New Clear Vision

Greece Struggles With a Financial and Ecological Tsunami

by Evaggelos Vallianatos

When in 2008 the “too big to fail” Western banks brought misery and near collapse in the economies and societies of Europe and America, the same banks hit Greece with a ton of bricks.

Greece is a small country that has no control of its currency. Second, the Greek and foreign elites of Europe and America that control both the euro, the currency of Greece and the countries of the European Union, and the giant banks, decided to shock Greece in order to make the country a pliant customer.

Since Greece can’t pay back the banks, the European Central Bank, the European Commission and America’s International Monetary Fund, known as troika, intervened to make certain the borrowers got their money back. The troika pays the borrowers and then lends Greece more money at high interest rates. (more…)

R.I.P. Elinor Ostrom (1933-2012), Advocate for Shared Resources

by Jay Walljasper

Elinor Ostrom, who shared the 2009 Nobel Prize in economics for her lifelong work studying how communities share resources, died June 12. She was 78.

The only woman out of 69 Nobel Laureates in economics honored since 1969, Ostrom taught political science at Indiana University.

In research conducted throughout the world, she increased our understanding of how commons function in a wide variety of communities. Ostrom’s work also debunked the Tragedy of the Commons — the widespread idea that shared resources inevitably end in environmental and economic ruin

This international acclaim for her work was heralded in many developing nations as evidence that their commons-based traditions of cooperation and communal resources was not a violation of basic economic common sense, as many Western economic advisers warned. (more…)