When primordial capitalism was invented by humans in the thirteen century it was intended to bring the world out of substance survival into a world of mutual cooperation, but then “greed” took on the role of artifact in the seventeenth century and became the guiding force behind its innocent beginning.. I fear that its final stage will only end when one single entity controls all, Ayn Rand’s privatization, because it is a thing that has no emotion, feelings, a thing of “Moral Hazard” (not acting in good faith, or that one party has perverse incentives to act in a manner detrimental to the counter party). The fallowing is a statement that fits the meaning of a moral hazard. David Naguib Pellow book “RESISTING GLOBAL-TOXICS TRANSNATIONAL MOVEMENTS FOR ENVIORMENTAL JUSTICE” On page nine he quotes from a memo by Lawrence Summers in1991 the chief economist and vice president of the World Bank. “Shouldn’t the World Bank be encouraging more migration of the dirty industries to the LDC-lesser developed countries? I can think of three reasons: 1. A given amount of health impairing pollution should be done in the country with the lowest cost, which will be the country with the lowest wages. I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that. 2. I’ve always thought that under-populated countries in Africa are vastly under-polluted, their air quality vastly inefficiently low compared to Los Angeles or Mexico City. 3. The concern over an agent pollutant that causes a one in a million change in the odds of prostate cancers is obviously going to be much higher in a country where people actually survive to get prostate cancer than in a country with higher morality rates.”
Posted on: Wed, 25 Jun 2014 19:11:23 +0000
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