By Samir Amin
Samir Amin has undertaken an formidable job: not anything lower than an research of the method of capital accumulation on a world point. Drawing on quite a lot of empirical fabric from Africa and the center East, Amin makes an attempt to illustrate, via a critique of writings on "underdevelopment," how accumulation in complicated capitalist nations prevents improvement, besides the fact that which may be outlined, in the peripheral social formations, often known as "underdeveloped" international locations. Samir Amin ranks between those that discover the need now not basically to appreciate the turning out to be obstacle of global capitalism, because it manifests itself inside of person state states, but additionally on the global level.
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Extra resources for Accumulation on a World Scale: A Critique of the Theory of Underdevelopment. (2 Volumes)
There is plenty of ‘slack’ in the UK tax system – both for more revenue and for greater progressiveness! We show how reform of the tax system could bring in an extra £45bn each year, avoiding the need for any social service cuts. 20 | George Irvin Handbag Economics and the Structural Deficit Margaret Thatcher famously preached what is sometimes called ‘handbag economics’: the notion that the nation’s finances work exactly like that of the housewife, that the nation’s budget must balance and that public borrowing is a bad thing.
But the tax-revenue response to each percentage point rise in income is not carved in stone; it can be changed through tax reform. In 2010, another study undertaken for Compass indicated that nearly an extra £50bn per annum in tax (about 4 per cent of GDP) could be raised merely by raising the tax paid by the top decile group whose overall percentage tax contribution is currently smaller than that of the bottom 10 per cent of households. 6 Finally, the obvious rejoinder to the argument that the structural deficit is higher because potential output (and output gap) is now lower is to call for more public investment directed towards increasing the economy’s output potential.
As he argues, there are some countries with large structural deficits but low debt-to-GDP ratios in which the bond markets still have confidence, while there are others with much smaller structural deficits which the bond markets have turned against: I fear, then, that the idea of a structural deficit serves a political rather than analytical function. It is a pseudo-scientific concept which serves to legitimate what is in fact a pure judgment call – that borrowing needs cutting. By all means, make this call.