MUNCIE, Ind. - As U.S. involvement in Iraq shifts from war to rebuilding, a Ball State University economist proposes the country's oil profits be shared among its residents and debts of the previous regime be repudiated.

James McClure, an economics professor, believes Iraq will recover much more quickly if the oil revenues would be placed directly into the hands of the population.

"Putting more money into the hands of individual Iraqi citizens and less in the hands of whatever central government ultimately is established will tap into the power of market forces. People pursuing their own self-interest are often led to promote the general interest. This could well prove to be the real shock and awe."

McClure also believes the people of Iraq should not be held responsible for the previous regime.

"Why should people who have been held hostage, brutalized and enslaved, now be expected to pay the bills incurred by their tormentor?"

McClure received his Ph.D. from Purdue University in 1983. His fields of interest include labor economics, microeconomic theory and bioeconomics.

He may be reached at jmcclure@bsu.edu or (765) 285-5375.