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Baked - the international equities and bonds markets. Lots of brokers specialise in trading "Emerging Markets" securities and bonds. Buying Index futures or government bonds for a country is as good as trading in the country.
And people do 'vote' if they think a country is being mismanaged - by demanding high rates of return for that country's government bonds. This application of the 'free market' is what stops countries messing about too much with trade tarrifs, interest rates, currency controls, etc. |
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Countries like Argentina or South Korea don't have problems because of fiscal mismanagement (in general), but because they're at the mercy of far richer countries and multinationals. At the first sign of a global recession, the multinationals and banks pull all funds out of the countries they perceive as being less central to the world economy (moving factories, cancelling investments, etc.), causing an instant collapse in the country they desert. |
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The US Federal Reserve and government have enough money to spend their way out of financial problems; and the European central banks work with the Fed Reserve to support currencies they think are worth saving; like most things in the world, it's operated in the interests of the rich in the first world, with little thought of the economic impact in the countries they toy with. A collapse in Chile or Malaysia's not going to affect an American businessman much; a collapse in the USA is. |
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If you want to protect the Argentinian economy, we need a system of world financial controls that will act in the interests of the many, not the few, and not be based around extracting as much money from the developing world as possible. (Most of the developed world's money is of course spent on bailing out the developed world.) |
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I like this idea. Bonds are a little different though hippo, they buy you a share of a national debt in effect. Buying shares in a COUNTRY though? (rather than just it's economy). Imagine buying a 50% stake in Afghanistan, watch the UN rebuild it over ten years then sell up. Bill Gates eat your heart out! |
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Buying shares in a government is also incredibly baked. In the third world it's called corruption; in the first world it's called political fundraising. Except the benefits it brings usually don't depend on the performance of the country/company (although the same can be said of shareholders' dividends). |
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The goal of a country is not to maximize shareholder profits. |
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Current thinking here is that the goal is to *minimize* them. |
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The former treasurer of the Conservative party managed to buy Belize apparently. He became the UN ambassador and at one pointed he said wanted to become known as the "Lord of Belize" when one of those new bald Tory leaders arranged for him to knighted. |
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I want to see this work the other way round... The UN "nationalises" afganistan... |
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(sorry all, I have changed it now - shoot me if I do that again) |
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I second what pottedstu and UnaBubba said. Anyone want to third it? |
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'Publically' is accurate. See www.m-w.com. Best regards. |
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Imagine your country is one big corporation. With its people as employees and shareholders, and so on to upper management. |
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Now the UN or whatever creates a World Country Exchange. Any country or person can buy shares, and thus be on the board of whatever country he/she wishes. |
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I think this form of government will better the system because then, each country will and should be managed properly. |
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So, when's the first Country IPO ? |
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I believe that shares in anything to which you are not a part will lead to corruption and mismanagement. |
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If I buy shares in a company, I have one interest: Getting my profit from those shares. I can do that by taking monthly payments (If the company is earning good profits) or sell it (if the company stops earning good profits.) |
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Where do the profits come from though? From the company, of course.In honor haf having had it's shares bought by me, it grants me a portion of it's profits... a portion which would otherwise be spent on necessary safety, the welfare of it's employees, or improvements to the product. |
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I worked for a while for a company run by an old mate of Ashcroft's (see link). His memos to staff reminded me of Mussolini - there was a kind of shrillness that one couldn't quite take seriously. |
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Meanwhile, back in the idea, it reminds me of an episode recounted in one of Cicero's letters, in which M. Junius Brutus (the one that Shakespeare thought was so noble) had lent some money to a tiny city-state in the Eastern Med.; when the town had difficulty making the repayments, Brutus arranged for a squadron of cavalry to blockade the town hall, with the view to starving the councilors until they paid up. I suppose the question is, if you were a citizen of that town, would you feel that this measure was making your government more efficient? |
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Or: If you were a citizen of a country in debt to the IMF,
and an austerity program was imposed as a condition
of refinancing would you feel that those measures were
making your government more efficient? |
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[pertinax] Was there a political party in that town opposed
to the one in power? Betcha *they* thought well of M. Junius
Brutus' intervention. |
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