Jayati Ghosh has a new article in Project Syndicate about the underlying tension that exists in Davos: the world’s elites come together to talk about how to solve major problems, but many of them don’t want to pay the extra taxes to do so.
If we are to achieve these fundamental transformations, all of which require massive increases in public spending, we must raise taxes on corporations and the ultra-wealthy. While central banks and development banks can make significant contributions to this effort, it is not enough. Enhanced public expenditure, funded by increased tax revenues, is needed to support the green transition, ensure social protections and well-being for all, and underwrite private-sector investments.
