| |
[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]
Re: HOMESTEAD: Last chance to correct Homestead Chapter of Ownership for All - Fri.9/7/01 is deadline for changes to manuscript
Dear Shann: See interspersed comments. I was under strict orders not to
make the article any longer.
Deb
At 09:54 PM 9/8/01 +1000, you wrote:
Dear Deb
There seems insufficient time to make major editorial changes to the
report by you and Alan Zundel. If there were time, then I would
recommend that the length be reduced and signposts put in the text to
explain the contribution of each section, outline its contents and
explain its relevancy and importance. The positive ideas get lost
with excessive detailed descriptions which are not required to explain
the pro and cons of the ideas.
There are five places where I can suggests changes that concern my own
contributions and three places that I suggest clarification and/or
qualification of details:
1. You list the eight "Issues to Consider in Promoting OTC
Reforms on pages 11-14. Ideally I would like to see my response to
each of these eight issues added to the text or the eight issues removed
with a reference to the COG web page that lists both the eight
issues AND my responses.
http://cog.kent.edu/CogStrategyConf6-8May2001/StrategyPapers.htm A
second best approach would be to just add a citation to the web page that
lists my responses.
http://cog.kent.edu/CogStrategyConf6-8May2001/TurnbullResponseToDavidBinns.htm
I added a sentence mentioning your responseseand a footnote
citation.
2. Before the section on the Capital Homestead
Act on page 14 -17 could you add a new short Section with the heading
along the lines as follows:
There was no room to add all of this but I did add a sentence and a short
footnote citing your paper.
The Use of Central Banks to Spread
Ownership
At the COG Strategy meeting in May 2001, Shann Turnbull was invited
to present a paper on "The Use of Central Banks to Spread
Ownership", refer to
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=277508
This paper introduced an original framework of economic analysis
used but not explained in his 1975 book Democratising the Wealth of
Nations whose full text can be downloaded from the COG library at
http://cog.kent.edu/lib/TurnbullBook/TurnbullBook.htm
The framework is explained in a TOES book, Building Sustainable
Communities: Tools and Concepts for Self-Reliant Economic Change, C.
George Bennello, Robert Swann, Shann Turnbull, Edited by Ward Morehouse,
Bootstrap Press of the Intermediate Technology Development Group of North
America Inc. New York, New York, 1989, Revised second edition 1997 and
also in his 1992 paper 'New Strategies for Structuring Society From a
Cashflow Paradigm', posted in the COG library at
http://cog.kent.edu/lib/turnbull1/turnbull1.html.
The article prepared for the COG meeting was also presented to the
President of the World Bank to describe how client countries could
establish self-financing economic development on a democratic basis
consistent with the mission of COG and that of the World Bank to
"eliminate poverty". The article also explained the basis
for terminating the need for the World Bank and other international
lending institutions when foreign exchange was not required in a
development project. In consultation with David Ellerman, Economic
Advisor to the Chief Economist of the World Bank and Ann Pettifor, Chief
Executive of the Jubilee 2000 debt cancellation campaign and now CEO of
Jubilee plus, Turnbull developed a plan for the World Bank to sell its
loans to a self-financing Economic Development Facility established in
client countries funded by their Central Bank.
The President of the Bank, a former Australian colleague of Turnbull,
gave Ellerman permission to develop this proposal but added his own idea
that loans from the World Bank to the private sector in client countries
also be included in the buy back proposal. Both public and private
sector buy backs are included in an explanation of this proposal in
Turnbull's article "Liquidating the World Bank: with debtor
countries buying back their loans and introducing self-financing
development" as listed on the Jubilee plus web page at
http://www.jubileeplus.org/opinion/shann_Liquidwb.htm
A Op Ed summary published in The Australian Financial
Review on August 7, p.55, 2001 is posted at
http://cog.kent.edu/archives/ownership/msg02062.html
The core idea was inspired by the writings of Louis Kelso who also
inspired followers in the USA to develop a "Capital Homestead
Act" that represents a variation of these proposals as outlined in
the next section.
3. I cannot quickly locate the citation required in regards to my
comments on the Tobin Tax on page 19. I applied my web browser
"find" facility to locate "Tobin" in any thread of
either the Homestead and Ownership archives without
success.
Steve provided the Tobin cites.
4. A compound board as mentioned on page 21
exists when ever a company is governed by more than one board established
by the corporate constitution and/or when one company board controls
another company that is not a wholly owned subsidiary. Corporate
by-laws that establish a "watchdog" board and/or
"stakeholder councils" create a compound
board.
I saw no reference to this on page 21. I think I got across the gist of
this idea correctly in the section on Stakeholders Councils which begins
on P.25. Please let me know if this is incorrect..
5. On page 6 in the paragraph beginning
"In the US and UK,....." you refer to myself and state
that "He argued for legislation to allow workers to hold their
shares in their own right" You could add a reference here to
my article "Reforming capitalism with worker owners’ Eosubnational
discussion group, July 30th under thread ‘Do trusts make workers second
class owners' http://cog.kent.edu/archives/eosubnat/msg00196.html
I added this citation.
Changes could be made to clarify and/or
qualify three other points:
1. On page 16 in referring to David Ellerman's comments it is stated
"This is because the company owned by these shareholders is obliged
to issue shares to the ESOP in addition to repaying the loan that allowed
the ESOP to purchase these shares".
Like Allen I disagree with the Ellerman analysis for the reasons set out
in "The use of central banks to spread ownership". However, the
word "obliged" in the above sentence is not necessary correct
so the word "may" should be used. New shares are not
issued when the ESOP buys shares held by other shareholders as is often
the case and invariable when the ESOP is acting as a market
maker.
I made this correction.
2. On the top of page 17 a dot point states
that "Directing credit to SOPs means constricting credit elsewhere,
which is likely to meet political resistance". In my quotation
of Alan Greenspan that heads up my article on "The use of central
Banks to spread ownership" it is clear that central banks and their
government can create as much credit as they desire so there is no need
for "constricting credit".
I added this point.
3. It would be nice if you could provide a
reference to my concern when ownership being distributed indirectly
through trusts, pension plans, or "development funds" etc. as
noted in my article listed in point 5. above in your "Fair Exchange
Model" which refers to "development funds" on the top of
page 3, etc, etc. with a citation to my article on this topic listed in
point 5.
Regards
Shann
At 02:08 PM 7/9/2001, Deborah Groban Olson wrote:
Dear Homesteaders, especially Shann, Norm,
Karen and others quoted in the Homestead chapter: Attached is the version
of the Homestead most likely to be published in the Cornell Univ. version
of Ownership for All. I must have these final revisions to Jackie
by the end of the day on Fri.9/7/01. Please look at any sections in which
you or your ideas are represented and tell me what, if any, changes are
needed. We are on a very tight timeline with the publisher. Actually we
are beyond their 9/1/00 deadline. Our final manuscript will go to the
publishers Monday. Jackie and John are assembling it all this weekend.
So, please get me your comments immediately.
Best regards,
Deb
Shann Turnbull Ph.D.
P.O. Box 266 Woollahra, Sydney, Australia, 1350
Ph: +612 9328 7466 office; +612 9327 8487 home; Fax: +612 9327 1497;
Life long E-mail: sturnbull@mba1963.hbs.edu
Alternate:sturnbull@optusnet.com.au
http://members.optusnet.com.au/~sturnbull/index.html
Papers at:
http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=26239
with other papers & book at
http://cog.kent.edu/library.html
|