"cutthroat capitalism" that generates greater inequality and more innovation and will become the technology leaders, while others … will free- ride on the cutthroat incentives of the leaders and choose a more "cuddly" form of capitalism. Paradoxically … equilibrium, it is not a best response for the cutthroat capitalists to switch to a more cuddly form of capitalism. We also show …

Globalization radically changes income distribution and triggers intense international tax competition. Therefore …, globalization entails an extensive restructuring of the welfare state. We analyze a parsimonious model of an open economy, in its … the interactions between taxation, provision of social benefits, and globalization. We demonstrate how these interactions …

Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist …

Globalization, in the form of financial flows, which is always advantageous on an aggregative level, typically creates … winners and losers, if left exclusively to market forces. The effects of financial globalization on income inequality depends …-exporting case, financial globalization drives up return to savings and drives down wages. In the capital-importing case, financial …

globalization, international tax competition, and the fading generosity of the welfare state. Financial globalization triggers a … key mechanism which links financial globalization to redistribution policy, this paper develops a stripped-down model … trade from financial globalization spread out to all …

, like Marx and Ricardo, in formulating general laws of capitalism to diagnose and predict the dynamics of inequality. We …