free market trivia time
Which of these is really true?
1. A WTO Representative gave a lecture recently at the Wharton Business School in the US, arguing that ’stewardship’, or corporate ownership of people, was the only way to bring Africa back from the brink:
The initiative will require Western companies doing business in some parts of Africa to own their workers outright. Schmidt recounted how private stewardship has been successfully applied to transport, power, water, traditional knowledge, and even the human genome. The WTO’s “full private stewardry” program will extend these successes to (re)privatize humans themselves.
“Full, untrammelled stewardry is the best available solution to African poverty, and the inevitable result of free-market theory,” Schmidt told more than 150 attendees. Schmidt acknowledged that the stewardry program was similar in many ways to slavery, but explained that just as “compassionate conservatism” has polished the rough edges on labor relations in industrialized countries, full stewardry, or “compassionate slavery,” could be a similar boon to developing ones.
The audience included Prof. Charles Soludo (Governor of the Central Bank of Nigeria), Dr. Laurie Ann Agama (Director for African Affairs at the Office of the US Trade Representative), and other notables. Agama prefaced her remarks by thanking Schmidt for his macroscopic perspective, saying that the USTR view adds details to the WTO’s general approach.
2. A UK thinktank has proposed that corporate and individual ownership of whales is the only way they will ever be saved:
Preserving endangered species is not rocket science. We should not rely on people’s benevolence to ensure their survival. If we allowed people, businesses, communities, and environmental groups to own whales, then Greenpeace could buy up all the whales to protect them, and businesses could sell whale-watching or sell hunting rights or whale meat.
New technologies would assist in protecting the whales – a small, harmless antenna could be implanted in whales to track their movements by satellite. The whales might even be valuable enough to merit a boat which travels with them to protect them. The IWC could assign property rights to whales and auctioning them to the highest bidders. If poachers violated those rights, they would be subject to the same legal procedures and punishments as for other forms of theft, and the owner would be awarded compensation.
Regardless of whether the whales were kept alive or eaten, ownership would ensure that whales never go extinct. This is because markets harness the self-interest of individuals. Whale markets would be no different - they would be driven by prices and would be subject to the same incentives that drive creativity and innovation through our economy.
Guess which one is real and which is false! (Without looking.) Answers under the fold.

