The Progressive

Alan Deardorff is a professor emeritus of international economics and public policy at the University of Michigan. He joins Big Technology Podcast for a special episode on the eve of election day to discuss the difference between Donald Trump and Kamala Harris on tariffs and international trade, and whether a trade war might harm U.S. tech companies. We also debate the merits of free trade, and whether it leaves people better off. Stay tuned for the second half where we talk about Apple, Amazon, and potential currency debasement.

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Campaigning for change can feel like banging your head against a brick wall sometimes, but change is coming. On the Taxcast this month host Naomi Fowler talks us through three big tax justice wins:

First, the draft UN convention - showing exactly why the United Nations is so much better and more democratic a place for the world to truly reform international tax rules.

Second, the Financial Action Task force has announced important changes which indicate a shift away from the colonial mindset that established a system that's not working because it fails to hold the really big offender nations to account.

And third, the Australian government seems to be holding its nerve against major lobbying pressure and is getting closer to implementing its world leading country by country reporting legislation, which is superior to the one the European Union uses and the OECD advocates. It'll cast light on the genuine activities of multinationals for other nations as well, so they can tax them more fairly too.

Featuring:

Alex Cobham and Florencia Lorenzo of the Tax Justice Network

Mark Zirnsak of Tax Justice Network Australia

Further reading:

Transcript of the show (some is automated) https://podcasts.taxjustice.net/wp-content/uploads/2024/10/Transcript_Taxcast_Oct_24.pdf

UN convention draft resolution https://undocs.org/A/C.2/79/L.8

FATF changes its grey listing criteria to further focus on risk https://www.fatf-gafi.org/en/publications/Fatfgeneral/FATF-grey-listing-criteria.html

Bahamas attorney general leads Global South's push for UN tax cooperation deal https://www.batimes.com.ar/news/world/bahamas-ag-leads-global-south-push-for-un-tax-cooperation-deal.phtml

Ten Truths about Tax Havens: Inclusion and the "Liberia" Problem https://brooklynworks.brooklaw.edu/faculty/1287/

Global civil society calls on Australian senators to hold firm and deliver corporate tax transparency https://taxjustice.net/press/global-civil-society-calls-on-australian-senators-to-hold-firm-and-deliver-corporate-tax-transparency/

Our website with further information is here: https://podcasts.taxjustice.net/production/taxcast/

By now, everyone knows that private credit is a hot market. What's less known is that banks want in on it too. It's an odd state of affairs given that both these entities are in the business of making loans, so in theory they should be competing against each other. But instead we're seeing a bunch of deals, with more than a dozen big banks teaming up with private credit over the past year. So why are two seemingly natural competitors joining forces? And how much of an existential threat does private credit really pose for the banking industry? On this episode, we with speak with Huw van Steenis, vice-chair at Oliver Wyman and a long-time bank analyst at Morgan Stanley, about this new dynamic.

Read More:
The Macro Impact of the Private Credit Boom
The Black Hole of Private Credit

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Private equity is looting America by exploiting vulnerable companies and extracting profits at the expense of workers, communities, and the broader economy. They've been buying up companies in every industry in the U.S. Economy and stripping them for parts. These massive firms have vast holdings across critical industries essential to the health and well-being of everyday people. Some recent examples include private equity's role in education, utilities, housing, and even in the healthcare sector, which led to the closure of hospitals and nursing homes, endangering public health. We thought it would be a good time to revisit this episode from 2023 with Brendan Ballou, a federal prosecutor and the author of Plunder: Private Equity’s Plan to Pillage America. In this episode, he explains how we can stop private equity’s plan to pillage America.

This episode originally aired on July 25, 2023.

Brendan Ballou is a federal prosecutor and served as Special Counsel for Private Equity in the Justice Department’s Antitrust Division. Previously, he worked in private practice, and before that, in the National Security Division of the Justice Department, where he advised the White House on counterterrorism and other policies.

Twitter: @brendanballou

Further reading: 

Plunder: Private Equity’s Plan to Pillage America

The Guardian - Slash and burn: is private equity out of control?

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon, @NickHanauer, @civicaction

Instagram: @pitchforkeconomics

Threads: pitchforkeconomics

YouTube: @pitchforkeconomics

Substack: The Pitch

There was nothing inevitable or natural about the rise of US finance capitalism in the early twentieth century. 

In Dollars and Dominion: US Bankers and the Making of a Superpower, Mary Bridges shows how US foreign banking began as a side hustle of Gilded Age tycoons and evolved into a more staid, bureaucratized network for bolstering US influence overseas. The early waves of US bankers built a network of international branch banks that relied on the power of the US government, copied the example of British foreign bankers, and built new alliances with local elites.  

Overseas bank branches provided sites for experimentation in how to fuse US political will with local innovations and on-the-ground improvisation. In the process, branch bankers constructed a flexible and durable new infrastructure that supported the growth of US power abroad. 

Using details from ledger entries and other sources, Bridges shows how these branch bankers divided their local communities into groups of “us” and "them," either as potential clients or local populations. In doing so, they constructed a new architecture of US trade finance that relied on long-standing inequalities and hierarchies of privilege. Thus, ideas developed by wealthy white men became part of the enduring fabric of financial infrastructure. She also shows how bank branches could accommodate these hierarchies to make room for new ideas about serving local markets, in response to financial pressures of the 1920s and after the Great Depression cut off other avenues of growth. 

Bridges also tells the story of how US bankers created a market based on a new financial asset enabled by the Federal Reserve System called bankers' acceptance and began to collect vast amounts of foreign credit information. 

Related resources:

Author recommended reading:  

Hosted by Meghan Cochran 

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Journey through centuries of economic evolution in this captivating exploration of global trade. We begin with Hans Holbein the Younger's portrait of Georg Giese, a 16th-century Hanseatic merchant, offering a window into the pivotal role of traders in shaping early modern commerce. From there, we trace the emergence of Europe's first world economy in the 11th-13th centuries, examining how city-states rose to prominence as hubs of extensive trading networks. Our voyage continues through the era of medieval fairs, crucial centers of international trade and finance, to the establishment of permanent exchanges that marked a shift towards more sophisticated economic structures.

Through case studies of Venice, Bruges, and Antwerp, we illustrate the dynamic nature of economic power and the factors contributing to the rise and fall of trade centers. We introduce Immanuel Wallerstein's world-systems theory to provide a framework for understanding these historical developments and their relevance to contemporary global economics. As we conclude, we reflect on how this rich history informs our navigation of today's complex, interconnected world economy, facing challenges of rapid technological change, environmental concerns, and shifting geopolitical power. Join us for this enlightening journey from bustling medieval marketplaces to the intricate web of modern capitalist systems.

Resources:
Portrait of Merchant Georg Giese by Hans Holbein the Younger, 1632

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Intro Music: Hayden Symphony #39
Outro Music: Vivaldi Concerto for Mandolin and Strings in D

The rise of State Capitalism represents a seismic shift in the global economic landscape. This phenomenon, characterized by increasing government ownership and influence over the private sector, has grown rapidly since 2000. Professor Adam Dixon, co-author of 'The Spectre of State Capitalism,' provides insights into this trend and its potential impact on human prosperity.

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State Capitalism has expanded dramatically across three key areas: - Sovereign Wealth Funds (SWFs) have grown sixfold, from 30 to 176, with assets increasing from $1 trillion to $12 trillion. - State-Owned Enterprises (SOEs) in the global top 500 companies have quadrupled, with assets growing 11X to $145 trillion. - Government intervention through industrial policies and tariffs has notably increased.

Dixon identifies four state capitalist impulses: productivist, absorptive, stabilizing, and disciplinary. While the immediate impact of State Capitalism seems limited, the long-term implications could be profound. Potential risks include market distortions, reduced innovation, and geopolitical implications. However, the impact varies across different forms of State Capitalism. SWFs typically pose lower risks, often focusing on returns and managed like traditional investors. SOEs present higher risks due to potential direct state influence. Industrial policies directly intervene in free market behavior for political objectives.

Get a free copy of The Spectre of State Capitalism here: https://academic.oup.com/book/57552

State Capitalism isn't inherently negative. It has played crucial roles in stabilizing economies during crises and fostering development. However, excessive state involvement could stifle the dynamism and efficiency of free markets. The manifestation of State Capitalism varies globally. Authoritarian countries like China have more direct and extensive state involvement, while democratic countries tend towards indirect forms.

The U.S., traditionally a free-market champion, is seeing increased state involvement and discussions about a national sovereign wealth fund. Looking ahead, State Capitalism's trajectory seems set to continue, driven by economic challenges, geopolitical competition, crisis responses, and technological change. However, its impact on human prosperity remains uncertain. Historically, economic prosperity has been marked by limited direct government intervention.

To safeguard prosperity, we must remain vigilant against excessive state intervention while recognizing its potential benefits. The key lies in striking a delicate balance between harnessing the potential of State Capitalism and preserving the core strengths of free markets that have driven human progress.

Macro N Cheese brings you another twist. A couple of months ago, Steve appeared as a guest on 1Dime Radio in a two-part series that we’re now presenting as a single episode.  Tony has been on our podcast several times, now Steve is on his turf. The result is a productive meeting of the minds. He and Steve both view the world through a Marxist lens, and they both agree Marxists need MMT.  

The discussion goes into the American Revolution as they consider the possibility of democracy in a modern capitalist system. They examine bourgeois control over politics and economics. They look at the limitations of capitalism in meeting society’s vital problems and talk about the devastating effects of privatization. They compare a UBI to a program of universal basic services and agree there’s no contest.  

Tony runs the YouTube channel "1Dime" and the podcast 1Dime Radio. On his main channel, 1Dime does video essays and mini-documentaries that involve the political economy, history, geopolitics, leftist theory, and various socio-political topics. 1Dime is known most for his videos involving MMT and Marxian thought, such as "The Problem With Taxing The Rich" and "Why Billionaires Prefer Democrats."  Check out his YouTube channel, 1Dime and his podcast, 1Dime Radio, on Apple, Spotify, and most podcast platforms.  

@1DimeOfficial on Twitter