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The fallacy of capitalism’s ‘race to the bottom’

By Filings on Mon, 04/26/21
Society & Culture
Economics
Poverty
Capitalism

“The Biden administration proposes a global minimum tax on corporations to end the ‘global race to the bottom.’ Leaving aside the wisdom of letting France tax U.S.-based corporations, this phrase recalls one of the regnant canards of our time: Capitalism inevitably lowers living standards and grinds people down into poverty.” - Acton

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