"The Nobel Memorial Prize in Economic Science was awarded on
Monday to two Americans for their work in economic
governance.
"Economic governance! How appropriate. The public has never been more aware than today, that we are governed and pillaged by the private financial industry.
"The award was split between Elinor Ostrom of Indiana University "for her analysis of economic governance, especially the commons" and Oliver E. Williamson of the University of California, Berkeley "for his analysis of
economic governance, especially the boundaries of the firm."
And it is well that we speak of the commons, now, during this faltering of mindless capital growth and the weakening of its undisciplined expansion of goalless and directionless commodity production for private profit. After all, it was the ˜enclosure of the commons' that brought the initial man-made mass immiseration to enable what we call The Industrial Revolution.
The findings of these winners of the Nobel Prize in Economics as described by the awarding committee could be interpreted as supportive of Che Guevara's economic theory and practice developed in on-the-job learning managing Cuba's socialist revolution.
Che Guevara would have noticed this immediately. For Prof. Ostrom's studies on the well functioning and overall benefits of the commons underscore Che's firm belief in, and commitment to, the common ownership of the earth and its treasures.
And Che might have made use of Williamson's work explaining a heightened functionality of the large corporation coordinating the smaller enterprises within its boundary to bolster his arguments reinforcing the validity of Cuba denying independent budget and production for Cuba's particular industries in order for all to better serve the needs and goals of the Cuban people under challenging circumstances through a flexible coordination managed by the economic policy body representative of the Cuban nation as a whole.
Stockholm 10/12/09 Agence France-Press, "The Nobel Economics Prize went Monday to US economists Oliver Williamson and Elinor Ostrom, ... for research on ethical corporate governance and natural resource management.
The word "ethical stands out, for we have often been lectured that "good guys don't win ball games by apologists for capitalist economics, by way of insisting the dire straights of the wage laborer be a necessary evil - that there is no room for morality in efficient capital accumulation.
The study of "corporate governance brings perhaps an inadvertent but implicit recognition that corporations do rule the world. "Corporate governance also brings to mind that unity of corporation and state, which was hailed as fascism in the Italy of Mussolini so early on beloved by American captains of industry and finance.
The jury explains a second reason for the award as being for bringing understandings of "natural resources management. It leaves unmentioned ˜for whom,' and ˜by what right,' but we assume the study is of how corporations manage natural resources for the benefit of corporate profit margins, though there will most surely be some euphemism about resources being managed for our benefit and climate change prevention as well.
˜In its announcement, the committee said Ms. Ostrom "has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins,
Her work challenged the "conventional wisdom that common property is poorly managed, the jury said.
Well! Presidents Chavez, Castro, Morales and Correa will certainly get a rise out of the above being referred to as "conventional wisdom instead of capitalist encouraged entrepreneurship and healthy greed.
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