Hello Hoang,



I did read the article. I can see you read the article as well. The all important question is, "Did you understand it, Hoang?"



Mr. Stiglitz thinks it best that governments take the flows created by resource riches and use them to enrich the land. That it is the cupiditous firms moving in to plunder the land that primarily impoverish its peoples.



But everyone knows that corporations already perform a valued service in employing and greatly compensating large numbers of people in locating, drilling, extracting and further developing the sought after resources.



That is how it works in any nation.



Since when is it a government or national resource when such did nothing to find and procure it? The companies, if they should elicit success after risking immense sums of money in inhospitable regions among hostile peoples, and their employees will doubtless pay large sums in taxes and fees which the government can use to build and supply the needed goods and services.



There are many nations rich in resources. Some of them well led, others not. Why do some nations fare better in channeling resource riches to their people than others?



Well, I would think it has something more to do with the rule of law, don't you? Does the proper antidote for a lawless or corrupt government come down to transparency, better pay for the locals, or mitigation of political dysfunction? This is Stiglitz' prescription, and what a woefully comedic one it is.



The source of the ills of any nation generally stem from the covetous and controlling nature of a favoured few occupying positions of power protected by able mercenaries. And Stiglitz thinks that placing even greater sums in the hands of such people, newly chastened by his potent antidotes, will build the road to prosperity for that nation.



There is no such thing as an uncorrupt government. There is no such thing as a truly democratic government. And there is generally no such thing as a wise government, whatever that may mean. There are checks and balances. In some nations, they are better than others. In Africa, there are little or none.



In short, don't blame corporations for the delinquencies, failings, and iniquities of government. But this is the kind of crap we receive from those celebrated Nobel Laureates.



Gary Marshall