What Would Henry George Say?
Still Relevant, Still Poignant
By Patricia Cohen
September 18, 2023
By Dr. Marty Rowland
On September 18, 2023, the New York Times published an article by Patricia Cohen titled Crisis and Bailout: The Tortuous Cycle Stalking Nations in Debt. Cohen says “developing countries’ external debt payments — priced in dollars or euros — unexpectedly ballooned at the same time that prices of imported food, fuel and fertilizer shot up.”
What would Henry George advise Ghana to do?
Sovereign nations must possess their sovereign currency and refrain from borrowing in foreign denominations. Ghana’s predicament appears to stem from a potential lack of understanding among its leadership regarding the fundamental principles of sovereignty and its associated opportunities. This situation is further compounded by external pressures, as entities like the IMF seem to operate independently and thrive, possibly without Ghana fully realizing the benefits of its national sovereignty. Nationally-created wealth often escapes the purview of the state and, instead, becomes privatized, akin to the situation with land value.
Stay caught up! Subscribe now and receive email updates of every new post.