Let them eat pollution. (excerpt from letter written by chief economist of World Bank)
Economist (US), The, February, 1992
A letter written by Lawrence Summers discusses the economic benefits of dumping toxic wastes in less developed countries.
LAWRENCE SUMMERS, chief economist of the World Bank, sent a memorandum to some colleagues on December 12th. The Economist has a copy. Some of the memo has caused a fuss within the Bank:
Just between you and me, shouldn't the
World Bank be encouraging more migration
of the dirty industries to the LDCS? I
can think of three reasons:
(1) The measurement of the costs of
health-impairing pollution depends on the
forgone earnings from increased morbidity
and mortality. From this point of view a
given amount of health-impairing pollution
should be done in the country with the
lowest cost, which will be...
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