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Finance & Accounting
Pages 4 (1004 words)
TAX DEBATE In the wake of global capitalism, multinational companies have mastered the art of aggressive tax planning. Economic experts reckon that in their quest for maximum self-profitability, global multinational giants have ingeniously created tax avoidance mechanism with help from their professional advisory agencies as well as the mainstream government.
The issue of aggressive tax planning raises the question of ethics. Each of the aforementioned players has a critical role in the arrangement as ensuing thesis underscores. In an attempt to tackle the query at hand, it is important to understand the roots of the economic power plays of the international system. In his discourses, Immanuel Wallenstein discusses political economy of global capitalism. In an attempt to articulate his major argument, Wallenstein develops a theoretical framework, which he calls the World Systems Theory. According to this theory, there is a characteristic structural disparity brought about by capitalism. He espouses that in the political economy of capitalism, the developed economies of the West emerge as the holders of capital since they control the market. Subsequently, the impoverished countries of the third world provide cheap labor and raw materials required to facilitate production. Echoing the same thoughts, Karl Marx had earlier noted that elite nations of the West could not continue to enjoy this prestigious condition without exploiting the poor countries. ...
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