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E-raamat: Neoliberalism 2.0: Regulating and Financing Globalizing Markets: A Pigovian Approach for 21st Century Markets

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  • Ilmumisaeg: 26-Jan-2016
  • Kirjastus: Palgrave Macmillan
  • Keel: eng
  • ISBN-13: 9781137535566
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Neoliberalism 2.0: Regulating and Financing Globalizing Markets: A Pigovian Approach for 21st Century MarketsSuurem pilt
  • Formaat: PDF+DRM
  • Ilmumisaeg: 26-Jan-2016
  • Kirjastus: Palgrave Macmillan
  • Keel: eng
  • ISBN-13: 9781137535566
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In today's increasingly globalized environment, many economic fundamentals need to be reconsidered in order to regain stability in the global marketplace. One such consideration is the failing dynamics of the international tax infrastructure.

Neoliberalism 2.0 brings a 21st century assessment of the Pigovian taxes, considering a completely new calibration of the international tax systems, inspired by the historically developed Pigovian tax model. The book considers the impact neoliberalism had and will have on regulatory infrastructure, democracy in an era of globalization and reduced legitimation of the national state. The Pigovian model brings home the often forgotten relationship between taxation (as a part of the regulatory sphere), macro-economics, and the political-philosophical context in which law and economics emerge. The model also takes into account the phenomena of globalization and financialization and is tested using the financial sector as an example. This book addresses the many challenges a Pigovian shift would imply for the sovereign and its national economies.

Neoliberalism 2.0 demonstrates the ability to design a paradigm-changing alternative to the current tax infrastructure, while taking into account a low economic growth environment of the future, the implications of globalization and the changing relationship between citizens and their state.
List of Tables
x
1 Introduction
1(18)
1.1 An initial survey
1(3)
1.2 The taxation perspective
4(1)
1.3 The neoliberal context and the rule of law
5(3)
1.4 Rising inequality despite progressive tax systems
8(3)
1.5 Sequencing the topics and justification of the research statement
11(8)
2 Liberalism versus Neo-Neoliberalism
19(58)
2.1 Introduction
19(1)
2.2 Dissecting liberalism
20(23)
2.2.1 Constituting principles and (soft) demarcation lines
20(4)
2.2.2 Classifications
24(3)
2.2.3 Classical liberalism
27(7)
2.2.4 Social liberalism
34(3)
2.2.5 Libertarianism
37(6)
2.3 Positioning neoliberalism and the objective of the free market
43(19)
2.3.1 Historical dimensions
44(1)
2.3.2 Classical neoliberalism
45(2)
2.3.3 Stages in the emergence of neoliberalism
47(6)
2.3.4 The neoliberal conception of freedom
53(2)
2.3.5 Evaluation
55(7)
2.4 The problematic relation between the state and the free market
62(5)
2.5 How neoliberalism differs from liberalism: a re-visitation of the past
67(4)
2.6 Neoliberalism and the rule of law
71(5)
2.7 Interim conclusion
76(1)
3 Changing Sovereignty, Democracy, Individual Freedom, and the Evolving Dynamics of Taxation in a Modern Neoliberal State within Europe
77(62)
3.1 Introduction
77(1)
3.2 Development of the nation state
77(10)
3.2.1 (Historical) connection between state-sovereignty and legitimacy
79(1)
3.2.2 The historical dimensions and role of taxation
80(2)
3.2.3 Sovereignty dynamics
82(4)
3.2.4 Application of those principles in a 21st century characterized by globalization
86(1)
3.3 The role of individual freedom: a back-test against neoliberalism
87(27)
3.3.1 The different dimensions of freedom
88(1)
3.3.1.1 Negative freedom
88(1)
3.3.1.2 Positive freedom
88(1)
3.3.2 The libertarian concept of freedom
89(3)
3.3.3 The concept of freedom and the dynamics of a modern welfare state
92(2)
3.3.4 Freedom and the neoliberal state
94(4)
3.3.5 Fear, democracy, and the neoliberal individual
98(2)
3.3.6 The neoliberal state infrastructure and neoliberal freedom
100(3)
3.3.7 Controlled freedom as ideology
103(4)
3.3.8 Characterization of neoliberal freedom
107(1)
3.3.9 Neoliberal individuals and their relation to the democratic sovereign
108(6)
3.4 Future dynamics of democracy in a (post)-neoliberal state
114(22)
3.4.1 The problem lies within the constituting elements of democracy
116(3)
3.4.2 Democracy and partial regional sovereignty
119(1)
3.4.2.1 Democracy implications of EU membership
119(2)
3.4.2.2 Democracy implications of EMU 2.0 membership
121(4)
3.4.3 The issue of legitimacy in Europe
125(3)
3.4.4 Democratic legitimacy in a non-optimal currency area (EMU 2.0)
128(8)
3.5 Interim conclusion
136(3)
4 Constructing an Alternative Tax Model against the Background of a Changing (Tax) Sovereignty Paradigm within the EU
139(81)
4.1 Introduction
139(1)
4.2 Evolving tax sovereignty
140(8)
4.2.1 Historical dimensions
140(2)
4.2.2 The EU dimension
142(1)
4.2.3 The EU's involvement in direct tax matters
143(3)
4.2.4 Colliding principles: fiscal sovereignty of member states and the direct effect of EU law
146(2)
4.3 Internationalization and digitalization affecting tax matters
148(1)
4.4 The nature of the willingness to pay taxes
149(1)
4.5 Increasing instrumentalism and legitimacy in tax matters
150(3)
4.6 Final observations regarding contemporary income tax-based systems
153(3)
4.7 The Pigovian tax model
156(32)
4.7.1 Introduction
156(3)
4.7.2 Pigou's original position and its evolution
159(3)
4.7.3 Critiques of the Pigovian model
162(1)
4.7.3.1 Measurement
162(3)
4.7.3.2 What externalities to capture?
165(2)
4.7.3.3 Reciprocity and individual property rights
167(4)
4.7.3.4 A continual point of contention: non-linear harm
171(1)
4.7.3.5 Specific versus general balance analysis
171(4)
4.7.4 Effects in the short term versus long term of Pigovian taxes and the double dividend hypothesis
175(1)
4.7.4.1 Longevity of Pigovian taxes
175(1)
4.7.4.2 The double dividend hypothesis
176(5)
4.7.5 Do Pigovian taxes cause deadweight loss or do they hamper economic growth?
181(3)
4.7.6 Pigovian taxes and the ability-to-pay principle
184(3)
4.7.7 Pigovian tax credits
187(1)
4.8 The concept and pricing of an externality
188(11)
4.8.1 Introduction
188(1)
4.8.2 The problem of variation in marginal social cost
189(2)
4.8.3 Is it possible to refine the distribution of marginal social costs?
191(6)
4.8.4 The pricing of externalities
197(2)
4.9 Alternatives to and derivatives of the Pigovian model
199(3)
4.10 Cataloging of externalities
202(5)
4.11 The neoliberal approach to externalities
207(6)
4.11.1 Introduction
207(1)
4.11.2 Historical evolution of neoliberal thinking
207(2)
4.11.3 A new paradigm
209(4)
4.12 The neoliberal individual and Pigovian taxes
213(3)
4.13 Interim conclusion
216(4)
5 Applying Pigovian Taxes on a Regional Basis: The Quest for a Normative Model
220(31)
5.1 Introduction
220(5)
5.2 The dynamics of regional economies and economic development
225(7)
5.2.1 The anchors of regional economic development
225(2)
5.2.2 Deeper economic integration in the EU
227(1)
5.2.3 Factors determining the level of economic integration in an economic zone
228(2)
5.2.4 Measuring economic integration
230(2)
5.3 The Heckscher-Ohlin model
232(9)
5.3.1 Introduction
232(1)
5.3.2 Fundamentals and mechanics of the model
232(1)
5.3.2.1 The H--O model and Ricardo's comparative advantage
233(1)
5.3.2.2 Assumptions of the H--O model
234(2)
5.3.2.3 Mechanisms of the H--O model
236(5)
5.4 Evaluation
241(8)
5.4.1 General evaluation of the H--O model
241(1)
5.4.2 Evaluation of the H--O model in the context of Pigovian taxes
242(1)
5.4.2.1 Initial findings
242(1)
5.4.2.2 The paradigm of Pigovian taxes in a regional context
242(5)
5.4.3 Expanding the catalog of externalities
247(1)
5.4.4 Policy implications and opportunities
248(1)
5.5 Interim conclusion
249(2)
6 A Pigovian Approach in a Globalizing Financial Industry
251(74)
6.1 Introduction
251(2)
6.2 The financial sector and its regulatory straitjacket
253(2)
6.3 Neoliberalism and the banking sector
255(2)
6.4 The financial sector and taxation
257(5)
6.4.1 The Dutch bank tax
259(2)
6.4.2 The financial transaction tax
261(1)
6.5 Externalities in the financial sector and the options to address
262(11)
6.5.1 Externalities in the financial sector
262(1)
6.5.1.1 The DNA of a bank and its externality-causing activities
262(1)
6.5.1.2 Options to address externalities in the financial sector
263(2)
6.5.2 Evaluation of bank taxation models and expected outcome
265(4)
6.5.3 Inadequacy of the current bank levies
269(1)
6.5.3.1 Financial transaction tax
269(3)
6.5.3.2 Bonus tax and general bank levies
272(1)
6.6 A Pigovian tax model for the financial industry
273(28)
6.6.1 Introduction
273(1)
6.6.2 Taxing systemic risk in the FI industry
274(1)
6.6.2.1 Conceptualization of systemic risk
274(2)
6.6.2.2 The definition of a systemically important FI (SIFI)
276(1)
6.6.2.3 Taxing systemically important FIs
277(7)
6.6.3 Taxing firm-specific risk in the FI industry
284(1)
6.6.3.1 Credit (risk) transformation
285(2)
6.6.3.2 Maturity (or duration) risk transformation
287(2)
6.6.3.3 Risk transformation
289(3)
6.6.3.4 Liquidity exposure in the FI sector
292(5)
6.6.3.5 Leverage-induced externalities
297(4)
6.6.3.6 Volatility-inducing externalities
301(1)
6.7 Pigovian taxes and the shadow banking industry
301(11)
6.7.1 Introduction
301(3)
6.7.2 Securitization
304(3)
6.7.3 The repo market and securities lending
307(3)
6.7.4 Rehypothecation and collateral lending
310(2)
6.7.5 Shadow banking as market-based financing
312(1)
6.8 Pigovian taxes as a macro-prudential tool
312(6)
6.8.1 Introduction
312(1)
6.8.2 Managing credit booms and busts
313(2)
6.8.3 Managing (cross-border) capital flows
315(3)
6.9 Financialization as the neoliberal tool to penetrate non-economic spheres of life
318(4)
6.10 Interim conclusion
322(3)
7 Conclusions
325(22)
7.1 Initial considerations
325(3)
7.2 The (Pigovian) tax dimension in a neoliberal state infrastructure
328(4)
7.3 The research questions
332(4)
7.4 The financial industry and Pigovian taxes in a globalizing world
336(3)
7.5 The European dimension in this study
339(2)
7.6 Redefining the role of taxation going forward
341(3)
7.7 Scope for further research
344(1)
7.8 Signing off
345(2)
Notes 347(155)
Index 502
Luc Nijs is the founder, chairman and group CEO of The Talitha Group, a global merchant banking group and global investment holding. Before founding The Talitha Group he held positions at Arthur Andersen and Deloitte. Luc also provides advisory, executive coaching and financial training for corporations, investment funds and financial institutions and is active in over 160 countries worldwide on a wide array of strategy, investments and capital allocation issues.

Luc has held academic positions in international taxation, finance and capital markets at UAMS/IPO (Belgium), Instituto de Empresa (Spain) and most recently the Aizkraukles Banka Chair in investment banking, private equity and entrepreneurial finance at the Riga Graduate School of Law (Latvia). Luc's previous titles include the best-selling book Shaping Tomorrow's Marketplace: Investment Philosophies for Emerging Markets and a Semi-Globalized World, Mezzanine Finance: Tools, Applications and Total Return, and The Handbook of Global Agricultural Markets. Luc is fluent in Dutch, French, German, English, Spanish and Portuguese and is competent in Mandarin and Russian.
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