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| Engelbert Stockhammer |
«Markets have proven to be unreliable means of guiding production
decisions. Investment is needed in areas such as green technologies,
housing, child care and education. In a recession much of that should be
deficit-financed to stimulate demand, but there are also areas where
taxation should be increased to guarantee a fair system. Multinational
corporations presently avoid taxation by transferring profits to tax
havens, many of them within the EU, like Luxembourg and Ireland. The
super-rich park their wealth offshore to avoid paying their legal share.
Like the financial transactions tax, these are all areas where a
European initiative would be welcome.»
