With oil revenues soaring, the time has come for Norway to consider how best to apply them to strengthen its economic infrastructure and policy framework to promote the nation’s longer-term development. As matters now stand, the oil wealth is causing problems by making the krone a petrocurrency pricing Norwegian labor and industry out of world ...
Oil in Norway’s Balance of Payments and the prospective impact of privatization on the krone
Speech to the Norwegian Shipowners' Association, August 17, 2000 by Dr. Michael Hudson, ISLET © The debate over whether to privatize Norway’s oil, telephone system and other national assets has focused on considerations of whether private management would be more efficient than government management. The discussion to date has turned more on political ideology than on calculations ...
Tainted Transactions: An Exchange
From The National Interest No. 60 http://www.nationalinterest.org http://www.ciaonet.org/olj/ni/ni_00saj01.html A letter exchange in response to Janine Wedel's “Tainted Transactions: Harvard, Russia and the Chubais Clan” (Spring 2000). Participants: Jeffrey Sachs, Anders Aslund, Marek Dabrowski, Peter Reddaway, Igor Aristov, Wayne Merry, Michael Hudson, David Ellerman, Steven Rosefielde and Janine Wedel. Jeffrey D. Sachs, director of the Center for International Development, Harvard ...
How Interest Rates Were Set, 2500 BC – 1000 AD
Originally published in Journal of the Economic and Social History of the Orient 43 (Spring 2000):132-161 Máš, tokos and fænus as metaphors for interest accruals* * An earlier draft of this paper has benefited from comments by William Hallo, the late W. F. Leemans, Johannes Renger, Piotr Steinkeller, Cornelia Wunsch and Norman Yoffee. For the points on ...
Speech to the Communist Party of Cuba
Personal Introduction Here is a copy of my Havana speech last week. I suspect that some of my statements may raise ideological hackles among you. But the fact is that it was enormously successful, and established credibility to be invited back to advise the Cuban government. I believe that the important thing is the analysis, not ...
