Monopolies and market power

The Taxcast

When dominant multinationals get to run the world, it's not a happy place. Or a very secure one. For a long time governments have failed to take the threat from monopolies and the corporate concentration of power seriously, and deal with it. But recent crises have demonstrated how the neoliberal era is crumbling around us and governments must take action. In this episode we look at the challenges and how to tackle this in the public interest.

And, in the US, Minnesota nearly took a historic step for tax justice this month that could have changed everything by bringing corporate profit shifting to heel. The lobbyists said it was the end of the world as we know it - and sadly, they won - for now. What was the big deal? And what are the possibilities for other states and other countries?

Featuring:

• Nick Dearden of Global Justice Now
• Alex Cobham of the Tax Justice Network
• Nick Shaxson, Balanced Economy Project
• Stéphanie Yon-Courtin, MEP and Competition lawyer
• Christopher Gopal of the Global Supply Chain Center, University of Southern California
• Produced and hosted by the Tax Justice Network's Naomi Fowler

Transcript of the show: (some is automated) https://taxjustice.net/wp-content/uploads/2023/05/Transcript_The_Taxcast_May_2023.pdf

Further reading:

• Monopoly capitalism: What is it and how do we fight it? https://www.globaljustice.org.uk/wp-content/uploads/2023/03/Monopoly-capitalism-primer-WEB-FINAL.pdf
• The 5 'R's of tax: https://taxjustice.net/faq/what-are-the-four-rs-of-tax/ Actually the fifth one needs adding (Reparations, or Repair)
• Resisting Monopoly Capitalism (Global Justice Now event in London, March 2023) Opening plenary https://www.youtube.com/watch?v=MszQ-aj_0a8
• Resisting Monopoly Capitalism - Closing plenary https://www.youtube.com/watch?v=sXbOzYKGizA
• Pharmanomics: How Big Pharma Destroys Global Health (published October 2023) https://www.versobooks.com/en-gb/products/3036-pharmanomics
• How Monopoly Threatens Democracy and Security, an Open Markets Institute and Balanced Economy Project event
• Corporate taxation to curb monopoly power: a brief history and a proposal https://taxjustice.net/2022/11/02/corporate-taxation-to-curb-monopoly-power-a-brief-history-and-a-proposal/
• Tax havens meet monopoly power: why national competitiveness harms competition https://taxjustice.net/2021/08/12/tax-havens-meet-monopoly-power-why-national-competitiveness-harms-competition/
• If tax havens scare you, monopolies should too. And vice versa. https://taxjustice.net/2019/11/01/if-tax-havens-scare-you-monopolies-should-too-and-vice-versa/
• How local, state, and federal tax policies in the us undermine small business and fuel corporate concentration https://taxjustice.net/2022/11/01/us-tax-monopoly/
• Reframing tax policy to reset the rules of the monopoly game https://taxjustice.net/2022/10/27/reframing-tax-policy-to-reset-the-rules-of-the-monopoly-game/
• To tackle corruption, start with monopoly power https://thecounterbalance.substack.com/p/to-tackle-corruption-start-with-monopoly
• Nick Shaxson: Leaving the Tax Justice Network (setting up the Balanced Economy Project - the journey) https://taxjustice.net/2023/05/19/nick-shaxson-leaving-the-tax-justice-network/

For more information and podcasts go to our website: https://www.thetaxcast.com