Why Countries Shouldn't Sell Their Natural Resources To Foreigners

Gorga, Carmine (2017): Why Countries Shouldn't Sell Their Natural Resources To Foreigners. Published in: TalkMarkets , Vol. NA, No. Internet newsletter (21 April 2017): NA.

Abstract

Years ago, I recommended that my City, my Polis, Gloucester, MA, never sell its natural resources to any outsider. Last year, with the passing of Fidel Castro, I saw a possibility for Cuba to become finally free. Naturally, I urged Cubans not to repeat the errors made by Russia and China at the collapse of communism; I urged Cubans not to sell their natural resources to the oligarchs, whether local or foreign. This time around, I also urged Cubans not to repeat the political errors of the past, namely trying to correct horrors of the left with horrors of the right; this time around I urged Cubans and anyone else who might want to hear to achieve a revolution from the center of the political system. With the forthcoming elections in Kenya, in the hope of averting the bloodshed that followed the 2007 elections there, I recently felt impelled to enlarge my focus to appeal to every nation in Africa, and the rest of the world for that matter, not to sell their natural resources to foreigners. The financial resources to achieve this goal are the same the world over: One must organize local financial resources, through: 1. Any such instrument as a Local Interdependence Fund; and 2. A reform of central bank operations to issue a) loans only to create real wealth; b) loans at cost; c) loans to benefit as many people as possible, hence loans to individual entrepreneurs, cooperatives, corporations with ESOPs and/or CSOPs, and to public agencies with taxing power to fund public works projects.

• Item Type: MPRA Paper
• Language: English
• Keywords: D24, E52, E58, F31, F33, G21, G28, G34, K11, K21, N50, O44
• Subjects: D - Microeconomics > D2 - Production and Organizations > D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies; F - International Economics > F3 - International Finance > F31 - Foreign Exchange; F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G28 - Government Policy and Regulation; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance; K - Law and Economics > K1 - Basic Areas of Law > K11 - Property Law; K - Law and Economics > K2 - Regulation and Business Law > K21 - Antitrust Law; N - Economic History > N5 - Agriculture, Natural Resources, Environment, and Extractive Industries > N50 - General, International, or Comparative; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O44 - Environment and Growth

References

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Gorga, C. 2016a. “Own Cuba - Don't Sell Her.” Econintersect, December 11.

Gorga, C. 2016b. “A Revolution From The Center.” Econintersect, November 14.

Gorga, C. 2016c. “Two Proposals in the Form of Two Petitions Designed to Stabilize the Monetary System.” The Somist Institute.

Gorga, C, 2017a. “Concordian Economics: An Overall View.” Econintersect, January 2.

Gorga, C. 2017b. “Return to Economic Justice - From Entitlements to Rights.” Catholic Social Science Review, forthcoming.

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