globalizatio of capital

wpc at wpc at
Thu Apr 27 03:13:03 MDT 1995

What reforms would be consistent with marxism? And which might make
common cause with say, post Keynsians? I wonder if anyone can come in?

I would suggest that reforms that restrict the free
movement of capital and which increase the propensisty
to invest in physical capital would be advantageous.

As examples of the first
	1) A 2% tax on all foreign exchange transactions
	this would greatly diminish the speculative
	flows of money capital
	2) A punitive rate of taxation on earnings from
	overseas assets

Reforms which increase propensity to invest
	1) Holding the real rate of interest to no more
	than 2.5% above the rate of inflation

	2) Changes in company law prohibiting distribution
	of dividends unless a firms non-financial assets
	have grown by some given percentage after allowing
	for stock appreciation

The objectives of these are to allow the recreation of
full employment with the consequential strengthening of
the social position of labour.

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