Shift to a multipolar world — not necessarily towards deglobalisation

 

What we are seeing is a shift to a multipolar world — not necessarily towards deglobalisation.

Capital flows at the same level in late 2023 as in 2008, the last peak.

Not all globalisation reflects good or genuine integration.

One factor boosting indices, for instance, is the growing use of offshore tax havens, as the economist Brad Setser has noted.

https://www.economicstrategygroup.org/wp-content/uploads/2024/10/Setser-Exec-Summary.pdf

Gillian Tett Financial Times 22 November 2024

https://www.ft.com/content/1cfa6b3e-16c2-41e9-a1f6-fc90afaa7a98

Gillian Tett - en av mina Gurus

https://englundmacro.blogspot.com/2020/07/gillian-tett-en-av-mina-gurus.html

What the heck is happening in the Cayman Islands?

https://englundmacro.blogspot.com/2019/10/what-heck-is-happening-in-cayman-islands.html

The U.S. government and the European Union spent the past decade changing laws and pressuring big multinationals not to book profits in offshore jurisdictions, such as the Cayman Islands, where they have no operations and pay no corporate tax. 

So now many U.S. companies are doing the next best thing: parking their international profits in low-tax Ireland.

Wall Street Journal 22 November 2024

https://www.wsj.com/world/europe/the-irish-government-is-unbelievably-rich-its-largely-thanks-to-uncle-sam-92494310

Tillbaka till Rolfs länktips 22 November 2024

https://englundmacro.blogspot.com/2024/11/rolfs-lanktips-22-november-2024.html