SOCIALISM THRIVES IN NORTH DAKOTA

摘要

As Washington Triesto regulate Wall Street's newfangled derivatives, government officials inat least a dozen states are mulling a more old-school response to the financial crisis: 100 percent state-run banks. Since 1919, North Dakota has operated the nation's only depository of this kind, a genuinely socialist enterprise that spins tax revenues into loans for in-state farmers, students, and small-business owners. Unlike other banks, the Bank of North Dakota (BND) plows about half its profits into the state budget and takes cues from the governor, who acts as chairman, and a seven-member advisory board that the governor appoints. In normal times, such a bank might not be politically palatable. Now, however, it's emerging as an attractive model for lawmakers-in large part because North Dakota flourished during the recession, with the nation's lowest unemployment rate (about 4 percent) and one of the largest budget surpluses (more than $1 billion). Some of the state's well-being is attributable to its agriculture- and energy-based economy.