Yes, if that occurs, H.E mus be given another CREDIT. Not only those in the government, but also those outside the government; every one must declare in legal and propertied documents how did one own what one  owns. Ownerships, in economics, are things that are standardized, legalized and propertied. This is how dead capitals living in extralegal domains are revived and made to produce value for the economic development. Today, in the Gambia, we have big quantities of capital necessary and sufficient for uplifting the economic wellbeing of the citizens. Yet these quantities of capital are dead, because they live under the extralegal domains, where ownerships cannot be utilized, disposed of, exchanged or traded. This extralegal economy generate no revenue, pays no taxes but bribes; and its employment creation is restricted to a handful of people who too vow to keep it extralegal. How many landlords in the Gambia can produce a document that contains legal title ownerships, specifications of the land from square meters, to landscapes,soil and number of trees, and accounts of market valuations of the land. Say similar things for houses, gardens, cattle and other livestocks, businesses, etc, etc. It is live  capital that drives economic growth and developments. Live capital produces value that becomes additional capital, and hence we have the so-called capital formation. live capital can be traded, exchanged and utilized easily with minimum transaction costs; while dead capital produces no value, and its trading involves prohibitive transaction costs. If a cattle owner in the Gambia has a legal title ownership document with market accounts, he may not need to sell his cattle to meet some costs, but instead, he can take the documents to the bank and borrow the required funds. In a very propertied economy, that bank funds too are standardized, put into legal title ownerships with accounts of market valuations, so that the cattle owner needs not go to the bank to sttle the payments but trade the loan. May be this last stage is too high right now to achieve; but the first stage is feasible; and that is documentation, standardization and market valuation of everything that one claims to own, so that duties and rights can be labelled. There are so much duties and rights lost on economic activities that operate extralegally. People are poor in the Gambia, because they do not know how valuable and marketable are the things they claim to own. the Law of the country must help them recognize those things put them in standard legal ownerships and keep market accounts of them, which are regularly updated. this is how economic capital is revived and made to produce value. The West has recognized this issue since the time of industrial revolution, and they have been working continously to upgrade their systems and legal frameworks to minimize extralegal domains, not for the taxation purposes but for the production of value needed for economic advacement. Whatever you find in the West from dogs, donkeys, to mansions and aeroplanes or even human beings, you find there no title ownership problems or problems of market specifications and valuations.

I think it is  time you count things you own in your house, put them in title ownerships and keep a ledger accounts of them with their market specifications and valuations.

SILLAH  

>From: TOMBONG SAIDY <[log in to unmask]>
>Reply-To: The Gambia and related-issues mailing list              <[log in to unmask]>
>To: [log in to unmask]
>Subject: OPERATION NO COMPROMISE
>Date: Wed, 21 Jan 2004 11:08:34 +0000
>


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