Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Project Syndicate’

Investing in Poverty Reduction

Posted by hkarner - 19. März 2018

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, and a senior adviser at the Rock Creek Group.

Lenny Mendonca, Chairman of New America, is Senior Partner Emeritus at McKinsey & Company.

After almost a year of accomplishing nothing, the Republican-led US Congress has managed to enact a far-reaching tax law and budget legislation that will shape the contours of future government spending. Neither will solve America’s most pressing economic challenges, but each does include at least one sensible idea for tackling poverty.

BERKELEY – The tax legislation that US President Donald Trump signed into law last December will dramatically increase inequality and the federal budget deficit. Yet, hidden within it – and within budget legislation enacted in February – are two promising programs for helping state and local governments address the needs of disadvantaged Americans.

The new tax law creates generous incentives to encourage private investment in distressed urban and rural areas; and a provision in the budget package will establish a competitive grant program to help states fund “pay-for-success” contracts. Both ideas have their roots in the Democratic administrations of Presidents Bill Clinton and Barack Obama; but they attracted congressional Republican support because they empower state and local governments, rely on public-private partnerships, and encourage rigorous impact assessments. Den Rest des Beitrags lesen »


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Engineering a More Responsible Digital Future

Posted by hkarner - 16. März 2018

Dirk Helbing

Dirk Helbing is a professor of computational social science at ETH Zurich, and the scientific coordinator for FuturICT.

Economic revolutions often bring profound social change, affecting everything from jobs to family size. With the digital revolution now in full swing, humanity must recommit to building more ethical machines, or face a future in which our technologies undermine basic values like human rights and civil liberties.

ZURICH – The world is being battered by technological disruption, as innovations such as big data analytics, artificial intelligence (AI), robotics, the Internet of Things, blockchain, 3D printing, and virtual reality change how societies and economies work. Individually, each of these technologies has the potential to transform established products, services, and associated support networks. Taken together, they will upend old business models and institutions, heralding a new era of economic, social, and political history. How will we respond? Den Rest des Beitrags lesen »

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Germany’s Dangerous Political Marriage

Posted by hkarner - 14. März 2018

Helmut K. Anheier

Helmut K. Anheier is President and Professor of Sociology at the Hertie School of Governance in Berlin.

Germany’s new grand coalition – the third in Merkel’s long chancellorship – is a good outcome for Germany’s short-term stability, especially with regard to Europe. But it is a bad outcome for democracy, especially at a time when populist forces are a growing threat.

BERLIN – More than five months after Germany’s federal election last September, a new grand coalition government – comprising Chancellor Angela Merkel’s Christian Democratic Union, the CDU’s Bavarian sister party, the Christian Social Union (CSU), and the Social Democratic Party (SPD) – has finally been formed. But there is little reason to celebrate.

Germany has endured nearly six of months under a caretaker government (the longest in the Federal Republic’s history), a failed coalition agreement, weeks of arduous negotiations, painful internal party rumblings, and much politicking. Moreover, a recent national poll dealt yet another blow to the center-left SPD, indicating that if elections were held today, the party would be outperformed by the far-right Alternative for Germany (AfD). Den Rest des Beitrags lesen »


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We shall overcome – aber wann?

Posted by hkarner - 13. März 2018

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump.

NEW YORK: 1967 – zwei Jahre nach der Explosion der Gewalt in Watts, einem Stadtviertel von Los Angeles – brachen in vielen Städten der USA Unruhen aus: von Newark (New Jersey) bis nach Detroit und Minneapolis im Mittleren Westen. Präsident Lyndon B. Johnson setzte daraufhin eine vom Gouverneur von Illinois, Otto Kerner, geleitete Kommission ein, die die Ursachen untersuchen und Maßnahmen zu ihrer Bekämpfung vorschlagen sollte. Vor fünfzig Jahren dann veröffentlichte die National Advisory Commission on Civil Disorders (gemeinhin als Kerner-Kommission bekannt) ihren Bericht, der eine drastische Schilderung der Bedingungen in Amerika enthielt, die zu den Ausschreitungen geführt hatten.

Die Kerner-Kommission beschrieb ein Land, in dem Afro-Amerikaner systematischer Diskriminierung ausgesetzt waren, unter einer unzureichenden Bildungs- und Wohnsituation litten und kaum wirtschaftliche Chancen hatten. Für sie gab es keinen Amerikanischen Traum. Grundursache war die „die rassische Einstellung und Verhaltensweise der weißen Amerikaner gegenüber schwarzen Amerikanern. Rassenvorurteile haben unsere Geschichte entscheidend geprägt; sie drohen nun, unsere Zukunft in Mittleidenschaft zu ziehen.“ Den Rest des Beitrags lesen »


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A Better Way to Fight Corporate Tax Avoidance

Posted by hkarner - 9. März 2018

José Antonio Ocampo is a board member of Banco de la República, Colombia’s central bank, professor at Columbia University, and Chair of the UN Economic and Social Council’s Committee for Development Policy. He was Minister of Finance of Colombia and United Nations Under-Secretary-General for Economic and Social Affairs.  He is the co-author (with Luis Bértola) of The Economic Development of Latin America since Independence.

The recent corporate-tax cuts in the United States have intensified an ongoing global race to the bottom, in which countries compete for investment at the expense of the revenues needed to fund public programs. With past efforts to reform the current global system having come up short, it is time for a new approach.

NEW YORK – Over the past few years, leaks of documents such as the “Panama Papers” and the “Paradise Papers” have exposed the dark underbelly of globalization, and provoked indignant denunciations of tax avoidance from people around the world. Ordinary workers have no choice but to pay their taxes. But, apparently, multinational corporations and wealthy individuals can get away with paying hardly anything.

The most shocking feature of today’s corporate-tax-avoidance schemes is that they are legal. When multinationals create subsidiaries, those entities are considered to be legally independent firms. A parent company can then set the prices of transactions between its subsidiaries to register its profits in low-tax countries, rather than where the original economic activity actually occurred. Den Rest des Beitrags lesen »


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A Brexit Gentlemen’s Agreement

Posted by hkarner - 8. März 2018

Daniel Gros is Director of the Brussels-based Center for European Policy Studies. He has worked for the International Monetary Fund, and served as an economic adviser to the European Commission, the European Parliament, and the French prime minister and finance minister. He is the editor of Economie Internationale and International Finance.

The main barrier to keeping the UK in the EU’s customs union is political: a country with the heft and influence of the UK cannot be viewed as merely following EU decisions, over which it has no influence. Yet this problem can be solved – or, rather, finessed – with an informal agreement by the EU to take UK interests into account.

BRUSSELS – In her latest speech on Brexit, British Prime Minister Theresa May rejected the prospect of the United Kingdom remaining in the European Union’s customs union, on the grounds that the UK wants its own trade policy. This is not in the best interest of either the UK or the EU.

It is true that Norway and Switzerland, both of which are highly integrated into the EU market, have customs borders with the bloc. These countries need an independent commercial policy to provide greater protection than the EU offers to their domestic agricultural sectors, which in both cases can never be efficient, owing to mountainous terrain. Den Rest des Beitrags lesen »


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Macron’s Education Revolution

Posted by hkarner - 8. März 2018

Philippe Aghion

Philippe Aghion is a professor at the Collège de France and at the London School of Economics, and a fellow of the Econometric Society and of the American Academy of Arts and Sciences.

Benedicte Berner is a lecturer at Sciences Po in Paris, chair of Civil Rights Defenders, and an associate at Harvard University’s Davis Center for Russian and Eurasian Studies.

French President Emmanuel Macron has drawn fire for his pro-growth economic reforms, which some critics have characterized as giveaways to corporations and the wealthy. But, when considered in full, Macron’s agenda is clearly aimed at reducing inequality and boosting social mobility.

PARIS – Since eliminating a wealth tax and imposing a flat tax on capital gains, French President Emmanuel Macron opponents have quite maliciously compared him to US President Donald Trump, who slashed taxes for the wealthiest Americans in December. Some of his harshest critics even refer to Macron as a “president for the rich.”

Nothing could be further from the truth. Viewed in full, Macron’s reform agenda offers a new and promising approach to tackling inequality and social immobility in France. And, at any rate, the United States and France are hardly comparable on these issues. Although income inequality has increased in France since 1990, it remains well below that of other developed countries. Den Rest des Beitrags lesen »


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Will More Italians Vote With Their Feet?

Posted by hkarner - 7. März 2018

Edoardo Campanella

Edoardo Campanella is a Future of the World Fellow at the Center for the Governance of Change of IE University in Madrid.

Roughly 5.5 million Italians – 8% of the country’s population – currently reside abroad, with 1.5 million having left since 2007. The results of the recent election are likely to convince even more of Italy’s best and brightest that they would be better off leaving.

MILAN – Italy’s inconclusive general election, with its clear populist drift, will likely lead to a prolonged period of political stalemate, freezing the adoption of much-needed structural reforms. But the deadlock, and the related perception that the country is unwilling to change, might have another chilling effect. It will push more of Italy’s top talent abroad, exacerbating a trend that has plagued the country for more than a decade.

Since 2007, almost 1.5 million Italians have left the country, joining four million other expats. To put the number in perspective, roughly 8% of the Italian population currently resides abroad. But the actual figure could be higher. Italian expats refrain from declaring to national authorities their true residential status to preserve their access to benefits like free health care. Den Rest des Beitrags lesen »


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The People vs. Democracy?

Posted by hkarner - 7. März 2018

Jan-Werner Mueller

Jan-Werner Mueller is a professor of politics at Princeton University. His latest book is What is Populism?

Are voters really so irrational and ill-informed that they make terrible choices, as the election result in Italy, the UK’s Brexit vote and the election of Donald Trump in the US seem to suggest? If they are, as many liberals have come to believe, the obvious next step is to take even more decision-making power away from them.

PRINCETON – The election result in Italy, where populists and far-right parties topped the polls, following the twin disasters of Brexit in the United Kingdom and Donald Trump’s election in the United States, seems certain to harden a common liberal belief: the people brought these calamities on themselves. “Ordinary citizens,” according to this view, are so irrational and ill-informed that they make terrible choices. Some go a step further and attribute to them coherent preferences for anti-democratic leaders. Indeed, a new book asserts that the problem is one of The People vs. Democracy. Den Rest des Beitrags lesen »


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The End of Little Germany?

Posted by hkarner - 6. März 2018

Sophia Besch

Sophia Besch is a research fellow at the Center for European Reform.

Germany has long enjoyed the luxury of pretending to be something it is not: a small country. Now that a new government has finally been formed, Germany must start thinking of itself as the major economic player it is, and behave accordingly – preferably before new ministers settle into old routines.

LONDON – At long last, Germany is ready to swear in a new government. After five months of political wrangling, the Social Democrats (SPD) and the Christian Democratic Union – together with the CDU’s Bavarian sister party, the Christian Social Union – have formed a government coalition. But in the process of reaching that agreement, something has shifted in German political debate.

Germany has long enjoyed the luxury of pretending to be something it is not: a small country. At the time of the election last year, there was hardly any public debate about the European Union and Germany’s role in it. Chancellor Angela Merkel’s then-comfortable lead in opinion polls confirmed her instinct that German voters did not want to be bothered with discussions about Europe’s future. And, despite being the former president of the European Parliament, then-SPD leader Martin Schulz also focused almost entirely on domestic issues. Den Rest des Beitrags lesen »


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