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When we share the Oil-to-Cash idea with people who are hearing about it for the very first time, the typical response is almost always viscerally negative. (If you aren’t familiar with Oil-to-Cash, here’s the web page and a 4-min jellybeans video.) They usually say “That won’t work because of X” or “Sure, that works in Alaska, but my country Y is very different” or “No, the money would be much better spent on Z”. Often, by the second or third time we talk with people about citizen dividends, however, they start to come around. In a few cases, we’ve even had former skeptics pitching us ideas of how it could work better.
CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions.
One of the nearest real-world examples of Oil-to-Cash is Alaska, which has paid an annual dividend to every state resident since 1982. One of the presumptive lessons drawn from Alaska’s experience has been that once a dividend was in place, political forces aligned to protect it from politicians. Yet last week, Alaska Governor Bill Walker announced the first-ever cut to the Alaska Permanent Fund dividend.
The President of Gabon, a small petro-state wedged between Cameroon and Congo, has announced that he’s giving some of his inheritance back “to the people of Gabon.” It’s a good start, but surely he can do better.