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An economist has called for the creation of a global tax authority as a way of tackling worldwide wealth inequality.
In a new book, Professor Photis Lysandrou of City, University of London argues a powerful international body is essential because the current financial system is geared towards more wealth concentration and further financial crises.
Commodity - Global - Commodity - System - Century
Commodity: The Global Commodity System in the 21st Century says the new authority should be given powers to coordinate national tax regimes and to implement a tax on global wealth that would target high-net-worth individuals, especially those with net asset holdings of $30 million and above.
Professor Lysandrou argues the body could recoup large amounts of money that are lost through tax avoidance, and governments could then invest this money in projects and services that have a positive impact on jobs and wages.
Statistics - Inequality - Evidence - Points - Need
He said: "The statistics about global inequality are horrific. All the evidence I have seen points inexorably to the need for a global tax authority. This would be a supranational body composed of tax experts nominated by the world's national governments that is vested with the power of authority in the realm of taxation."
Commodity looks at the global financial crisis from an original perspective that views the international commodity system as a newly operational totality which includes government capacity as well as private capacities, financial securities and material goods and services.
Book - Wealth - Inequality - System - Crises
The book claims wealth inequality caused by this system will lead to repeated financial crises, unless a new set of international institutions is created to control...
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