According to the study the classical pillars of sociology such as symbolic interactionism, phenomenology, and functionalism have lost potency in explaining this phenomenon and it seems that only the much avoided social conflict theory could provide an idea of what is really happening. Everybody now accepts that we are in the period of the Great Recession and who knows when the next Depression will begin. When will the next giant economic burst? Where will the government get the money for another bail out? The Great Debate: Keynesian Economics or Neoliberal Economics Taxing businesses is a result of President Roosevelt’s New Deal which is an expression of the economic principles laid out by John Maynard Keynes. Initially considered as communistic at first by the major economic players, it proved to be successful in preventing national bankruptcies that could spark world wars as was seen in World Wars I and II. The basic tenets of Keynesian economics are government pump priming the economy to prevent recession; government engaging in critical businesses such as transportation, communications, health and education; imposition of tariffs, and government regulation of prices. After 1988, when corporations have already grown economically bigger than nations, Milton Friedman began questioning the role of the government and started the neoliberal counter revolution. It began with Brettonwoods’ institutions influencing major global influential institutions such as schools, banks, think tanks to eventually removing the role of the government in the economy and reviving the old principle of Adam Smith to “let the market decide”. This paper outlines that thus the main components of the so-called neo-liberal economics is for government to cut down budget on social services, privatization of government assets, removal of tariffs, and deregulation of the prices of critical resources such as oil, sugar, and water. The World Trade Organization was put up to implement these structural adjustment programs the world over. The issue of taxing businesses spring from this general background and philosophy that when we let the market decide, there will be greater prosperity and equality for all. The Breaking of the Myth When Adam Smith wrote the “Wealth of the Nations” he assumed that there were no monopolies in the market competition. Thus he argued that individual players pursuing their own self interests would actually move the “invisible hand of the market” to eventually bring prosperity for everybody. This was the time of liberal economics coming into play. While it is true that capitalist enterprises did indeed create progress and prosperity, it is also equally true that it gave rise to monopolies and increased social inequalities.
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This essay, Issue of Business Tax from a Social Conflict Theory Perspective, declares that the issue of whether taxing businesses or removing taxes on them is only the tip of the iceberg of a gargantuan economic issue that is about to shake the world again. …
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