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Challenges 2017, 8(2), 17; doi:10.3390/challe8020017

Globalization, Inequality, Say’s Law, and Fiscal Globalism

Department of Economics, Westminster Tashkent, Tashkent 10047, Uzbekistan
Received: 30 May 2017 / Revised: 20 June 2017 / Accepted: 7 July 2017 / Published: 10 July 2017
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Abstract

This is a brief note maintaining that financial globalization has been faster than the integration of the remaining sectors of the world economy, thus encouraging wealth inequality, under-production, and under-consumption in line with Say’s Law. Financial investment has become more profitable than real investment, discouraging production ventures, and weakening labor’s relative income position and purchasing power. Moreover, this article works out a model of international government indirect tax competition as a policy means against increasing inequality. The mentality under which this tax policy paradigm is put forward is that the competition of nation states in a fiscal globalism fashion crystallizes the optimal level of centralization under globalism; optimal, that is, from the viewpoint of safeguarding against the manipulation of world markets by financiers. View Full-Text
Keywords: globalization; wealth inequality; Say’s law; fiscal globalism globalization; wealth inequality; Say’s law; fiscal globalism
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Soldatos, G.T. Globalization, Inequality, Say’s Law, and Fiscal Globalism. Challenges 2017, 8, 17.

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