Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘competition’

Mistrust in America could sink the economy

Posted by hkarner - 12. August 2017

Date: 10-08-2017
Source: The Economist: Schumpeter

Part of the problem is a lack of competition in some industries

AMERICA is a grumpy and confused place. For an overarching explanation of what has gone wrong, a decline in trust is a good place to start. Trust can be defined as the expectation that other people, or organisations, will act in ways that are fair to you. In the White House and beyond there is precious little of it about. People increasingly view institutions as corrupt, strangers as suspicious, rivals as illegitimate and facts as negotiable.

The share of Americans who say “most people can be trusted” fell from 44% in 1976 to 32% in 2016, according to a survey from the University of Chicago. In a new book, “The Retreat of Western Liberalism”, Edward Luce, a commentator for the Financial Times in Washington, argues that distrust will contribute to America’s decline and eventually, even, to autocracy. Lack of faith is chewed over in boardrooms, too. In his latest letter to shareholders, Jamie Dimon, JPMorgan Chase’s boss, describes trust as America’s “secret sauce” and worries that the bottle is running dry. Den Rest des Beitrags lesen »


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Endet bald der Steuerwettbewerb in der EU?

Posted by hkarner - 22. Mai 2017

Offiziell geht es beim Vorstoß von Paris und Berlin nur um gleiche Berechnung. Endet bald der Steuerwettbewerb?

Wien. Der französische Finanzminister, Bruno Le Maire, lässt aufhorchen – nicht nur, weil er neu ist. „Die Harmonisierung der Unternehmenssteuern ist ein fundamentales Thema in Europa“, sagte der Frischgekürte dem „Handelsblatt“ vor seinem ersten Besuch in Berlin. Nur so lasse sich die „illegitime Konkurrenz durch Steuerdumping“ bekämpfen. In Brüssel hört man das gern: Die EU-Kommission bemüht sich seit einem Jahrzehnt erfolglos um das „fundamentale Thema“. Nun wollen Paris und Berlin vorangehen und weitere Mitstreiter an Bord holen. Eine bilaterale Arbeitsgruppe soll bis zum deutsch-französischen Ministerrat im Juli Vorschläge erarbeiten und damit der alten Initiative neuen Schwung verleihen.

Was aber bedeutet „Harmonisierung“? Eine einheitliche Belastung, ein Ende des Steuerwettbewerbs? Zumindest offiziell nicht: Worüber die Finanzminister am heutigen Dienstag beim Ecofin ringen, sind nur Details zu einer Angleichung der Bemessungsgrundlage für die Körperschaftsteuer. Dass die Steuerbasis überall gleich berechnet wird, soll die Höhe der Belastung „transparenter“, also besser vergleichbar, machen. Schon frühere EU-Richtlinienentwürfe haben klargestellt: Wenn durch die neue Form der Berechnung das Steueraufkommen für einen Staat sinkt, hat er das Recht, zum Ausgleich den Steuersatz zu erhöhen. Aber schon bei der einheitlichen Basis geht die Einigkeit nicht weit. Den Rest des Beitrags lesen »

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Restoring Competition in the Digital Economy

Posted by hkarner - 18. Mai 2017

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Superstar companies are good at everything, including pushing the boundaries

Posted by hkarner - 18. September 2016

Date: 15-09-2016
Source: The Economist
Subject: Downsides: The dark arts

COMPANIES ARE BY nature competitive. That is mostly to be welcomed, but sometimes their competitive instincts play out in less welcome ways as they engage in some of the darker arts of management. The two most obvious ones are to pay as little tax as is legally possible, and to lobby governments and a variety of other bodies to gain an advantage over rivals. To a greater or lesser extent all companies do this. The big difference is that the superstar companies, being good at everything they do, are also much better than the rest at practising these dark arts and taking them mainstream.

This raises three worries. The first is that they will keep getting better at them, applying the same creative excellence to rule-bending as they do to running their business in general. Second, superstars might use the combination of these and other skills to build up impregnable advantages, giving them growing monopoly power. Third, as their businesses become more mature, they may come to rely increasingly on those dark arts. Den Rest des Beitrags lesen »

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Neoliberalism: Oversold?

Posted by hkarner - 31. Mai 2016

Dank an H.F.!

Finance & Development, June 2016, Vol. 53, No. 2, IMF

Jonathan D. Ostry, Prakash Loungani, and Davide Furceri

Inside the stock exchange in Santiago, Chile, one of the first countries to adopt a form of neoliberal policies.Instead of delivering growth, some neoliberal policies have increased inequality, in turn jeopardizing durable expansionMilton Friedman in 1982 hailed Chile as an “economic miracle.” Nearly a decade earlier, Chile had turned to policies that have since been widely emulated across the globe. The neoliberal agenda—a label used more by critics than by the architects of the policies—rests on two main planks. The first is increased competition—achieved through deregulation and the opening up of domestic markets, including financial markets, to foreign competition. The second is a smaller role for the state, achieved through privatization and limits on the ability of governments to run fiscal deficits and accumulate debt.­

There has been a strong and widespread global trend toward neoliberalism since the 1980s, according to a composite index that measures the extent to which countries introduced competition in various spheres of economic activity to foster economic growth. As shown in the left panel of Chart 1, Chile’s push started a decade or so earlier than 1982, with subsequent policy changes bringing it ever closer to the United States. Other countries have also steadily implemented neoliberal policies (see Chart 1, right panel).­ Den Rest des Beitrags lesen »

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Putting Profits in Perspective

Posted by hkarner - 28. Mai 2016

Photo of Laura Tyson

Laura Tyson

Laura Tyson, a former chair of the US President’s Council of Economic Advisers, is a professor at the Haas School of Business at the University of California, Berkeley, a senior adviser at the Rock Creek Group, and a member of the World Economic Forum Global Agenda Council on Gender Parity.

Photo of James Manyika

James Manyika

James Manyika is the San Francisco-based director of the McKinsey Global Institute and a non-resident senior fellow at the Brookings Institution.

MAY 27, 2016, Project Syndicate

BERKELEY – High profits are usually viewed as a sign of a company’s economic prowess, the result of innovation and efficiency forged by healthy competition. But, as a recent report by the US Council of Economic Advisers shows, high profits can have another cause: market concentration.

The report lists several indicators of decreasing competition in the US economy, including a long-term decline in new business formation and the accrual of enormous profits to a small number of firms. Acting on its recommendations, President Barack Obama recently issued an executive order calling on all US government agencies to use their authority to promote competition.

It is an important moment to assess the state of competition in various sectors. Many US industries, including some of the most innovative, are dominated by a handful of large companies, some of which enjoy very large market shares and generate returns that greatly exceed historical averages. And some companies are stockpiling cash or acquiring competitors rather than using their returns to build productive capacity. Den Rest des Beitrags lesen »

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Margrethe Vestager: EU-Kommissarin will Steuerdeals bekämpfen

Posted by hkarner - 19. November 2014

18.11.2014, 17:03 Uhr, handelsblatt.com

VestagerDie neue EU-Wettbewerbskommissarin Margrethe Vestager will die teils umfangreichen Steuerprivilegien in der EU bekämpfen. Sie nimmt neben Luxemburg, den Niederlanden und Irland nun auch weitere Länder ins Visier.

Margrethe Vestager droht mit neuen Ermittlungsverfahren wegen Steuererleichterungen für Unternehmen.

Brüssel. Die neue EU-Wettbewerbskommissarin Margrethe Vestager will massiv gegen Steuerprivilegien für Unternehmen in der EU vorgehen. „Es könnte neue Ermittlungsverfahren geben“, sagte die Dänin dem Handelsblatt (Mittwochausgabe). Wegen unerlaubter steuerlicher Beihilfen hatte Vestagers Vorgänger Joaquin Almunia bereits vier Verfahren eröffnet. Betroffen sind Luxemburg, die Niederlande und Irland. Den Rest des Beitrags lesen »

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