The financial sector is hailed as the crowning glory of the UK economy. But as it blooms, everything else withers. This is true wherever the financial sector becomes dominant in the economy, similar to what happens in an oil rich nation.
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Economics
Michael Pettis: 5 Smart Reasons to Tax Foreign Capital
A bipartisan bill that would create a trade-balancing exchange rate for the dollar also aims to reduce foreign purchases of certain U.S. assets. Read here
Austerity
Desmond Cohen – Not in it together: the distributional impact of austerity
Are people being taxed fairly? Not in Britain. New data reveals how the tax and benefit changes made since 2010 have disproportionately fallen on the poorest, ethnic minorities, women, children and the disabled. Read here
Economics
Bill Mitchell: The Left propaganda that the state is powerless – continues
Bill Mitchell takes a recent article in The Guardian, Rana Dasgupta – The demise of the nation state, to debunk the leftist denigration of the national state as an essential instrument in pushing back neo-liberalism. […]
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