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Category: Corporations

Investor Protection, National Sovereignty, and the Rule of Law

As a candidate, Donald Trump promised to renegotiate—or else repudiate—the North American Free Trade Agreement (nafta), which liberalized trade and other economic activity between the United States, Canada, and Mexico. This fall, his administration began formal talks toward redrafting the Clinton-era trade deal, which is nearly a quarter century old. The nafta renegotiations have been…

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Edison’s Legacy: Industrial Laboratories and Innovation

Between 1999 and 2016, the U.S. share of global high technology exports dropped from 18 percent to 7 percent. From one of the world’s leading technology product exporters prior to 2000, the United States has become a net importer since then, and the deficit keeps growing. During this period…

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Two Cheers for Tax Reform

The recently announced tax reform package is one of the few serious and intelligent proposals offered by House Republicans in years. Not surprisingly, however, everyone seems to hate it. Defenders no less than critics of the plan seem incapable of thinking about tax policy outside of the simplistic framework of Reaganomics. As a result, most…

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Capitalism without Capitalists

Western capitalism is in bad shape. A decade has passed since banks and financial houses began to crumble and took Western economies to the brink of collapse, but economic growth on both sides of the Atlantic remains weak. It is still determined more by governments and central banks than the animal spirits of entrepreneurial capitalism.…

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The Corporate Contradictions of Neoliberalism

In The Cultural Contradictions of Capitalism—a canonical work of economic sociology in the 1970s and ’80s—Daniel Bell argued that the productive and consumptive sides of capitalism had fallen into contradiction. Capitalism continued to rely on the Protestant ethic of sobriety and delayed gratification in the sphere of production, yet, contradictorily, had come to rely on modernist hedonism and credit purchasing in the sphere of consumption. Modern capitalism needed people to be sober by day and swingers by night. What is more, the displacement of the Protestant ethic by hedonism, Bell argued, was primarily the work of capitalism itself. Its mass production urbanized the population and created an economy of abundance…

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