The Global Financial Crisis

The Global Financial Crisis

What Have We Learnt?

Edited by Steven Kates

The Global Financial Crisis is a unique investigation into the causes of the most savage economic downturn experienced since the Great Depression. Employing wide and divergent perspectives – which are themselves critically examined – this study analyses the measures that have been taken to restore our economies to acceptable rates of unemployment and growth.

Chapter 3: Can a Progressive Capital Gains Tax Help Avoid the Next Crisis? Public Sector Governance in a Comprehensive Neo-Schumpeterian System

Horst Hanusch and Florian Wackermann

Subjects: economics and finance, financial economics and regulation, money and banking, post-keynesian economics


3. Can a progressive capital gains tax help avoid the next crisis? Public sector governance in a comprehensive neo-Schumpeterian system Horst Hanusch and Florian Wackermann INTRODUCTORY REMARKS 1 As we seem to exit from the deep crisis, we have to deal with many subjects which are of highest current interest and which make these days appear to be so special and unique, only comparable to the period at the end of the 1920s and the beginning of the 1930s. Back then, however, there existed more or less only one real problem for society and politics, namely the economic crisis which began to spread in a dramatic way to become a worldwide crisis of nations and cultures. Today, we also have to consider other developments which will significantly influence and limit our lives and our future besides the consequences of the economic crisis. The climate change and the ecological effects which will apparently derive from it for us and the next generations are an enormous source of danger opening up in a parallel way to the economic crisis (see for example IPCC, 2007). Questions concerning the exploitation and the use of energy and the sustainable management of our natural resources shape another field of concern of growing significance for the existence and the form of our life on this planet Earth (see for example Baumann, 2008). The same is true for the threatening developments stemming from an ageing population in societies in highly developed economies which we cannot afford to lose...

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