The Case for a New Bretton Woods. Kevin P. Gallagher

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СКАЧАТЬ footloose finance, and favors rent-seeking interests in fossil fuels, banking, and pharmaceuticals, to name a few. Under its watch, corporate profits have soared as the labor share of global income has declined. Given this, the most important reform will be to introduce a competition body into the trading system to tame market concentration and ensure that the system does not favor outsized firms – while rolling back the investment and intellectual property rules that currently favor those firms. We will need to dramatically increase tariffs on fossil fuels and drop fossil fuel subsidies, while shifting to low tariffs and high subsidies for green energy and industry. There will also need to be financing for those communities, entrepreneurs, and supply chains stranded in the transition, and new governance mechanisms that include multiple stakeholders.

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