Joseph Stiglitz defends nationalization of oil and gas fields in Bolivia as a way to renegotiate unfair and perhaps illegal contracts put into place under previous administrations:
Who Owns Bolivia?, by Joseph E. Stiglitz, Project Syndicate: A few months ago, Evo Morales became Bolivia‘s first democratically elected indigenous head of state. Indigenous groups constitute 62% of Bolivia’s population, and those with mixed blood another 30%, but for 500 years Bolivians had been ruled by colonial powers and their descendants. Well into the twentieth century, indigenous groups were effectively deprived of a vote and a voice. ... So Morales’ election was historic, and the excitement in Bolivia is palpable.
But Morales’ nationalization of Bolivia’s oil and gas fields sent shock waves through the international community. ... Genuinely concerned about raising the incomes of his desperately poor people, he recognized that Bolivia needs foreigners’ expertise to achieve growth, and that this entails paying fairly for their services. But are foreign owners getting more than a fair rate of return?...
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