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SYDNEY and KUALA LUMPUR, Jun 29 2021 (IPS) - Too many have swallowed the myth that lowering corporate income tax (CIT) is necessary to attract foreign direct investment (FDI) for growth. Although contradicted by their own research, this lie has long been promoted by influential international economic institutions.
‘Beggar-thy-neighbour’ policies
The early 1980s’ economics ‘counter-revolution’ impacted the ‘Washington Consensus’ of the US federal government and the two Washington-based Bretton Woods institutions (BWIs) – the International Monetary Fund (IMF) and the World Bank.
Anis Chowdhury
Thus, the rise of ‘supply side’ economics in the US – advocating lower direct taxes on income and wealth – influenced the world. Without evidence, IMF researchers justified its policy advice thus: “The complete abolition of CIT would be the most direct application of the theoretical result that small open economies should not tax capital income.”
Public health experts and humanitarian groups are calling for money, increased vaccine production and logistical support to help developing countries where the virus is still raging
Written by rjs, MarketWatch 666The news posted last week for the coronavirus 2019-nCoV (aka SARS-CoV-2), which produces COVID-19 disease, has been surveyed and some important articles are summarized here. The articles are more or less organized with general virus news and anecdotes first, then stories from around the US, followed by an increased number of items from other countries around the globe. Economic news related to COVID-19 is found here.
Public health experts and humanitarian groups are calling for money, increased vaccine production and logistical support to help developing countries where the virus is still raging