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Amazon com, Inc (NASDAQ:AMZN), Apple Inc (NASDAQ:AAPL) - EXCLUSIVE: Jan Eeckhout s The Profit Paradox Details How Lack Of Competition Warps Economies
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While it s had some ups and downs, the stock market has soared to historic heights in recent years. For many, that s great news: It s a sign the economy and their retirement accounts are doing really well. For Jan Eeckhout, however, the booming stock market is a sign there s something deeply wrong with the economy.
Sure, the economist says, he has a retirement account with stocks, and he personally benefits from the ongoing bonanza on stock exchanges. But the rocket ride of the stock market is powered by the exploding profits of increasingly powerful corporations. Their increasingly ridiculous profits, he says, are eating the income of the vast bulk of workers and hurting the overall economy. That notion is the central thesis of his forthcoming book,
Why Soaring Stocks Could Be Bad News For The Economy
at 3:30 am NPR
While it s had some ups and downs, the stock market has soared to historic heights in recent years. For many, that s great news: it s a sign that the economy and their retirement accounts are doing really well. For Jan Eeckhout, however, the booming stock market is a sign that there s something deeply wrong with the economy.
Editor s note: This is an excerpt of Planet Money s newsletter. You can sign up here.
Sure, the economist says, he has a retirement account with stocks, and he personally benefits from the ongoing bonanza on stock exchanges. But the rocket ride of the stock market is powered by the exploding profits of increasingly powerful corporations. Their increasingly ridiculous profits, he says, are eating the income of the vast bulk of workers and hurting the overall economy. That notion is the central thesis of his forthcoming book, The Profit Paradox: How Thriving Firms Threaten
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While it’s had some ups and downs, the stock market has soared to historic heights in recent years. For many, that’s great news: It’s a sign the economy and their retirement accounts are doing really well. For Jan Eeckhout, however, the booming stock market is a sign there’s something deeply wrong with the economy.
Sure, the economist says, he has a retirement account with stocks, and he personally benefits from the ongoing bonanza on stock exchanges. But the rocket ride of the stock market is powered by the exploding profits of increasingly powerful corporations. Their increasingly ridiculous profits, he says, are eating the income of the vast bulk of workers and hurting the overall economy. That notion is the central thesis of his forthcoming book,
Nicholas Shaxson
When a multinational company based in one country trades or invests overseas, fundamental tax questions arise. For example, which country gets to tax the profits from that investment? For the last century, countries have agreed some basic principles about how multinationals get taxed on their cross-border activity and a powerful international tax system has developed, overseen by the Organisation for Economic Co-operation and Development, the club of rich countries.
Unsurprisingly, this system has tended to favour the interests of rich countries. And everyone knows that multinationals use tax havens to escape tax: estimates from the International Monetary Fund and Tax Justice Network range between $250 billion and $600 billion a year in corporate tax-haven losses, with lower-income countries especially hard hit.
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