Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Warren’

Elizabeth Warren’s many plans would reshape American capitalism

Posted by hkarner - 26. Oktober 2019

Date: 24-10-2019
Source: The Economist

For better and for worse

In 1936 Franklin Delano Roosevelt said of the big businesses lining up against his re-election: “They are unanimous in their hate for me—and I welcome their hatred.” Elizabeth Warren, who is seeking the Democratic nomination in next year’s presidential election, takes a similar approach. After a cable news personality reported that executives of big companies are anxious about the possibility of a Warren presidency, she tweeted: “I’m Elizabeth Warren and I approve this message.”

Ms Warren, a former professor at Harvard who is currently a senator for Massachusetts, is offering Democratic primary voters a menu as ambitious as anything seen since FDR’s New Deal: a fundamental reworking of American capitalism. It is going down well. In The Economist’s average of public-opinion polls, as of October 23rd, Joe Biden has just a narrow lead over Ms Warren. Her support stands at 24%, the former vice-president’s at 25% (see chart 1). Betting markets rank her the clear favourite, with a nearly 50% chance of grasping the nomination. Polls pitting her against President Donald Trump see her beating him.

Ms Warren has been fishing for primary support in many of the same pools as Bernie Sanders, a senator for Vermont. But there is a sharp ideological distinction between them. Mr Sanders calls himself a “democratic socialist”; he talks of class struggle and wants workers to own 20% of big companies. This resonates with much of the old left, and has support from new leftists such as Alexandria Ocasio-Cortez, a representative from New York. Ms Warren, in contrast, proclaims herself “a capitalist to my bones”. Mr Sanders would never say, as Ms Warren did last year, “I love what markets can do…They are what make us rich, they are what create opportunity.” Den Rest des Beitrags lesen »

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Elizabeth Warren’s Trade Makeover

Posted by hkarner - 11. August 2019

Dani Rodrik, Professor of International Political Economy at Harvard University’s John F. Kennedy School of Government, is the author of Straight Talk on Trade: Ideas for a Sane World Economy.

Senator Elizabeth Warren’s plan is not inherently protectionist. But if it occasionally requires some degree of trade protection – to shield labor, local communities, the tax regime, or environmental rules – it would be because there is a domestic program worth protecting.

CAMBRIDGE – US Senator Elizabeth Warren’s new trade plan solidifies her credentials as the Democratic presidential candidate with the best policy ideas. United States trade policy has long been shaped by corporate and financial interests, enriching those groups while contributing to the erosion of middle-class earnings and undermining many local communities. Warren’s plan represents a radical reimagining of trade policy in the interests of society at large. 

As Warren points out, we live in a world where import tariffs are for the most part already quite low. Trade negotiators today spend most of their time arguing not about import taxes and other barriers at the border, but about behind-the-border regulations such as intellectual property rules, technical standards, industrial policies, and the like. Contemporary trade agreements seek “deep integration” rather than “shallow integration,” to use a distinction coined by my Harvard colleague Robert Lawrence.Deep integration can foster greater levels of international trade and investment, but it is also more intrusive on domestic social bargains. It places constraints on countries’ tax and regulatory policies, and on their ability to uphold their own social and labor standards. Den Rest des Beitrags lesen »

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Elizabeth Warren, saviour of capitalism

Posted by hkarner - 23. Juni 2019

Date: 22-06-2019
Source: The Economist: Lexington

The senator from Massachusetts’s strong primary campaign suggests that ideas still matter

There is a revealing tradition of apostasy in American politics. Ronald Reagan’s disingenuous claim never to have left the Democratic Party (“It left me”) helped him woo millions of blue-collar Democrats. Hillary Clinton’s decision to downplay her early Republicanism, by contrast, signalled her lack of ambition to win votes from the other side. That Donald Trump switched camps at least five times before entering the Republican primary suggested his disloyalty to any party. Elizabeth Warren’s gravitation from right to left, and the use she is making of it in her increasingly fancied presidential campaign, is another telling case.

Unlike Mrs Clinton, she is leaning into her Republican past. Her stump speech, which Lexington heard in a sun-dappled New Hampshire garden last week, opens with a description of her conservative upbringing in Oklahoma: her three brothers in uniform, her frugal parents. It testifies to her experience, rare in a former Harvard law professor, of working-class concerns and the heartland, even if she escaped both long ago. Yet she remained a registered Republican into her late 40s. Den Rest des Beitrags lesen »

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Warum der Kapitalismus den Populismus braucht

Posted by hkarner - 8. Mai 2019

Raghuram G. Rajan, Governor of the Reserve Bank of India from 2013 to 2016, is Professor of Finance at the University of Chicago Booth School of Business and the author, most recently, of The Third Pillar: How Markets and the State Leave the Community Behind.

CHICAGO – In den Vereinigten Staaten stehen die großen Konzerne unter Beschuss. Amazon hat seine Pläne für ein neues Hauptquartier im New Yorker Stadtteil Queens angesichts starker lokaler Widerstände aufgegeben. Lindsey Graham, republikanischer US-Senator für den Bundesstaat South Carolina, äußerte Bedenken hinsichtlich der unangefochtenen Marktposition von Facebook während seine demokratische Senatskollegin Elizabeth Warren aus Massachusetts die Zerschlagung des Unternehmens forderte. Warren hat außerdem einen Gesetzesentwurf vorgelegt, wonach 40 Prozent der Sitze in den Unternehmensvorständen den Arbeitnehmern vorbehalten sein sollen.

Solche Vorschläge mögen im Land des freien Marktkapitalismus deplatziert erscheinen, aber genau diese Debatte ist in Amerika notwendig. Während der gesamten Geschichte des Landes waren es die Kritiker des Kapitalismus, die sein reibungsloses Funktionieren sicherstellten, weil sie gegen die Konzentration wirtschaftlicher Macht und den damit verbundenen politischen Einfluss kämpften. Wird die Wirtschaft von wenigen Konzernen beherrscht, schließen sich diese unweigerlich mit den Instrumenten der staatlichen Kontrolle zusammen und bilden so eine unheilige Allianz zwischen den Eliten des privaten und des öffentlichen Sektors.  Genau das passierte in Russland, das nur auf dem Papier demokratisch und kapitalistisch ist. Den Rest des Beitrags lesen »

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Elizabeth Warrens große Ideen zu Big Tech

Posted by hkarner - 3. April 2019

Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in Financial Economics, was the chief economist of the International Monetary Fund from 2001 to 2003. The co-author of This Time is Different: Eight Centuries of Financial Folly, his new book, The Curse of Cash, was released in August 2016.

CAMBRIDGE – US-Senatorin und Präsidentschaftskandidatin Elizabeth Warren hat einen Angriff auf die großen Technologie-Unternehmen – darunter Facebook, Google, Amazon und Apple – gestartet und legt dabei ein Maß an Mut und Klarheit an den Tag, das sich schwer überbetonen lässt. Warrens Vorschläge laufen auf ein völliges Umdenken bei der ungemein freizügigen Fusions- und Übernahmepolitik der USA der vergangenen vier Jahrzehnte hinaus. Dabei sind die großen Technologie-Unternehmen lediglich das Paradebeispiel für die deutliche Zunahme der Monopol- und Oligopolmacht in breiten Teilen der amerikanischen Volkswirtschaft. Obwohl nach wie vor alles andere als klar ist, worin die beste Vorgehensweise besteht, , das etwas passieren muss – insbesondere was die Fähigkeit der großen Technologie-Unternehmen angeht, potenzielle Wettbewerber aufzukaufen und ihre Plattformdominanz zu nutzen, um andere Geschäftsfelder zu erschließen. Den Rest des Beitrags lesen »

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Elizabeth Warren Calls for Breakup of Amazon, Google, Facebook

Posted by hkarner - 10. März 2019

Date: 09-03-2019
Source: The Wall Street Journal

Democratic presidential hopeful puts spotlight on antitrust in tech industry ahead of 2020 campaign

Sen. Elizabeth Warren called for ‘big, structural changes to the tech sector to promote more competition.’

Sen. Elizabeth Warren, the Massachusetts Democrat running for president, on Friday called for the breakup of Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc., taking an aggressive populist stance against some of the nation’s most powerful companies.

“Today’s big tech companies have too much power—too much power over our economy, our society and our democracy,” Ms. Warren said in an online post. “They’ve bulldozed competition, used our private information for profit and tilted the playing field against everyone else. And in the process, they have hurt small businesses and stifled innovation.”

“My administration will make big, structural changes to the tech sector to promote more competition—including breaking up Amazon, Facebook, and Google,” Ms. Warren said.

The companies didn’t respond to requests for comments on the senator’s proposal. Den Rest des Beitrags lesen »

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The Trouble With Taxing Wealth

Posted by hkarner - 8. März 2019

Date: 07-03-2019
Source: The Wall Street Journal By Greg Ip

Elizabeth Warren’s proposed tax on net worth seems like a nearly surgical strike at inequality, but it may not be efficient

Massachusetts Sen. Elizabeth Warren has proposed a tax of 2% on net worth above $50 million and 3% above $1 billion.

Around the world, governments in recent decades have sought to lighten the burden on capital by reducing taxes on dividends, capital gains, corporate profits and wealth. The motivation is straightforward: more capital means more investment, higher productivity and faster growing wages. Capital is also highly mobile: Tax it too much, and it will go elsewhere, undermining growth.

Massachusetts senator and Democratic presidential contender Elizabeth Warren has broken with that consensus by proposing a tax of 2% on net worth above $50 million and 3% above $1 billion. It may never be enacted; yet in spirit it marks a historic pivot in the focus of capital taxation, from growth to inequality.

While there is no “right” level of inequality, it stands near historic highs and Democrats are unified in wanting to reduce it. Taxing wealth is an immensely appealing, nearly surgical strike at its most glaring manifestation. Yet it may not be an efficient response. Den Rest des Beitrags lesen »

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The Real Cure for Economic Insecurity

Posted by hkarner - 18. Januar 2019

Date: 17-01-2019
Source: The Wall Street Journal By The Editorial Board
Subject:Liberal economists admit they were wrong about the ‘gig economy.’

‘The gig economy is simply the next step in a losing effort to build some economic security in a world where all the benefits are floating to the top 10%.” So declared Democratic Sen. Elizabeth Warren in 2016 amid an explosion of start-ups that facilitate freelancing by connecting workers with customers.

Ms. Warren was echoing a liberal lament that jobs now come with fewer protections and benefits. Democrats cited a 2016 study by liberal economists Lawrence Katz and Alan Krueger that purportedly showed a 50% increase in non-traditional work such as independent contracting and temporary jobs over a decade. Last week Messrs. Katz and Krueger walked back their findings. Turns out a stronger economy has produced more steady jobs, and Obama-era regulations may have made workers worse off. Den Rest des Beitrags lesen »

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Banken müssen „eigene Aufräum- und Umbauarbeiten abschließen“

Posted by hkarner - 13. Dezember 2016

13.12.2016 | 08:40 |  (DiePresse.com)

Ein Spitzenmanager der Deutschen Bank prophezeit in nicht allzu ferner Zukunft grenzüberschreitende Zusammenschlüsse in der gebeutelten Bankbranche.

Deutschlands größte Bank müsse zunächst beweisen, dass sie bei Kosten und Rendite vorankomme und ihre Strategie effizient umsetze, sagte Alasdair Warren, Chef des Investmentbankings in Europa, dem Nahen Osten und Afrika, dem „Handelsblatt“ (Dienstagsausgabe). Das stehe auch im kommenden Jahr im Mittelpunkt. „Aber wenn wir einmal unser Ziel erreicht haben, kann ich mir durchaus Szenarien vorstellen, in denen wir Teil einer internationalen Konsolidierung sein könnten.“ Den Rest des Beitrags lesen »

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The Republican Bankruptcy Illusion

Posted by hkarner - 1. August 2016

Photo of Simon Johnson

Simon Johnson

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 James Kwak, of White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You.

JUL 31, 2016, Project Syndicate

WASHINGTON, DC – There is now near-unanimity that the United States’ Dodd-Frank financial reform legislation, enacted in 2010, did not end the problems associated with some banks being “too big to fail.” When it comes to proposed solutions, however, no such consensus exists. On the contrary, financial regulation has become a key issue in November’s presidential and congressional elections.

So who has the more plausible and workable plan for reducing the risks associated with very large financial firms? The Democrats have an agreed and implementable strategy that would represent a definite improvement over the status quo. The Republican proposal, unfortunately, is a recipe for greater disaster than the US (and the world) experienced in 2008.

On the Democratic side, Hillary Clinton’s campaign materials and the party platform point to a detailed plan to defend Dodd-Frank and to go further in terms of pressing the largest firms to become less complex and, if necessary, smaller. Banks must also fund themselves in a more stable fashion. If Clinton wins, she will draw strong support from Congressional Democrats – including her rival for the Democratic nomination, Bernie Sanders, and his fellow senator, Elizabeth Warren – when she pushes in this direction. Den Rest des Beitrags lesen »

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