Catching Capital

Rich people stash away trillions of dollars in tax havens like Switzerland, the Cayman Islands, or Singapore. Multinational corporations shift their profits to low-tax jurisdictions like Ireland or Panama to avoid paying tax. Recent stories in the media about Apple, Google, Starbucks, and Fiat are just the tip of the iceberg. There is hardly any multinational today that respects not just the letter but also the spirit of tax laws. All this becomes possible due to tax competition, with countries strategically designing fiscal policy to attract capital from abroad. The loopholes in national tax regimes that tax competition generates and exploits draw into question political economic life as we presently know it. They undermine the fiscal autonomy of political communities and contribute to rising inequalities in income and wealth. Building on a careful analysis of the ethical challenges raised by a world of tax competition, this book puts forward a normative and institutional framework to regulate the practice. In short, individuals and corporations should pay tax in the jurisdictions of which they are members, where this membership can come in degrees. Moreover, the strategic tax setting of states should be limited in important ways. An International Tax Organisation (ITO) should be created to enforce the principles of tax justice. The author defends this call for reform against two important objections. First, Dietsch refutes the suggestion that regulating tax competition is inefficient. Second, he argues that regulation of this sort, rather than representing a constraint on national sovereignty, in fact turns out to be a requirement of sovereignty in a global economy. The book closes with a series of reflections on the obligations that the beneficiaries of tax competition have towards the losers both prior to any institutional reform as well as in its aftermath.

Rich people stash away trillions of dollars in tax havens like Switzerland, the Cayman Islands, or Singapore. Multinational corporations shift their profits to low-tax jurisdictions like Ireland or Panama to avoid paying tax. Recent stories in the media about Apple, Google, Starbucks, and Fiat are just the tip of the iceberg. There is hardly any multinational today that respects not just the letter but also the spirit of tax laws. All this becomes possible due to tax competition, with countries strategically designing fiscal policy to attract capital from abroad. The loopholes in national tax regimes that tax competition generates and exploits draw into question political economic life as we presently know it. They undermine the fiscal autonomy of political communities and contribute to rising inequalities in income and wealth. Building on a careful analysis of the ethical challenges raised by a world of tax competition, this book puts forward a normative and institutional framework to regulate the practice. In short, individuals and corporations should pay tax in the jurisdictions of which they are members, where this membership can come in degrees. Moreover, the strategic tax setting of states should be limited in important ways. An International Tax Organisation (ITO) should be created to enforce the principles of tax justice. The author defends this call for reform against two important objections. First, Dietsch refutes the suggestion that regulating tax competition is inefficient. Second, he argues that regulation of this sort, rather than representing a constraint on national sovereignty, in fact turns out to be a requirement of sovereignty in a global economy. The book closes with a series of reflections on the obligations that the beneficiaries of tax competition have towards the losers both prior to any institutional reform as well as in its aftermath.

East Capital is buried more than eight meters deep under current Kaifeng city in Henan Province of China based on archaeological evidence. As the biggest capital in the world around 1120 AD with about 1.5 million people, the book described the capital from various angles about its location, rivers, people, Emperor, royal palace, custom, festivals, honor of guards and garrison armies etc. It was one of the best books telling about the capital. It is very interesting for us to know if one opens a shop in nearby place, he only comes to your place for two to three times as your customer, then you dare to let him take liquor away from your shop with silverware costing about several hundred taels of silver as one tael of silver could buy sixty kilo rice at the moment. Everyone in his profession had to wear a uniform representing his career, even a beggar had to follow the rule. Of course if one pays attention to what you read in the book, you will know there are so many restaurants and brothels in the capital, and other many interesting things... It was translated by Liu Bin and Liu Jirong.

Taxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth and income.

Eugen von Böhm-Bawerk discusses the history and principles of interest, offering piercing critiques of failed theories and implementations from past eras. The author's investigations range as far back as antiquity and the Middle Ages; how civilizations of old dealt - or failed to deal - with interest in concept and practice. Interest is earned on existing capital, without the owner of said capital engaging in work or activity, an example being money invested in government bonds. Why this income should exist is the initial question posed, and an answer is sought through investigating several facets of the economy. Böhm-Bawerk's thesis is lengthy and meticulous, ranging across theories of production, the uses with which capital can be employed, the relevance of labor and ideas put across by scholars. He investigates the relationship of interest to debt, exploring whether interest itself is a rent on capital, and what this means in the short and long term. The author is keen to address and debunk ideas, such as the Marxist notion that the interest earned with capital is a manifestation of worker exploitation. Published in the 1880s, Böhm-Bawerk's work was among the first to tackle the subject of interest while recognizing the significance of interest rates in the modern economy. His ideas would go on to inspire future works in the Austrian School of economics, influencing later thinkers such as Friedrich Hayek who elaborated upon related economic topics.

This book publishes for the first time in English the full and expanded text of a 1905 defense speech that resulted in the remarkable acquittal of a German colonial subject, "Crown Prince" Mpundu Akwa, in a metropolitan court. Dr. Moses Levi used his speech to defend brilliantly the young Cameroonian against charges of fraud and in the process to critique the entire German colonial system. At a time when Germany's colonial project was being called into question, the trial and the defense speech were politically explosive. Moses Levi's defense speech is a courageous and fascinating document humain - one that offers broad insight into the world of colonialism, race and power at the turn of the century.

Shakespeare's largely misunderstood narrative poems contain within them an explosive commentary on the political storms convulsing his country The 1590s were bleak years for England. The queen was old, the succession unclear, and the treasury empty after decades of war. Amid the rising tension, William Shakespeare published a pair of poems dedicated to the young Earl of Southampton: Venus and Adonis in 1593 and The Rape of Lucrece a year later. Although wildly popular during Shakespeare's lifetime, to modern readers both works are almost impenetrable. But in her enthralling new book, the Shakespearean scholar Clare Asquith reveals their hidden contents: two politically charged allegories of Tudor tyranny that justified-and even urged-direct action against an unpopular regime. The poems were Shakespeare's bestselling works in his lifetime, evidence that they spoke clearly to England's wounded populace and disaffected nobility, and especially to their champion, the Earl of Essex. Shakespeare and the Resistance unearths Shakespeare's own analysis of a political and religious crisis which would shortly erupt in armed rebellion on the streets of London. Using the latest historical research, it resurrects the story of a bold bid for freedom of conscience and an end to corruption that was erased from history by the men who suppressed it. This compelling reading situates Shakespeare at the heart of the resistance movement.