Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Project Syndicate’

Is Tech a New Frontier for Sustainability?

Posted by hkarner - 14. Dezember 2019

DaDate: 12 12 2019
Source: Project Syndicate by BERTRAND BADRÉ , PHILIPPE HEIM

Bertrand Badré, a former Managing Director of the World Bank, is CEO of Blue like an Orange Sustainable Capital and the author of Can Finance Save the World?

Philippe Heim is Deputy CEO of Société Générale.

Financial institutions must address the issue of technological sustainability, especially with regard to data, robotics, and artificial intelligence. Although these new technologies have vast potential, businesses also need to understand their risks, social impact, and ethical implications.

PARIS – Discussions about “sustainability” usually center on a company’s environmental and social commitments, and for understandable reasons. But the financial sector in particular should consider two other, less obvious, dimensions of sustainability. Regulatory sustainability is essential for addressing the systemic risk that the financial sector poses to our societies. In addition, the emerging new frontier of technological sustainability is having an increasing impact on business models and strategies. Den Rest des Beitrags lesen »

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Economic Growth Is the Answer

Posted by hkarner - 14. Dezember 2019

Date: 12‑12‑2019

Source: Project Syndicate by Michael J. Boskin

Michael J. Boskin is Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution. He was Chairman of George H. W. Bush’s Council of Economic Advisers from 1989 to 1993, and headed the so‑called Boskin Commission, a congressional advisory body that highlighted errors in official US inflation estimates. 

While rising inequality – a problem that the data suggest is real but overstated – has moved to the center of public debate, the key issue is that living standards are not improving fast enough among those who are falling behind. It is this fact that is fueling much of the political tension across advanced economies today. Den Rest des Beitrags lesen »

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Is Growth Passé?

Posted by hkarner - 12. Dezember 2019

Project Joseph E. Stiglitz

Joseph E. Stiglitz, University Professor at Columbia University, is the co-winner of the 2001 Nobel Memorial Prize, former chairman of the President’s Council of Economic Advisers, and former Chief Economist of the World Bank. His most recent book is People, Power, and Profits: Progressive Capitalism for an Age of Discontent.

Some suggest that the Paris climate agreement’s target for limiting global warming can be achieved only by stopping economic expansion. But there is ample room to change the quality of growth and significantly reduce its environmental impact without condemning billions of people to lives of deprivation.

NEW YORK – It’s clear: we are living beyond our planet’s limits. Unless we change something, the consequences will be dire. Should that something be our focus on economic growth? Den Rest des Beitrags lesen »

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Why Countries Should Tax Global Income

Posted by hkarner - 6. Dezember 2019

Ricardo Hausmann, a former minister of planning of Venezuela and former Chief Economist at the Inter-American Development Bank, is a professor at Harvard’s John F. Kennedy School of Government and Director of the Harvard Growth Lab.

More inclusive global growth in a world with free capital mobility does not require a “global” government that taxes and redistributes, but it does require global taxation and tax cooperation. Countries should be free to set their own taxes, but they should be required to share tax-relevant information.

CAMBRIDGE – If you are a citizen of a country, should you pay taxes on the income you earn only within that country’s geographical limits, or on all the money you earn, independently of where? The United States, Mexico, India, China, and Chile tax global income. Western Europe, Japan, Canada, Peru and Colombia tax territorial income. If the world moved toward global taxation and enhanced some incipient information-sharing mechanisms, the impact on inclusive growth, especially in the developing world, would be very positive.

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What Kind of Capitalism Do We Want?  

Posted by hkarner - 3. Dezember 2019

Date: 02‑12‑2019

Source: Project Syndicate by Klaus Schwab

Klaus Schwab is Founder and Executive Chairman of the World Economic Forum. 

Though the concept of „stakeholder capitalism“ has been around for a half‑century, it has only recently begun to gain traction against the prevailing shareholder‑primacy model of profit maximization. Now, advocates of a more socially conscious economic system must take steps to ensure that their vision takes hold for the long term.

GENEVA – What kind of capitalism do we want? That may be the defining question of our era. If we want to sustain our economic system for future generations, we must answer it correctly.

Generally speaking, we have three models to choose from. The first is “shareholder capitalism,” embraced by most Western corporations, which holds that a corporation’s primary goal should be to maximize its profits. The second model is “state capitalism,” which entrusts the government with setting the direction of the economy, and has risen to prominence in many emerging markets, not least China.

But, compared to these two options, the third has the most to recommend it. “Stakeholder capitalism,” a model I first proposed a half‑century ago, positions private corporations as trustees of society, and is clearly the best response to today’s social and environmental challenges. Den Rest des Beitrags lesen »

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The UK and the EU Should Prevent Mutual Assured Damage

Posted by hkarner - 3. Dezember 2019

Date: 02‑12‑2019

Source: Project Syndicate by Jean Pisani‑Ferry

Jean Pisani‑Ferry, a senior fellow at Bruegel, a Brussels‑based think tank, holds the Tommaso Padoa‑Schioppa chair at the European University Institute, and is a visiting fellow at the Peterson Institute in Washington, DC. 

Assuming Brexit happens, future historians will probably remember 2020 as the year when an enfeebled and vulnerable Europe chose to make itself feebler and more vulnerable. The task for its leaders now is to avoid making matters even worse.

PARIS – Nothing can be taken for granted in the United Kingdom these days, but it is now very likely that 2020 will be the year when Brexit finally happens. A majority of UK citizens will probably be relieved to bring this seemingly endless agony to a close, while most European leaders will likely be glad not to have to argue over another postponement. But questions will remain.

To the question of “Who lost Britain?”, the answer must be, first and foremost, Britain itself. Whatever mistakes the European Union’s other 27 members may have made, they cannot be held responsible for the extraordinary behavior of the UK’s three equally amateurish governments of the last five years. Den Rest des Beitrags lesen »

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The Billionaire Problem

Posted by hkarner - 2. Dezember 2019

Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics, and co-founder of a leading economics blog, The Baseline Scenario. He is the co-author, with Jonathan Gruber, of Jump-Starting America: How Breakthrough Science Can Revive Economic Growth and the American Dream.

Writing in the 1830s, as the Industrial Revolution gathered pace, Honoré de Balzac anticipated the broader social concern: “The secret of great fortunes without apparent cause is a crime that has been forgotten, because it was properly carried out.” But today’s billionaires make forgetting impossible.

WASHINGTON, DC – Our billionaire problem is getting worse. Any market-oriented economy creates opportunities for new fortunes to be built, including through innovation. More innovation is likely to take place where fewer rules encumber entrepreneurial creativity. Some of this creativity may lead to processes and products that are actually detrimental to public welfare. Unfortunately, by the time the need for legislation or regulation becomes apparent, the innovators have their billions – and they can use that money to protect their interests. 

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The Makings of a “Geopolitical” European Commission

Posted by hkarner - 29. November 2019

Mark Leonard is Director of the European Council on Foreign Relations.

As if incoming European Commission President Ursula von der Leyen was not already inheriting a full plate of major challenges, she has also promised to reshape the EU into a „geopolitical“ force to be reckoned with. To succeed, she will need to pass seven tests, in areas ranging from climate change to cybersecurity and competition policy.

BERLIN – On December 1, Ursula von der Leyen will finally take office as president of the European Commission. She has promised to lead a commission that will avoid a scenario in which, as French President Emmanuel Macron recently warned, Europe might “disappear geopolitically” amid an escalating Sino-American rivalry.

To be sure, the European Union has the largest market in the world, the second-highest defense spending (after the United States), 55,000 diplomats, and the world’s largest development-assistance budget. But these strengths are constrained by the fragmentation of European power both between and within member states and EU institutions. While China and the US are both adept at integrating geopolitics with their economic interests, the EU stubbornly acts as if these were separate agendas. Den Rest des Beitrags lesen »

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Can Hong Kong Avoid Tragedy?

Posted by hkarner - 28. November 2019

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission. His latest book is From Asian to Global Financial Crisis.

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor and Director of the Research Institute of Maritime Silk-Road at Peking University HSBC Business School.

To protect their own futures, the people of Hong Kong must reflect carefully on the need to end violent protests and work together to address genuine grievances. The alternative is not some fantasy of an independent and thriving Hong Kong. It is a devastated economy, a divided society, and a lost generation.

HONG KONG – Nearly six months after they began, the protests in our city have reached fever pitch. On one particularly devastating day earlier this month, police fired more than 1,500 rounds of tear gas, a police officer shot a demonstrator at point-blank range while being attacked, and protesters immolated a man who disagreed with them. More than 4,000 people have been arrested, infrastructure has been destroyed, and the economy has sunk into recession. And for what?

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The Power of Green Public Finance

Posted by hkarner - 28. November 2019

Werner Hoyer

Werner Hoyer is President of the European Investment Bank.

In addition to visionary leadership and a mobilization of businesses, citizens, and civil-society groups, confronting climate change will require massive investments. We cannot count on governments alone to put up the money; rather, we must use public finance to leverage the power of private capital.

LUXEMBOURG – Policymakers and pundits have been wringing their hands over the crises afflicting the European Union, arguing that it is falling behind in confronting major threats to its long-term survival. Yet on the issue of climate change, nothing could be further from the truth. In mid-November, EU member states demonstrated that they can unite behind a shared vision of a low-carbon future. And European institutions are already leading the fight against climate change at the global level. Among these, the European Investment Bank will now be playing an even greater role as an instrument for decarbonizing the economy and limiting global warming to well below 2°C above pre-industrial levels.

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