jerryking + nationalizations   8

Did Burnham err in nationalising sugar and rice? –
Sep 07, 2019 |Kaieteur News | by Peeping Tom.

Did Forbes Burnham err when he nationalised the commanding heights of the economy and removed foreign involvement from the local financial sector?.....If Forbes Burnham erred, it means that the socialist experiment pursued by the PNC was ill-conceived. The fundamental basis of the socialist experiment was both national ownership and control of the main pillars of the Guyanese economy, namely sugar and bauxite. If it was an error to nationalise, then the socialist experiment was a colossal mistake........In making a decision as to whether Guyana should have nationalised the commanding heights of the economy, Forbes Burnham must have considered the ability of locals to manage the industries. Did Guyana at the time have the capacity to manage the industries? Was it a blunder by Forbes Burnham to have concluded that we did when we did not? Forbes Burnham was never in doubt as to the ability of Guyanese. ......Ownership of the commanding sectors of the economy had to be complemented by the Guyanese managing these enterprises. Burnham believed this and died believing this.
He cannot ever be described as a visionary if he was wrong on this score, because this was the main plank of his economic policies and his political beliefs.......If today, however, the PNCR wishes to concede that Burnham erred when he nationalised the commanding heights of the economy, it should then ask itself whether in a globalised world, where the managerial demands are greater, Guyanese can effectively manage their own affairs, more so considering oil and gas will be a major contributor to economic growth over the next 40 years.
It is posited that if Burnham erred by overestimating the local capacity to manage the bauxite and sugar industries, then is it safe to say that Guyanese will be unable to cope with an oil economy.
economic_development  economic_stagnation  Guyana  Guyanese  history  ineptitude  LFSB  nationalizations  oil_industry  PNC 
6 weeks ago by jerryking
Argentina's Oil Grab Draws Fire - WSJ.com
April 17, 2012 | WSJ | By ILAN BRAT in Madrid and MATT MOFFETT in Buenos Aires.
Spain Threatens Measures After Buenos Aires Proposes Nationalizing Repsol Unit; Minister Scoffs at Compensation Demand
Argentina  Spain  nationalizations  YPF  Repsol 
may 2012 by jerryking
Kirchner's Gambit Underlines Nationalist Tilt - WSJ.com
April 17, 2012 | WSJ | By MATT MOFFETT.
Kirchner's Gambit Underlines Nationalist Tilt During Precarious Times
Argentina  nationalizations  YPF  Repsol  nationalism 
may 2012 by jerryking
South Africa Pauses on Mines - WSJ.com
FEBRUARY 6, 2012 | WSJ | By DEVON MAYLIE

South Africa Pauses on Mines
Ruling Party Backs Away From Nationalization Issue in Bid to Reassure Investors
mining  nationalizations  South_Africa  ANC  Julius_Malema  FDI 
february 2012 by jerryking
Roger Bate: Zimbabwe's Road to Ruin - WSJ.com
SEPTEMBER 21, 2010 | Wall Street Journal | by ROGER BATE.
Nationalizing foreign-owned businesses could doom what's left of this
economy. Zimbabwe is back in the news, and again for all the wrong
reasons. Last week Indigenization Minister Saviour Kasukuwere announced
that any firm worth more than $500,000 will be required to sell a
controlling 51% stake to black Zimbabweans. This effectively means that
all of Zimbabwe's foreign-owned industries are to be nationalized.
nationalizations  Zimbabwe  Robert_Mugabe  despots  tyrants 
september 2010 by jerryking
Nouriel Roubini Says Nationalizing the Banks Is the Market-Friendly Solution - WSJ.com
FEBRUARY 21, 2009 | Wall Street Journal | Interview of Nouriel
Roubini by TUNKU VARADARAJAN. Roubini believes that "The problem is that
in the bubble years, everyone becomes a cheerleader, including the
media. This is when journalists should be asking tough questions...
there was a failure there. More financial and business journalists, in
the good years, should have asked, 'Wait a moment, if this man, or this
firm, is making a 100% return a year, how do they do it? Is it because
they're smarter than everybody else . . . or because they're taking so
much risk they'll be bankrupt two years down the line?' In the bubble
years, no one asked the hard questions. A good journalist has to be one
who, in good times, challenges the conventional wisdom. If you don't do
that, you fail in one of your duties."
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a healthy dose of reality and skepticism is always a good idea.
economics  crisis  ECONOMY  finance  skepticism  nourielroubini  banking  recessions  bailouts  journalists  journalism  nationalizations  hard_questions  financial_journalism  5_W’s  questions 
february 2009 by jerryking

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