In 1967 Kelso and Hetter wrote "Two-Factor Theory: The Economics of
Reality" (Random House hardback and Vintage paper back). " Two-factor theory"
and "binary economics" (a term he had been using when I met him in 1965)
are synonymous. All Kelso's major ideas, including his idea for using
central bank credit for financing growth linked to broad-based capital
ownership, were well-developed before I met him.
Deb
Before I received your message below I had drafted up a detailed account
of my relationship with Wolfensohn, Ellerman and Pettifor that I will send
after this message. It explains that you do not need to rely at all
on any information from Ellerman as Wolfensohn spoke for himself!
I will share this message with Ann and with Ed Mayo, the CEO of the
organisation where she is now based, The New Economics Foundation.
I will also provide a copy to Norm Bailey who Jim told me in Sydney last
month that he would meet with after his Annual meeting this month to follow
up the buy-back and self-financing proposals.
The language you used below could be improved. Technically it
is a wholly owned subsidiary of the World Bank, the IFC that lends to the
private sector. So you may like to refer to "loans from the IFC/World
Bank........"
Also, if you are not reporting my earlier work and articles could you
please change the words "Shann Turnbull developed another proposal for
using...." to "Shann Turnbull presented his different proposals developed
30 years earlier for using...."
This is to make it plain that while the core idea was based on Kelso
it was developed before the "binary" brand of economics was promoted.
While I share the goals of the binary economists I do not want to be identified
as being one of them.
Regards
Shann
At 10:47 AM 10/9/2001, Deborah Groban Olson wrote:
Shann
and David:
I have included the
following paragraph in the Ownership for All Homestead chapter subject
to verification. I would like you to get me verification of the portion
in bold italics from whomever speaks from the President of
the World Bank as well as David Ellerman and Ann Pettifore that this is
correct. If it requires any changes or explanation, please get those
for me as well.
Many thanks,
Deb
"Shann Turnbull developed another
proposal for using central banks to broaden ownership for the May 2001
COG meeting.He also presented the paper to the President of the World Bank.
It explains 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" and provided a 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 and Ann Pettifor, 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 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. "(Note to the Editor: The two preceeding sentences still require
fact checking with the involved parties.)
Deborah Groban Olson
Executive Director
Capital Ownership Group (COG)
COG web site -
http://cog.kent.edu
Email: cog@kent.edu
c/o Atty. Deborah Groban Olson ,of counsel to
Jackier, Gould, Bean, Upfal & Eizelman, P.C.
1021 Nottingham Rd.
Grosse Pointe Park, MI 48230
Phone: (313) 331-7821
Fax: (313) 331-2567
Email: dgo@esoplaw.com
Web site:
www.esoplaw.com
Shann Turnbull Ph.D.P.O. Box 266 Woollahra, Sydney, Australia, 1350Ph:
+612 9328 7466 office; +612 9327 8487 home; Fax: +612 9327 1497;Life long
E-mail: sturnbull@mba1963.hbs.edu Alternate:sturnbull@optusnet.com.auhttp://members.optusnet.com.au/~sturnbull/index.htmlPapers
at: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=26239with
other papers & book at http://cog.kent.edu/library.html