Blame ITT on the West
by: S.K. | QUITO
Aug 16th 2013
http://www.economist.com/blogs/americasview/2013/08/ecuadors-environmental-policy?zid=305&ah=417bd5664dc76da5d98af4f7a640fd8a
"IMPECCABLE." That is how Ecuador's president, Raffael Correa, described the logic behind a plan to leave 920m-odd barrels of crude oil in the Ishpingo-Tambococha-Tiputini (ITT) field underground in exchange for $3.6 billion. By paying up, rich countries would help avoid the release of 470m tons of carbon dioxide into the atmosphere, safeguard the Yasuní National Park’s pristine rainforest and protect "uncontacted" indigenous tribes. The ransom was not forthcoming, however, and on August 15th, after three years of waiting, Mr Correa had had enough. “The world has failed us,” he said in a prime-time speech that radio and television stations had to broadcast nationwide.
It's good that Ecuador tries to follow the state-led development model of all successful countries in history, like the US, Japan, South Korea, China etc. All were heavily state-led during their journey from poor to rich. See Ha-Joon
Chang's ''Kicking Away the Ladder'', Vernon Ruttan's ''Is War Necessary for Economic Growth'' and Fred Block's ''State of Innovation: The US Governments role in technology development''. The Economist Always gets it wrong. Mainly
because they do not know anything about economic history or economic theory or empirical research
Aug 16th 2013
http://www.economist.com/blogs/americasview/2013/08/ecuadors-environmental-policy?zid=305&ah=417bd5664dc76da5d98af4f7a640fd8a
"IMPECCABLE." That is how Ecuador's president, Raffael Correa, described the logic behind a plan to leave 920m-odd barrels of crude oil in the Ishpingo-Tambococha-Tiputini (ITT) field underground in exchange for $3.6 billion. By paying up, rich countries would help avoid the release of 470m tons of carbon dioxide into the atmosphere, safeguard the Yasuní National Park’s pristine rainforest and protect "uncontacted" indigenous tribes. The ransom was not forthcoming, however, and on August 15th, after three years of waiting, Mr Correa had had enough. “The world has failed us,” he said in a prime-time speech that radio and television stations had to broadcast nationwide.
It's good that Ecuador tries to follow the state-led development model of all successful countries in history, like the US, Japan, South Korea, China etc. All were heavily state-led during their journey from poor to rich. See Ha-Joon
Chang's ''Kicking Away the Ladder'', Vernon Ruttan's ''Is War Necessary for Economic Growth'' and Fred Block's ''State of Innovation: The US Governments role in technology development''. The Economist Always gets it wrong. Mainly
because they do not know anything about economic history or economic theory or empirical research