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What actions have governments taken to offset negative effects?
The government taken offset on negative effects of globalization by gradually shifting toward the left. [ [ After three years in which his administration coddled corporate lobbyists, he has finally begun to emphasize the need for the rich to pay more taxes. This has come late in his term, and he might well continue to favor the rich and Wall Street in exchange for campaign contributions in 2012,
but there is a glimmer of hope that Obama will defend a fairer budget policy. CommentsSeveral European governments, including Spain, Denmark, and Greece, also seem to be moving in the same direction. Spain recently imposed a new wealth tax on high-net-worth taxpayers. Denmark elected a center-left government committed to higher government spending financed by new taxes on the rich. And Greece has just voted for a new property tax to help close its yawning fiscal deficit. Comments The European Commission has also called for a new Financial Transactions Tax (FTT) to raise around $75 billion per year. The Commission has finally agreed that Europe’s financial sector has been under-taxed. The new FTT might still face political opposition in Europe, especially in the United Kingdom, with its large and influential banking sector, but at least the principle of greater tax fairness is high on the European agenda. ] ]
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