In the first instance, greater mobility of capital gives governments more freedom of manoeuvre in fiscal policy, not less.
He believes that worldwide structural changes (increased mobility of capital and labour, the greater credibility of central bankers as inflation-fighters, the preference of ageing baby-boomers for fixed-income securities) have altered the equation, and that top-quality bond yields are, if anything, headed down.
Many observers have also argued that a number of countries have grown rapidly -- Western Europe and Japan before and China today -- without free mobility of private capital, especially of portfolio capital.
The very high mobility of corporate capital suggests that the corporate tax, although it sounds like a tax on the rich who own corporate stock, is actually a tax on workers.
FORBES: Paul Ryan Pick Shows Romney Is Serious About Protecting Our Children
In particular, the extreme mobility of modern financial capital makes monetary policy more difficult to conduct.
In an era of global capital mobility, the United States faces increasing competition for retaining and attracting industries of the future and the jobs they create.
Germany and others argue in this instance that it is politically impossible both to encourage total capital mobility by means of a single currency, while allowing some countries within the union to act as tax havens for the savings of others.
Mr Gove argued that it was poorer families that had the most to gain as "the accumulation of cultural capital - the acquisition of knowledge - is the key to social mobility".
In a 2006 Congressional Budget Office analysis, Bill Randolph found that international capital mobility could result in American workers bearing 70 percent of U.S. corporate taxes.
FORBES: 'Corporations Are People,' But Not People Who Pay Taxes
Ruckus, a 10-year-old company backed by Sequoia Capital and Motorola Mobility with about 600 employees worldwide, is part of the unsexy side of tech in Silicon Valley.
FORBES: Going Public In The Other Silicon Valley, Sans Dogs, Pool Tables And Cucumber Water
应用推荐