The capital flight quadrilemma: Democratic trade-offs and international investment

This article argues that capital flight of real investment presents governments with a quadrilemma. First, governments can tailor their policies to attract investors – but this is incompatible with a whole range of alternative policy choices. Second, they can simply accept capital flight – but this...

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Autor principal:	Michael Bennett
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2021
Materias:	capital flight tax competition democracy capitalism global governance global justice Political science (General) JA1-92 Ethics BJ1-1725
Acceso en línea:	https://doaj.org/article/d6415297c474495ab0e537bbcbf0089f
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spelling	oai:doaj.org-article:d6415297c474495ab0e537bbcbf0089f2021-11-26T11:19:47ZThe capital flight quadrilemma: Democratic trade-offs and international investment1654-49511654-636910.1080/16544951.2021.1993646https://doaj.org/article/d6415297c474495ab0e537bbcbf0089f2021-10-01T00:00:00Zhttp://dx.doi.org/10.1080/16544951.2021.1993646https://doaj.org/toc/1654-4951https://doaj.org/toc/1654-6369This article argues that capital flight of real investment presents governments with a quadrilemma. First, governments can tailor their policies to attract investors – but this is incompatible with a whole range of alternative policy choices. Second, they can simply accept capital flight – but this is incompatible with a robust capital stock and tax base. Third, they can harmonize its taxes and regulations with other states – but this is incompatible with international independence. Fourth, they can impose capital controls – but this is incompatible with international capital mobility. These incompatibilities make up four different goals, the value of which are described. Strategies may be mixed, but the pursuit of any three goals must always come at the expense of the fourth.Michael BennettTaylor & Francis Grouparticlecapital flighttax competitiondemocracycapitalismglobal governanceglobal justicePolitical science (General)JA1-92EthicsBJ1-1725ENEthics & Global Politics, Vol 14, Iss 4 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	capital flight tax competition democracy capitalism global governance global justice Political science (General) JA1-92 Ethics BJ1-1725
spellingShingle	capital flight tax competition democracy capitalism global governance global justice Political science (General) JA1-92 Ethics BJ1-1725 Michael Bennett The capital flight quadrilemma: Democratic trade-offs and international investment
description	This article argues that capital flight of real investment presents governments with a quadrilemma. First, governments can tailor their policies to attract investors – but this is incompatible with a whole range of alternative policy choices. Second, they can simply accept capital flight – but this is incompatible with a robust capital stock and tax base. Third, they can harmonize its taxes and regulations with other states – but this is incompatible with international independence. Fourth, they can impose capital controls – but this is incompatible with international capital mobility. These incompatibilities make up four different goals, the value of which are described. Strategies may be mixed, but the pursuit of any three goals must always come at the expense of the fourth.
format	article
author	Michael Bennett
author_facet	Michael Bennett
author_sort	Michael Bennett
title	The capital flight quadrilemma: Democratic trade-offs and international investment
title_short	The capital flight quadrilemma: Democratic trade-offs and international investment
title_full	The capital flight quadrilemma: Democratic trade-offs and international investment
title_fullStr	The capital flight quadrilemma: Democratic trade-offs and international investment
title_full_unstemmed	The capital flight quadrilemma: Democratic trade-offs and international investment
title_sort	capital flight quadrilemma: democratic trade-offs and international investment
publisher	Taylor & Francis Group
publishDate	2021
url	https://doaj.org/article/d6415297c474495ab0e537bbcbf0089f
work_keys_str_mv	AT michaelbennett thecapitalflightquadrilemmademocratictradeoffsandinternationalinvestment AT michaelbennett capitalflightquadrilemmademocratictradeoffsandinternationalinvestment
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The capital flight quadrilemma: Democratic trade-offs and international investment

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