Washington Post, March 31, 2009 on page A17:-
Lucian Bebchuk, a professor of law, economics and finance at Harvard Law School and director of its program on corporate governance, is the author of "A Plan for Addressing the Financial Crisis" and "How to Make TARP II Work," white papers issued in September 2008 and February 2009 by Harvard Law School's Olin Center for Law, Economics and Business. His magnum opus surely deserves to be studied.
His conclusion: "Establishing privately managed funds that are financed with both private and public capital offers the best approach to restarting the market for troubled assets. Adding a market mechanism for setting the level of government subsidy is necessary to reduce the program's cost to taxpayers and would leave the government with the most ammunition for the tasks that still lie ahead."
Such distingushed scholar has published such an article with insights and I do respect his judgment. I had similar thoughts as I sent my previous blogs apropos of the mix of private sector and the public sector in the market system. China's market system is known from my numerous visits and as a visiting consultant for United Nations Development Program (UNDP)in 1982,1986-1987. I have reason to believe that such market system in China has been witnessed by others with insights.
On page A13: Google,Music Labels Launch Download Service in China.
Google and major music companies launched a free Internet music download service for China in a bid to help turn a field dominated by pirates into a profitable, legitimate business. The ad -supported service will offer 1.1 million tracks,including the full catalogs of Chinese and Western music for Warmer Music Group,EMI Group, Sony Music Entertainment, Universal Music and 14 independent labels,the companies said. It will be limited to use by computers whose Internet protocol, or IP, addresses show they are in mainland China.
Well,music is pleasing to the ears regardless of borders or space and I am sure folks in China can enjoy both Chinese music and Western music to bridge the gap of the East and the West in this respect with impact. Here is economics of human capital of health. Music is relevant to health because music has a bearing on mood and mood is part and parcel of health. Such etiology is known to music lovers in particular. I have not encountered a person who would dislike music unless the person is deaf or mute in the light vein.(sic)
Francis Shieh a.k.a. Xie Shihao,a frequent visitor to China to learn the economic system with on-the-spot observations and intellectual findings.
March 31, 2009 at 11.15 a.m.
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