If the US wants to strengthen its economic and geostrategic position versus China, it needs to apply the same free market principles that made it prosperous and powerful in the first place.
In Europe, there is no competitive market for electrical power. And since power is an important factor of production, it also means the overall marketplace is wasteful, inefficient, and sluggish.
The "trickle down" effect is real in how capitalists are motivated to expand affordability of their products and services. Mobile phones and air travel were once just luxuries enjoyed by a select few, but are now widely affordable.
The G7's quest for a global minimum corporate tax has highlighted just how much the global elites can't stand what they see as private "monopolies," but also want more monopoly power for themselves.
The "trickle down" effect is real in how capitalists are motivated to expand affordability of their products and services. Mobile phones and air travel were once just luxuries enjoyed by a select few, but are now widely affordable.
The global minimum tax rate will not hurt G7 members or large technology giants, but it will devastate small and dynamic countries that need to attract capital and investment and who cannot afford to have the tax rate of global leading nations.
When you copy the European Union, you also should know you will get European Union–style lack of growth and job creation.
Social democrats love to denounce low-tax, probusiness regimes as "neoliberal" and as places with more poverty. But the reality is that parts of Europe that embraced markets most reduced poverty while making their citizens richer.
Social democrats love to denounce low-tax, probusiness regimes as "neoliberal" and as places with more poverty. But the reality is that parts of Europe that embraced markets most reduced poverty while making their citizens richer.
The destruction of the free market, competition, and innovation may seem appealing to some now, but the likely outcome of poor employment, negative real wage growth, and stagnation should be a real cause of concern.
