The conservative Hungarian government, after securing its fourth landslide victory in a row in April, resolved to introduce new windfall taxes worth $2.2 billion on extra profits pocketed by banks, energy companies, airlines, large distribution chains, insurers, and telecoms.
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That is, they can either continue to follow laissez-faire policies that overwhelmingly redound to the benefit of big business-or they can put the interests of their people first, by taxing companies that realized disproportionately high, war-fueled profits, to protect families, small businesses, full employment, and retiree pensions. Right-of-center governments around the world face a clear choice between neoliberalism and common-good conservatism.
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But until then, states must address the cost-of-living crisis racking their populations. By contrast, from 1979 to 2019, profits only contributed about 11 percent to price growth.Įnding the war as soon as possible is in everyone’s interest. As Josh Bivens of the Washington-based Economic Policy Institute highlighted in a recent report, corporate profits accounted for nearly 54 percent of inflation over the course of 20 in the United States. These firms are catching upside from conditions they didn’t create, and their huge profits are helping drive inflation in a vicious cycle. Countries close to the war zone, including Hungary, are at greatest economic risk.Įnergy bills and food prices are skyrocketing worldwide, while some corporations are pocketing extraordinary profits.
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The Continent faces severe challenges, not least record inflation and a possible recession. The pandemic and the war in Ukraine have devastated the European and global economy.