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UN Leadership Necessary for Fairer Tax Cooperation

SYDNEY and KUALA LUMPUR, Apr 1 2021 (IPS) - Illicit financial flows (IFFs) hurt all countries, both developed and developing. But poor countries suffer relatively more, accounting for nearly half the loss of world tax revenue. IFFs refer to cross-border movements of money and other financial assets obtained illegally at source, e.g., by corruption, smuggling, tax evasion, etc. This often involves trade mis-invoicing and transnational corporations’ (TNCs) transfer pricing via ‘creative’ accounting or book-keeping. Jomo Kwame Sundaram Staggering revenue losses About US$500–600 billion in corporate tax revenue is lost yearly to TNCs shifting profits to low-, or no-tax ‘havens’. These often involve fictitious ‘paper’ transactions at inflated prices among subsidiaries to ‘move’ profits out of the country where a TNC actually does business and makes profits, to tax havens where they pay much less, often little or no tax.

Monthly Review | April 2021 (Volume 72, Number 11)

Paul Blackledge’s “Engels’s Ecologically Indispensable if Incomplete Dialectics of Nature” in this issue was written in commemoration of the bicentennial of Frederick Engels’s birth (see also the articles by John Bellamy Foster and Kaan Kangal in the November 2020 issue). Blackledge’s review is notable in addressing Engels’s dialectics in the context of the rediscovery of Engels as an ecological thinker. The ecological character of Engels’s work is evident from his earliest writings. Further, Engels was a major contributor to the development of social epidemiology. The central thesis of his classic work on the Condition of the Working Class in England, written in 1844–45 while he was still in his early twenties, was that bourgeois society promoted what he called “social murder,” a concept he took from the literature of the Chartist movement. Examining the higher mortality, morbidity, disability, and disease in working-class districts, and the causes of this

IMF, World Bank Must Urgently Help Finance Developing Countries

IMF, World Bank Must Urgently Help Finance Developing Countries
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IMF, World Bank Must Urgently Help Finance Developing Countries

IMF, World Bank Must Urgently Help Finance Developing Countries
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