Of course, the result was the CIA acting as an enforcer for United Fruit in overthrowing the government. But in abstract, its a check on understating taxable property value that bears considering. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
The threat of nationalisation at compensation equivalent to the value declared for tax purposes is scary if and only if a) you systematically under-value your land in order to defraud the taxpayers AND b) there is a real need for land reform.
I am not sure that there is a real need for land reform in much of The West(TM). So we'd need an auditor corps to assess the property values.
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
