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applegrove

(118,022 posts)
Tue Jan 22, 2019, 02:44 AM Jan 2019

France Is Trying to Reinvent Global Capitalism

France Is Trying to Reinvent Global Capitalism

William Horobin

https://www.bloomberg.com/news/articles/2019-01-22/france-seeks-to-reinvent-global-capitalism-with-g-7-presidency?utm_medium=social&cmpid=socialflow-twitter-business&utm_source=twitter&utm_content=business&utm_campaign=socialflow-organic

"SNIP....

There’s also the fact that the G-7 doesn’t have the economic sway it once had. Growth in China and other Asian nations means the group’s share of global gross domestic product has fallen to around 30 percent from over 50 percent at the start of the 1990s. The Indian economy is set to overtake France in size this year and continue growing faster in years to come, IMF forecasts show.

France’s primary objective for the financial track of the G-7 in 2019 is to get companies to pay more tax, in part with the creation of a minimum tax. Such a baseline, Le Maire says, would stop big companies booking profits in tax havens or low-tax jurisdictions.

The minister said companies with market capitalization larger than the GDP of most countries also pose a growing economic and political challenge to the world order. The G-7 should address this issue, he said, without giving details of what steps could be taken.

.....SNIP"

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France Is Trying to Reinvent Global Capitalism (Original Post) applegrove Jan 2019 OP
Nice idea in theory, but it needs all the major economies to cooperate on it muriel_volestrangler Jan 2019 #1

muriel_volestrangler

(101,155 posts)
1. Nice idea in theory, but it needs all the major economies to cooperate on it
Tue Jan 22, 2019, 07:58 AM
Jan 2019

without any saying "no, we'll just be a tax haven, thanks". Or those that do cooperate would have to sanction those that don't. That wouldn't work against a large country - certainly not the USA under Trump, but even mid-sized countries might be able to say "you can't afford to cut our contribution to the global economy out of the system over tax rates".

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