Overall framework of staying out of prison

03.30.10 | Comment?

This is amusing:

If you read his book, you find that his solution to the problem of economic co-ordination in the absence of a price mechanism is “the allocation of resources [that] is largely the outcome of discussion between producers, consumers and other affected groups, but within the framework of overall decisions about economic priorities made democratically at the national and international level” (p.140).

That’s one interminable public meeting.

Then I came across this:

The four obtained secrets regarding steelmakers’ output and meetings of the China Iron & Steel Association from companies including Shougang Corp. and Laiwu Group, he said. That led to the failure of iron ore price talks last year, the judge said.

And what are “iron ore price talks”?  Annual meetings between iron producers and steel companies to set prices.  Quite possibly outside of the framework of overall priorities about the advantage of the spot market in reducing the risk of bribery in obtaining pricing information.

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