Preview of the ‘08 presidential election

“Shouldn't the World Bank be encouraging MORE migration of dirty industries to the LDCs (Less Developed Countries)? [...] The measurement of 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 the country with the lowest wages. I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that. [..]I've always thought that under-populated countries in Africa are vastly under-polluted. [..] Only the lamentable facts that so much pollution is generated by non-tradable industries (transport, electrical generation) and the unit transport costs of solid waste are so high prevent world welfare-enhancing trade in air pollution and waste.”
Lawrence Summers, Former Chief Economist of the World Bank (1991-1993), Secretary of the Treasury during the Clinton Administration (1999-2001), Winner of the John Bates Clark Medal in Economics (1993) and 27th President of Harvard University