Friday, October 27, 2017

No Truth and Governance for Old Men: The Journey to Good Governance Models

Atlassian duo dominate young rich list for sixth year running

This IFS Briefing note uses data from HMRC’s random audit programme to show which types of people are more likely to be under-reporting taxes and how their behaviour changes after a tax audit. The results are based on data from audits covering tax returns for the years 1999–2009. Institute for Fiscal Studies Research Paper: Who does and doesn’t pay taxes? 

More than third of UK self-assessment taxpayers under-report income

State aid: Commission opens in-depth investigation into UK tax scheme for multinationals

New Zealand bans foreign home buyers

Which US Companies Have The Most Tax Havens? [Infographic]

The murder of Daphne Caruana Galizia should remind us of the shady power of corporate interests

In this Reuters Institute for the Study of Journalism (RISJ) Factsheet by Rasmus Kleis Nielsen and Lucas Graves, they analyse data from 8 focus groups and a survey of online news users to understand audience perspectives on fake news. On the basis of focus group discussions and survey data from the first half of 2017 from the United States, the United Kingdom, Spain, and Finland

Commonsense Principles of Corporate Governance

Fraud governance; PwC 

Strong governance practices defend against emerging threats and increase operational efficiency

The Role and Benefits of a Corporate Governance Framework - Risk & Compliance Journal - WSJ - Wall Street Journal

The IRS is basically ignoring the equity crowdfunding boom

Blind dates are by definition risky, with so many looming questions, but a new TV show promises to raise the stakes even higher by hooking up opposing politicians who already disagree on a big public issue.  Tinder for Canadian policymakers 

The Disruptors Jacobin

Tesla pro-union leaders march into the company’s Fremont factory demanding some fired workers be rehired Business Insider. If Elon wants to make more than 260 cars next quarter, he might find it wise to talk with his workers.

The Disruptors: Finance isn’t just an industry. It’s a system of social control. Jacobin (resilc). Note it does not have to be that way. As Michael Hudson points out, the German model in the 19th century was one of industrial capitalism, with banks playing a subordinate role. Even in the US, prior to ~1980, people in financial services had the same average wages as those of the economy as a whole.
The Pitfalls of Privatization Washington Monthly (resilc)
The Real Story of Automation Beginning with One Simple Chart Medium  One chart I question is the one showing manufacturing production versus manufacturing jobs. The reason is that the “manufacturing production” chart almost certainly values production as the wholesale sales price. The problem is that in many industries, particularly cars, manufacture of many components takes place overseas with only final assembly with perhaps some other minor value added activities in the US. So those parts have embedded labor cost in them which is not at all reflected in the US job count. Not saying that a properly done chart would not show some displacement of labor by capital, but I suspect it would not be dramatic (ie, this chart reflects the impact of offshoring more than automation).