Posts Tagged ‘tax’

Milton Friedman’s Magical Thinking

by Dani Rodrik

Next year will mark the 100th anniversary of Milton Friedman’s birth. Friedman was one of the twentieth century’s leading economists, a Nobel Prize winner who made notable contributions to monetary policy and consumption theory. But he will be remembered primarily as the visionary who provided the intellectual firepower for free-market enthusiasts during the second half of the century, and as the éminence grise behind the dramatic shift in the economic policies that took place after 1980.

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Why we need nationalised Banks

by George Irvin 

As things stand, the banks are the permanent government of the country, whichever party is in power.” (Lord Skidelsky, House of Lords, Hansard Citation, 31 March 2011, c1359)

Everybody agrees that the next financial crisis is about to hit us …. bringing another economic crisis in its wake. The general view is that if we were able to prevent meltdown in 2008 by throwing money at the banks, this time the money will be more difficult to find. Unlike the last time, the OECD economies are stagnating, unemployment is high and there’s already much public anger about cuts, joblessness and bankers’ bonuses. [1]

Perhaps we should remember that in 2009, neo-liberalism was pronounced dead and buried. It was thought that a new, more thoughtful era was being born. It most certainly didn’t happen. Instead, European countries became more narrowly nationalistic and xenophobic, while the US gave the world the Tea Party. So there is good reason to believe that, as in the 1930s, economic crisis may strengthen the right more than the left. That’s one reason that progressives need to sloganise less (eg, it’s all due to greedy bankers) and think more about underlying causes.

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Eurozone Governments and the Financial Markets: A Troubled Marriage

by Douglas J. Elliott

Financial markets and the governments of advanced economies around the world are inextricably tied together in an unbreakable marriage. The two sides need each other. Governments borrow huge sums of money and, for its part, the financial system requires a large base of safe, liquid assets to function efficiently. In some times and places, however, that marriage is very troubled. Right now, the Eurozone is a prime example. The financial markets do not seem to understand or trust the governments and those sentiments are returned by many policymakers, including key ones.

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Pricing Carbon

 

by Bob Carr

It passed and it will pass the Senate.

Whyalla won’t become a ghost town and the price of Corn Flakes will not spike.Australiawill have a carbon trading scheme and the media can interrogate Abbott about how he will repeal it, forgo the revenue and struggle with a budget black-hole, and what else he will do in government.

This is no time to revisit the might-have-beens such as where we would be if Prime Minister Rudd had implemented a cap and trade scheme in 2007 instead of shuttling it to the Garnaut review; or what would have happened if the Green Party had passed the Rudd legislation in late 2009.

The government now needs to talk to investors and facilitate investment in the renewables sector so that there are ribbon-cutting milestones along the path of reduced carbon dependence.

 

Let’s end corruption – starting with Wall Street

by Mark Engler

As the #OccupyWallStreet protests continue to grow,  bankers must be held to account for their ill-gotten gains.
It’s a favourite conservative ploy in the development debate: blame poverty on corruption.

When explaining why countries in the Global South face stark levels of inequality and deprivation, you just say it’s due to a common penchant for bribery and fraud. You treat it as a cultural deficiency.

Following this approach, institutions such as the World Bank trumpet their work in ‘good governance’ and anti-corruption. No need to examine the disastrous results of neoliberal policies such as privatization, deregulation and austerity. Nor do élites in wealthy countries have to acknowledge how foreign corporations have propagated kickbacks and cronyism. Instead, they can simply regard these as endemic to the darker continents.

Since 2008, not a single senior executive in the US banking industry has faced jail time for fuelling one of the largest financial crises in history.

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