Gn – going the right way

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Joseph Stiglitz. amongst others, has contributed to a series of economic recommendations to the G8 called the Shadow Gn. High on the list of recommendations:

To reverse the trend in distribution, and hence to contribute to sustaining aggregate demand in the medium-to-long term, it is proposed as follows.

1- To increase the progressivity of the tax system, in particular for high and very high incomes. This should happen in a coordinated way to avoid excessive movement of highly-skilled workers.

2- Fight against tax heavens β€” in distinguishing between low tax cooperative jurisdictions and others β€” and, in general, increase the resources devoted to fighting tax evasion and lack of information sharing.

3- Introduce some sort of cooperation among countries to avoid tax competition, wage deflation and social dumping, the modern versions of beggar-thy-neighbour policies which were common in the 1930s.

Compromise language is apparent.

But the sentiment is good.

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