regions, but ancient cultures embodying deep senses of social obligation made nonsense of presentism and familism. Shorn of its cultural “Orientalism,” Mill’s argument for trusteeship addresses one serious gap in our strategies of humanitarian assistance: the devastations that cannot be readily redressed by a quick intervention designed to liberate an oppressed people from the clutches of foreign oppression or a domestic despot. But how does one prevent benign trusteeship from becoming malign imperialism, particularly when one recalls the flowery words and humanitarian intentions that accompanied the conquerors of Africa? How far is it from the Anti-Slavery Campaign and the Aborigine Rights Protection Society to King Leopold’s Congo and Joseph Conrad’s “Heart of Darkness”?

Here Doyle is referring to John S. Mill cited in “A Few Words on Nonintervention.” . 1973. In Essays on Politics and Culture, edited by Gertrude Himmelfarb, 368-84. Gloucester, Peter Smith.

See also WordPress featured blogs Benign colonialism.

Related tags: Tom Kent Royal Commission on Newspapers, Hackett and Zhao, economic efficiency, Power and everyday life, ethical topography of self and the Other, teaching learning and research, wealth disparities will intensify, C.D. Howe, Cannibals with Forks.Selected annotated webliography

Campo, Juan E.  2004. “Benign Colonialism? The Iraq War: Hidden Agendas and Babylonian Intrigue.” Interventionism. 26:1. Spring.

Doyle, Michael W.  2006. “Sovereignty and Humanitarian Military Intervention.” Hoover Institute.

Falk, Richard. Human Rights Horizons: the Pursuit of Justice in a Globalizing World. New York & London: Routledge.

Flynn-Burhoe, Maureen. 2007. Benign colonialism. >> Speechless. Uploaded January 14th, 2007

Liu, Henry C. K. “China: a Case of Self-Delusion: Part 1: From colonialism to confusionLiu 2003.” Asia Times. May 14, 2003.

Kurtz,Stanley. 2003.”Lessons from the British in India.” Democratic Imperialism: A Blueprint. Policy Review.Mill, John Stuart. 1844. Essays on some Unsettled Questions of Political Economy.
Of these Essays, which were written in 1829 and 1830,

Current debates on colonization and human rights (Falk 2000) raise questions about the notion of benign colonialism. The dominant language, culture and values of colonizers imposed on colonised peoples is often narrated as salutary. Dominant social and cultural institutions contributed to faciliating the entry of indigenous peoples trapped in unsustainable subsistence economies. Previously colonised peoples claim that the colonization process resulted in a parallel process of the colonization of the minds of indigenous peoples. The process of decolonization of memory (Ricoeur 1980), history and the spirit is crucial for the social inclusion (OECD) of indigenous peoples and nations within nations, such as Canada.

 


Circumtomato

Economist Milton Friedman, propagated 18th century values in the Post-WWII global economy. Like Adam Smith he preached the gospel of minimal government, laissez-faire. The triad, Hayek’s The Road to Serfdom (1944), Ayn Rand’s Atlas Shrugged (1957), and Milton Friedman’s Capitalism and Freedom (1962) pit economic efficiency against social justice.

“It is standard doctrine, at least among American economists and in much of the business community, that firms should maximize the stock market value (Joseph E. Stiglitz, 2007. “What is the Role of the State?” in Escaping the Resource Curse. supra note 154, at 3, 28-29).” Under U.S. corporate law, for example, a corporation’s board of directors must make decisions that reflect the profit motivations of shareholders or risk liability for a breach of fiduciary duty.” (The Yale Journal of International Law. Vol.36:167:184).


A Circumtomato Globe: Devouring the Earth, Extremes of Wealth and Poverty

I compiled this digitized collage, inspired by Deborah Barndt’s Tangled Routes: Women, Work and Globalization on the Tomato Trail on November 16, 2006. I used a Google earth generated globe to situate as a kind of circumtomato globe. I developed the concept of John Elkington’s Cannibals with Forks for the image of a world being devoured by those who choose to make decisions based on only one bottom line.


In its Oxford style debate 2.0 on sustainability and corporate responsibility, The Economist set forth the proposition for debate, “Without outside pressure, corporations will not take meaningful action on sustainability.” The final vote count was: Pro 73% / Con 27%.


Henry C K Liu, chairman of the New York-based Liu Investment Group wrote this in his article (2003) about Hong Kong’s benign colonialism that seduced Milton Friedman.

Love is blind and infatuation disguises faults as virtues. As Rudyard Kipling fell in love with the pageantry of colonialism and saw racial exploitation as the “White Man’s Burden”, Milton Friedman, Nobel economist, fell in love with colonial Hong Kong, seduced by the wine-and-dine hospitality of its colonial masters and elite compradores. Friedman mistook Hong Kong’s colonial economic system as a free market, despite Hong Kong’s highly orchestrated colonial command economy.

The violence of extremes of wealth and poverty is the moral dilemma of the 21st century, not the acquisition of wealth by individuals, corporations and nation-states. The use of that wealth to convince civil society through mass media of a fair redistribution of wealth is unconscionable. In his book entitled The End of Poverty: Economic Possibilities for Our Times, Harvard Economist, Jeffrey D. Sachs (2005) reveals the gaping chasm between the real and the perceptions of the real in terms of the ways in which the world’s wealthiest share their wealth with the world’s most vulnerable, at-risk populations. Based on OECD statistics and his own research Sachs claims that the extremes of poverty could be overcome in 25 years if wealthy nations devoted just 0.7% of their GNP (instead of the 0.33% currently provided) official development assistance (ODA) in developing countries. The Organization for Economic Cooperation and Development (OECD) reported that Canada’s official development assistance (ODA) was 0.28% of gross national income (GNI) up from an all time low of 0.22% in 2001. In 2005 the world’s most powerful, wealth nation, the United States devoted just 0.22% of its GNP to foreign aid.

Public perceptions reflect support for higher levels of aid. When asked what percentage of the federal budget they think goes to foreign aid, Americans’ median estimate is 25% of the budget, more than 25 times the actual level. Only 2% of Americans give a correct estimate of 1% of the budget or less. When asked how much of the budget should go to foreign aid, the median response is 10%. Only 13% of Americans believe that the percentage should be 1% or less. Over 60% of Americans believe that contributing 0.7% of national income to meet the Millennium Development Goals is the right thing to do (Sachs 2005).

In an article published in The Economist in 2005 entitled “The Biggest Contract” (in reference to Jean-Jacques Rousseau’s concept of social contract), Ian Davis challenged Anglo-Saxon corporate management to revisit, redefine, re-articulate and reinforce with greater subtlety their relationship with society as an implicit social contract that acknowledges obligations, opportunities and mutual advantage for both sides.” Corporate management needs to recast this debate and recapture the intellectual and moral high ground from their critics.” Davis argued that like the political leaders in Rousseau’s 18th century, corporate management in the 21st century will lose legitimacy if they refuse to serve the public good. Davis rejects the nonproductive binary oppositional environment of public debate on economic efficiency vs social justice. The strongly held belief in Anglo-Saxon economies [1] that the “business of business is business” (to create shareholder value) is as outworn, ideology-based and caricature-driven as is the extreme version of Corporate Social Responsibility” (CSR).

Davis argued that an informed, educated and engaged [2] CEOs and upper-level management should map-out long term options and responses to relevant, evolving, overarching, broad, carefully researched social pressures and issues as an implicit and integral (not merely peripheral) part of corporate strategy rather than depending exclusively on lower-level public-relations tacticians operating with a knee-jerk, defensive, narrow, reactionary, rebuttal stance to individual, local and immediate (at times, ill-defined) laws, (political, ideological, etc) tensions and (environmental, sustainability, NGO) concerns. “Large companies need to build social issues into strategy in a way which reflects their actual business importance.” The CEOs should blend and harmonize their supporting efforts, such as trade regimes, with sophisticated, sensitive and successful approaches to risk management, social and economic development issues, access to social services particularly for the most vulnerable populations and resolutions of regional geopolitical conflicts. See The Economist premium content.

“Since 2006 investors have flocked to sign the United Nations Principles for Responsible Investment (UNPRI) but now find themselves in the firing line for ‘greenwashing’, as many fail to fulfill their promise to fully integrate and report progress on environmental, social and governance factors. Most Australia-based UNPRI signatory super funds contacted by Ethical Investor admit there is still much work to be done to fully integrate Environmental, Social Governance (ESG) into its investment analysis and decision-making (Wagg and Taylor 2009-05-31).”

Notes

1. The Anglo-Saxon shareholder-value model has increasingly taken on global significance.

2. Davis argued that executive managers must introduce explicit processes which include the development of resources such as broad metrics, summaries and analysis of relevant social issues in order to systematically “educate and engage their boards of directors.

For more on this topic see also papergirls.wordpress.com

Selected Bibliography

Wagg, Oliver; Taylor, Nicholas. 2009-05-31. “UNPRI: Greenwash or Green Fix? Ethical Investor.

Barndt, Deborah (2001) Tangled Routes: Women, Work and Globalization on the Tomato Trail, Aurora, ON, Garamond Press.

Davis, Ian. 2005. “The biggest contract: By building social issues into strategy, big business can recast the debate about its role, argues Ian Davis.” The Economist. May 28.

Elkington, John (1997) Cannibals with Forks: The Triple Bottom Line of 21st Century Business, New Society Publishers, Limited.

Elkington, John (2003) Chrysalis Economy: How Citizen CEOs and Corporations Can Fuse Values and Value Creation, Wiley, John and Sons, Incorporated.

Friedman, Milton. 1970. “The Social Responsibility of Business is to Increase its Profits”, The New York Times Magazine, September 13, 1970. Copyright @ 1970 by The New York Times Company.

Liu, Henry C. K., 2003, “China: a Case of Self-Delusion, from colonialism to confusion,” Asia Times, May 14, 2003.

Sachs, Jeffrey D. 2005. “Facts on International Aid.” The End of Poverty: Economic Possibilities for Our Times.

Sachs, Jeffrey D. “The Strategic Significance of Global Inequality.”

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