If We CALL the Rotten Egg a Rose, Maybe It Will Smell Sweet
6 May 2006
The Editor, New York Times
229 West 43rd St.
New York, NY 10036
To the Editor:
William Powers argues that nationalization of the Bolivian oil and gas industry might well have good results ("All Smoke, No Fire in Bolivia," May 6). Powers' optimism centers on the government's claim that this is "nationalization without confiscation" - the government confiscated only 51 percent of the private companies - and Evo Morales's promise not to expel foreign companies.
Suppose Uncle Sam expropriated 51 percent of the assets of the New York Times and other news organizations, promising not to expel former owners from the newsrooms. Would news still be reported independently? Would entrepreneurs launch upstart newspapers? Would truth thrive? No. Powers' enchantment with the cosmetic modesty of this particular instance of nationalization is outrageous.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
The Editor, New York Times
229 West 43rd St.
New York, NY 10036
To the Editor:
William Powers argues that nationalization of the Bolivian oil and gas industry might well have good results ("All Smoke, No Fire in Bolivia," May 6). Powers' optimism centers on the government's claim that this is "nationalization without confiscation" - the government confiscated only 51 percent of the private companies - and Evo Morales's promise not to expel foreign companies.
Suppose Uncle Sam expropriated 51 percent of the assets of the New York Times and other news organizations, promising not to expel former owners from the newsrooms. Would news still be reported independently? Would entrepreneurs launch upstart newspapers? Would truth thrive? No. Powers' enchantment with the cosmetic modesty of this particular instance of nationalization is outrageous.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Thursday February 22, 2007 at 6:36pm