The Tax Advantage of Big Business: How the Structure of Corporate Taxation Fuels Concentration and Inequality

Corporate concentration in the United States has been on the rise in recent years, sparking a heated debate about its causes, consequences, and potential remedies. In this study, we examine a facet of public policy that has been largely neglected in current debates about concentration: corporate taxation. As part of our analysis we develop the first empirical mapping of the effective tax rates (ETRs) of nonfinancial corporations disaggregated by size and broken down by jurisdiction. Our findings reveal a striking and persistent tax advantage for big business. Since the mid-1980s, large corporations have faced lower worldwide ETRs relative to their smaller counterparts. The regressive worldwide ETR is driven by persistent regressivity in the domestic ETR and a marked drop in the progressivity of the foreign ETR over the past decade. We go on to show how persistent regressivity in the worldwide tax structure is bound up with the increasing relative power of large corporations within the corporate universe, as well as a shift in firm-level power relations. As large corporations become less disposed to investments that may indirectly benefit ordinary workers, they become more disposed to shareholder value enhancement that directly benefits the asset-rich. What this means is that the corporate tax structure is connected not only to rising corporate concentration, but also to widening household inequality

Financial Crisis, Inequality, and Capitalist Diversity: A Critique of the Capital as Power Model of the Stock Market

The relationship between inequality and financial instability has become a thriving topic of research in heterodox political economy. This article offers the first critical engagement with one framework within this wider literature: the Capital as Power (CasP) model of the stock market developed by Shimshon Bichler and Jonathan Nitzan. Specifically, we extend the CasP model to other advanced capitalist countries, including Germany, France, the United Kingdom, and Japan. Our findings affirm the core prediction of the CasP model, showing that unequal power relations reliably predict future stock market performance. Yet when it comes to the CasP model’s explanation of why power relations predict stock market returns, our findings are more ambiguous. We find little empirical support for the claims that capitalist power is dialectically intertwined with systemic fear, and that systemic fear and capitalised power are mediated through strategic sabotage. The main lesson of our analysis is that any model of the stock market must be attentive to the geographical unevenness and continued national diversity in capitalist development

Constrained by managerialism : caring as participation in the voluntary social services

The data in this study show that care is a connective process, underlying and motivating participation and as a force that compels involvement in the lives of others, care is at least a micro-participative process. Care or affinity not only persisted in the face of opposition, but it was also used by workers as a counter discourse and set of practices with which to resist the erosion of worker participation and open up less autonomized practices and ways of connecting with fellow staff, clients and the communities they served. The data suggest that while managerialism and taylorised practice models may remove or reduce opportunities for worker participation, care is a theme or storyline that gave workers other ways to understand their work and why they did it, as well as ways they were prepared to resist managerial priorities and directives, including the erosion of various kinds of direct and indirect participation. The degree of resistance possible, even in the highly technocratic worksite in Australia, shows that cracks and fissures exist within managerialism

Low temperature crystal structure and local magnetometry for the geometrically frustrated pyrochlore Tb2Ti2O7

We report synchrotron radiation diffraction and muon spin rotation (muSR) measurements on the frustrated pyrochlore magnet Tb2Ti2O7. The powder diffraction study of a crushed crystal fragment does not reveal any structural change down to 4 K. The muSR measurements performed at 20 mK on a mosaic of single crystals with an external magnetic field applied along a three-fold axis are consistent with published a.c. magnetic-susceptibility measurements at 16 mK. While an inflection point could be present around an internal field intensity slightly above 0.3 T, the data barely support the presence of a magnetization plateau.Comment: To appear in the proceedings of the 13th International Conference on Muon Spin Rotation, Relaxation and Resonance, Grindelwald, Switzerland, 1-6 June 201

Quantum spin chain as a potential realization of the Nersesyan-Tsvelik model

It is well established that long-range magnetic order is suppressed in magnetic systems whose interactions are low-dimensional. The prototypical example is the S-1/2 Heisenberg antiferromagnetic chain (S-1/2 HAFC) whose ground state is quantum critical. In real S-1/2 HAFC compounds interchain coupling induces long-range magnetic order although with a suppressed ordered moment and reduced N\'eel temperature compared to the Curie-Weiss temperature. Recently, it was suggested that order can also be suppressed if the interchain interactions are frustrated, as for the Nersesyan-Tsvelik model. Here, we study the new S-1/2 HAFC, (NO)[Cu(NO3)3]. This material shows extreme suppression of order which furthermore is incommensurate revealing the presence of frustration consistent with the Nersesyan-Tsvelik model

From passive owners to planet savers? Asset managers, carbon majors and the limits of sustainable finance

This article examines the role of the Big Three asset management firms – BlackRock, Vanguard and State Street – in corporate environmental governance. Specifically, it investigates the Big Three’s relationships with the publicly listed Carbon Majors: a small group of fossil fuels, cement and mining companies responsible for the bulk of industrial greenhouse gas emissions. Engaging with the corporate governance concepts of ownership and control, and exit and voice, it charts the rise to prominence of the Big Three, including their environmental, social and governance (ESG) funds, in the ownership of the Carbon Majors. Having established their status as key sources of permanent capital that are unlikely to exit from their investment positions in the world’s most polluting publicly listed corporations, the article examines how control may be exercised through voice by analysing the Big Three’s proxy voting record at Carbon Major annual general meetings. It finds that they more frequently oppose rather than support shareholder resolutions aimed at improving environmental governance and that their voting is more likely to lead to the failure than to the success of these resolutions. Remarkably, there is little to distinguish the proxy voting of the Big Three’s ESG funds from their non-ESG funds. Regardless of whether these resolutions succeeded or failed, they also tend to be narrow in scope and piecemeal in nature. Overall, the article raises serious doubts about the Big Three’s credentials as environmental stewards and argues instead that they are little more than stewards of the status quo of shareholder value maximization