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People's Daily Online>>Opinion

As economy fails, Nobel Prize still favors US

By Chang Ming (People's Daily)

15:41, December 13, 2011

Edited and Translated by People's Daily Online

Two U.S. economists were recently awarded the 2011 Nobel Prize in Economics at a time when the U.S. economy was facing difficulties and the "Occupy Wall Street" movement was spreading like wildfire across the country.

Fifty out of 69 winners of the Nobel Prize in Economics, which was introduced in 1969, are Americans. The U.S. economy has been plagued by financial and debt crises over the past five years, causing great damage to the world economy, but Americans still make up over 90 percent of all the winners of the prize. This phenomenon deserves special attention.

Is the Nobel committee's preference for American economists fair? Today's American-style capitalism has become finance monopoly capitalism, in which financial magnates control the country's economic and political affairs, and real economy has been disconnected from virtual economy. The real economy has been hollowed out, wealth is highly centralized, and unemployment remains high.

American economists have not worked out any effective solutions to these problems as well as the financial and economic crises. Even the two economist who won the 2011 Nobel Prize in Economics for their research on the cause and effect of government policies on the broader economy do not see any simple solutions to global economic problems.

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Leave your comment19 comments

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youknwwhiam at 2012-02-05109.132.238.*
Moderator... China will only prosper if there are polyarchic principles, redistribution of wealth & a strong real economy.If it doesn"t, it will collapse sooner or later [like a lot more countries who lack political freedoms, in my opinion like the US].Also, your article is faulty. Is it a lack of research or propaganda?
PD User at 2012-02-05109.132.238.*
My comments have been deleted, like I"ve expected. My criticism in bulletpoints? 1. All the latest nobel prize laureates in economics were against the American model of capitalism [even though they were from USA, so the nationality argument is invalid]. The censorship of my comments was undeserved because it was on topic, but it was critical towards the article.Also, most comments are off-topic.
ASEAN at 2011-12-24220.255.1.*
Why are you not posting my comment which is the truth ?I had posted twice already but you still do not post it.
ASEAN at 2011-12-23220.255.1.*
“Why did the US go into Afghanistan, Yugoslavia, Iraq, Libya? Because those regimes were slaughtering their own civilians and crushing the free will that is the right of every human being “. Excuse me ! Do you know what you are talking about ? What right are you talking about ? It is precisely the USA involved in these countries that USA has taken away most of the rights of its civilians as a human being. The people and civilians in these countries have a basic right to live in peace, but USA/NATO have taken this right away from them. The people in these countries have the right NOT to live in fear of bombs dropping from the USA/NATO planes, but USA/NATO have taken this right away from them. The children of these countries have a basic right of going to school in peace time, but USA/NATO have taken this right away from them. The people in these countries have a basic right to clean water and electricity, but USA/NATO have taken this right away from them.Let’s just talk about one country, Iraq. Saddam Hussein may be a ruthless dictator. He might had imprisoned hundreds of Iraqi but the majority of the Iraqi live in peace. They do not live in fear of bombs dropping from the sky, children have the rights of going to school, most families have the right to clean water and electricity. When you drop bombs from the sky, are these not evil ? Are these not massacre ? Are these not considered going against human rights ? By the way, who give USA/NATO the right to judge leaders of other smaller countries ? Who give them the right to invade these countries ? Let me tell you the truth. Because you cannot get this truth from your western media because the media is controlled by the 1% of the people in USA. This 1 % in USA will print for you to read and tell you what they want you to believe. The truth is that USA/NATO are in Iraq and Libya to steal oil, period. This is the plain truth. You have difficulty in believing this because you were brain washed by your mass media to think that the USA/NATO are the good guy. You have the right not to believe. The choice is yours. USA/NATO has no moral standing in this world. This world is held by American militarism. Human intelligence and natural resources are squandered by this obsessive destructiveness of USA/NATO.You mentioned about bad guy. If Saddam Hussein killed hundreds of its people and USA/NATO had killed hundreds of thousands of Iraqi and flattened the whole Iraq and had tortured thousands of people in Guantanamo Bay. So who is the bad guy here ?You are a typical person who allowed yourself to be brain washed by the mass media. Maybe it is time for you to follow a small step of Flight Lieutenant Malcolm Kendall-Smith, UK pilot. He is a great hero of Peace. In fact he should be given a Nobel Peace Prize. He is the one that DOES NOT not allowed himself to be brain washed. He stand firm in his believe and he does not want to kill innocent Iraqi.Please see upright man is Rev. Jeremiah Wright. third group of men are the organizers of Occupied Wall Street. They are all the most upright and men of principle. Upright men are few and far between in USA/NATO. May God bless and protect these upright men.
PD User at 2011-12-2069.255.233.*
"if there is no USA...there would be no more human suffering in these countries." Excuse me? Why did the US go into Afghanistan, Yugoslavia, Iraq, Libya? Because those regimes were slaughtering their own civilians and crushing the free will that is the right of every human being. If there is no more US, then the bad guys keep on killing and keep on repressing their own people. Societies give power to governments so they can govern the people, not oppress them. The citizens of a country are the power of the government. The masses, in the end, have the final say in who runs the country. It is only a matter of time.

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