Virtues and Fallacies of VAT

Virtues and Fallacies of VAT

Author: Robert F. van Brederode

Publisher:

Published: 2021-08-09

Total Pages: 728

ISBN-13: 9789403524238

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Value-added tax (VAT) is a mainstay of revenue systems in more than 160 countries. Because consumption is a more stable revenue base than other tax bases, VAT is less distorting and hence more likely to encourage investment, savings, optimum labor supply decisions, and growth. VAT is not without criticism however, and faces its own specific technical and policy challenges. This book, the first to thoroughly evaluate VAT from a global policy perspective after over 50 years of experience with its intricacies, offers authoritative perspectives on VAT's full spectrum--from its signal successes to the subtle ways its application can undermine revenue performance and economic neutrality. The contributors--leading tax practitioners and academics--examine the key policy issues and topics that are crucially relevant for measuring the success of the tax in the first part of the book, including: revenue generation and revenue efficiency; single rate versus multiple rates; susceptibility to fraud; exemptions and exceptions; compliance cost for businesses; policy and compliance gaps in revenue collection; adjustment rules caused by the transactional nature of the tax; transfer pricing issues; treatment of vouchers; permanent establishments and holding companies; payment of refunds; cross-border digital transactions; and supplies for free or below cost price. The second part offers six country reports--on New Zealand, Japan, China, Colombia, Ethiopia, and India--to demonstrate the different ways in which VAT operates in a variety of national economies. Whether a government is contemplating the imposition of a general consumption tax for the first time or new rules for applying an existing one, it is important for policymakers to keep central the aim to design a tax that realizes optimal efficiency and causes minimal distortions. This invaluable book serves as an expert guide to VAT policy development in this area. It will be welcomed not only by concerned government officials but also by tax professionals (both lawyers and accountants) and academics in tax law.


Book Synopsis Virtues and Fallacies of VAT by : Robert F. van Brederode

Download or read book Virtues and Fallacies of VAT written by Robert F. van Brederode and published by . This book was released on 2021-08-09 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value-added tax (VAT) is a mainstay of revenue systems in more than 160 countries. Because consumption is a more stable revenue base than other tax bases, VAT is less distorting and hence more likely to encourage investment, savings, optimum labor supply decisions, and growth. VAT is not without criticism however, and faces its own specific technical and policy challenges. This book, the first to thoroughly evaluate VAT from a global policy perspective after over 50 years of experience with its intricacies, offers authoritative perspectives on VAT's full spectrum--from its signal successes to the subtle ways its application can undermine revenue performance and economic neutrality. The contributors--leading tax practitioners and academics--examine the key policy issues and topics that are crucially relevant for measuring the success of the tax in the first part of the book, including: revenue generation and revenue efficiency; single rate versus multiple rates; susceptibility to fraud; exemptions and exceptions; compliance cost for businesses; policy and compliance gaps in revenue collection; adjustment rules caused by the transactional nature of the tax; transfer pricing issues; treatment of vouchers; permanent establishments and holding companies; payment of refunds; cross-border digital transactions; and supplies for free or below cost price. The second part offers six country reports--on New Zealand, Japan, China, Colombia, Ethiopia, and India--to demonstrate the different ways in which VAT operates in a variety of national economies. Whether a government is contemplating the imposition of a general consumption tax for the first time or new rules for applying an existing one, it is important for policymakers to keep central the aim to design a tax that realizes optimal efficiency and causes minimal distortions. This invaluable book serves as an expert guide to VAT policy development in this area. It will be welcomed not only by concerned government officials but also by tax professionals (both lawyers and accountants) and academics in tax law.

Virtues and Fallacies of VAT: An Evaluation after 50 Years

Virtues and Fallacies of VAT: An Evaluation after 50 Years

Author: Robert F. van Brederode

Publisher: Kluwer Law International B.V.

Published: 2021-08-09

Total Pages: 615

ISBN-13: 9403524243

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Value-added tax (VAT) is a mainstay of revenue systems in more than 160 countries. Because consumption is a more stable revenue base than other tax bases, VAT is less distorting and hence more likely to encourage investment, savings, optimum labor supply decisions, and growth. VAT is not without criticism however, and faces its own specific technical and policy challenges. This book, the first to thoroughly evaluate VAT from a global policy perspective after over 50 years of experience with its intricacies, offers authoritative perspectives on VAT’s full spectrum—from its signal successes to the subtle ways its application can undermine revenue performance and economic neutrality. The contributors—leading tax practitioners and academics—examine the key policy issues and topics that are crucially relevant for measuring the success of the tax in the first part of the book, including: revenue generation and revenue efficiency; single rate versus multiple rates; susceptibility to fraud; exemptions and exceptions; compliance cost for businesses; policy and compliance gaps in revenue collection; adjustment rules caused by the transactional nature of the tax; transfer pricing issues; treatment of vouchers; permanent establishments and holding companies; payment of refunds; cross-border digital transactions; and supplies for free or below cost price. The second part offers six country reports—on New Zealand, Japan, China, Colombia, Ethiopia, and India—to demonstrate the different ways in which VAT operates in a variety of national economies. Whether a government is contemplating the imposition of a general consumption tax for the first time or new rules for applying an existing one, it is important for policymakers to keep central the aim to design a tax that realizes optimal efficiency and causes minimal distortions. This invaluable book serves as an expert guide to VAT policy development in this area. It will be welcomed not only by concerned government officials but also by tax professionals (both lawyers and accountants) and academics in tax law.


Book Synopsis Virtues and Fallacies of VAT: An Evaluation after 50 Years by : Robert F. van Brederode

Download or read book Virtues and Fallacies of VAT: An Evaluation after 50 Years written by Robert F. van Brederode and published by Kluwer Law International B.V.. This book was released on 2021-08-09 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value-added tax (VAT) is a mainstay of revenue systems in more than 160 countries. Because consumption is a more stable revenue base than other tax bases, VAT is less distorting and hence more likely to encourage investment, savings, optimum labor supply decisions, and growth. VAT is not without criticism however, and faces its own specific technical and policy challenges. This book, the first to thoroughly evaluate VAT from a global policy perspective after over 50 years of experience with its intricacies, offers authoritative perspectives on VAT’s full spectrum—from its signal successes to the subtle ways its application can undermine revenue performance and economic neutrality. The contributors—leading tax practitioners and academics—examine the key policy issues and topics that are crucially relevant for measuring the success of the tax in the first part of the book, including: revenue generation and revenue efficiency; single rate versus multiple rates; susceptibility to fraud; exemptions and exceptions; compliance cost for businesses; policy and compliance gaps in revenue collection; adjustment rules caused by the transactional nature of the tax; transfer pricing issues; treatment of vouchers; permanent establishments and holding companies; payment of refunds; cross-border digital transactions; and supplies for free or below cost price. The second part offers six country reports—on New Zealand, Japan, China, Colombia, Ethiopia, and India—to demonstrate the different ways in which VAT operates in a variety of national economies. Whether a government is contemplating the imposition of a general consumption tax for the first time or new rules for applying an existing one, it is important for policymakers to keep central the aim to design a tax that realizes optimal efficiency and causes minimal distortions. This invaluable book serves as an expert guide to VAT policy development in this area. It will be welcomed not only by concerned government officials but also by tax professionals (both lawyers and accountants) and academics in tax law.

Justice, Equality and Tax Law

Justice, Equality and Tax Law

Author: Nevia Čičin-Šain

Publisher: Linde Verlag GmbH

Published: 2022-10-05

Total Pages: 541

ISBN-13: 3709412587

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An in-depth analysis of the specific aspects of justice, equality and tax law "Justice, Equality and Tax Law" is a topic that is both old and new at the same time. Even if the society changes, the demands that tax needs to be just and equal seem to be immutable. What changes, of course, is the perception of the content of those demands. International taxation post-BEPS has been fraught with new challenges that warranted urgent responses. These challenges were mainly provoked by the unprecedented rise of the digital economy which truly marked a change in the way business is conducted, how value is created, and how goods and services are produced and consumed. Digitalization, in turn, had repercussions on all aspects of taxation - direct taxation, indirect taxation, and even tax procedures. For instance, the quest for more justice and equality in profit taxes was the reason why, in October 2021, a historical deal based on a two-pillar solution to address the tax challenges arising from the digitalization of the economy was negotiated within the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting and agreed upon by 137 member countries. It was also the motive behind the shift from a typical vendor collection model to an intermediary collection model supported by centralized registration points in indirect taxes, notably the VAT/GST. Abundant data from the European Union or the OECD signalized an ever-increasing gap between expected VAT revenues and VAT actually collected, making it obvious that the classical system of VAT/GST collection was unable to respond to challenges posed by the digital economy. Therefore, new solutions based on the participation of digital platforms as intermediaries had been introduced. Finally, new technologies, such as blockchain, paved new avenues in enhancing tax compliance. In this context, this volume entitled "Justice, Equality, and Tax Law" contains not only a selection of the best master ́s theses of the full-time LL.M. programme in 2021/2022 but also represents an in-depth analysis of various aspects of this evergreen topic.


Book Synopsis Justice, Equality and Tax Law by : Nevia Čičin-Šain

Download or read book Justice, Equality and Tax Law written by Nevia Čičin-Šain and published by Linde Verlag GmbH. This book was released on 2022-10-05 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth analysis of the specific aspects of justice, equality and tax law "Justice, Equality and Tax Law" is a topic that is both old and new at the same time. Even if the society changes, the demands that tax needs to be just and equal seem to be immutable. What changes, of course, is the perception of the content of those demands. International taxation post-BEPS has been fraught with new challenges that warranted urgent responses. These challenges were mainly provoked by the unprecedented rise of the digital economy which truly marked a change in the way business is conducted, how value is created, and how goods and services are produced and consumed. Digitalization, in turn, had repercussions on all aspects of taxation - direct taxation, indirect taxation, and even tax procedures. For instance, the quest for more justice and equality in profit taxes was the reason why, in October 2021, a historical deal based on a two-pillar solution to address the tax challenges arising from the digitalization of the economy was negotiated within the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting and agreed upon by 137 member countries. It was also the motive behind the shift from a typical vendor collection model to an intermediary collection model supported by centralized registration points in indirect taxes, notably the VAT/GST. Abundant data from the European Union or the OECD signalized an ever-increasing gap between expected VAT revenues and VAT actually collected, making it obvious that the classical system of VAT/GST collection was unable to respond to challenges posed by the digital economy. Therefore, new solutions based on the participation of digital platforms as intermediaries had been introduced. Finally, new technologies, such as blockchain, paved new avenues in enhancing tax compliance. In this context, this volume entitled "Justice, Equality, and Tax Law" contains not only a selection of the best master ́s theses of the full-time LL.M. programme in 2021/2022 but also represents an in-depth analysis of various aspects of this evergreen topic.

CJEU - Recent Developments in Value Added Tax 2021

CJEU - Recent Developments in Value Added Tax 2021

Author: Georg Kofler

Publisher: Linde Verlag GmbH

Published: 2023-01-11

Total Pages: 281

ISBN-13: 370941279X

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The most important and recent judgments of the CJEU Considering the ever-increasing importance of indirect taxation as a source of revenue for governments, the intensifying complexity of the legal framework, and the proliferating number of countries adopting indirect taxation, it is essential to scrutinize how the law is applied in practice. The primary driving force in this area is, undoubtedly, the Court of Justice of the European Union. This book analyses selected topics (e.g. taxpayer rights in EU VAT law, bad debt and insolvency in VAT law, taxable base and rates, exemptions, and deductions) by examining the most prominent and recent judgments of the Court of Justice of the European Union. Experts from all over the world, not just from academia but also government and judiciary representatives as well as tax practitioners, have provided their input and helped us compile what is an informative and worthy read for anyone dealing with indirect taxation on a professional basis.


Book Synopsis CJEU - Recent Developments in Value Added Tax 2021 by : Georg Kofler

Download or read book CJEU - Recent Developments in Value Added Tax 2021 written by Georg Kofler and published by Linde Verlag GmbH. This book was released on 2023-01-11 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important and recent judgments of the CJEU Considering the ever-increasing importance of indirect taxation as a source of revenue for governments, the intensifying complexity of the legal framework, and the proliferating number of countries adopting indirect taxation, it is essential to scrutinize how the law is applied in practice. The primary driving force in this area is, undoubtedly, the Court of Justice of the European Union. This book analyses selected topics (e.g. taxpayer rights in EU VAT law, bad debt and insolvency in VAT law, taxable base and rates, exemptions, and deductions) by examining the most prominent and recent judgments of the Court of Justice of the European Union. Experts from all over the world, not just from academia but also government and judiciary representatives as well as tax practitioners, have provided their input and helped us compile what is an informative and worthy read for anyone dealing with indirect taxation on a professional basis.

Vat in the Digital Era

Vat in the Digital Era

Author:

Publisher: Oxford University Press

Published: 2023-12-14

Total Pages: 401

ISBN-13: 0198888309

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With the growth of the digitalized economy, VAT on cross-border digital supplies has emerged as an important issue. Yet, views and practices regarding the application of the VAT on these supplies differ significantly across different jurisdictions. A lack of international VAT harmonization can cause double taxation or unintended double non-taxation, resulting in distortions and revenue losses. VAT in the Digital Era considers unilateral and multilateral options for the creation of an internationally coordinated VAT framework. Providing analysis of the status quo in key jurisdictions, the book explores the implications of the digitalized economy for the VAT systems across borders. It outlines possible approaches that can be taken to achieve a more consistent international VAT treatment of cross-border supplies, and the extent to which a multilateral solution would be preferable and achievable at the international level. Bringing together contributions from leading international voices in the VAT law and policy and international taxation fields, VAT in the Digital Era addresses current issues and proposes ways to coordinate VAT rules on cross-border digital supplies. This new book is essential reading for academics, researchers, governments, and other financial organisations involved with the world's most important indirect tax.


Book Synopsis Vat in the Digital Era by :

Download or read book Vat in the Digital Era written by and published by Oxford University Press. This book was released on 2023-12-14 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the growth of the digitalized economy, VAT on cross-border digital supplies has emerged as an important issue. Yet, views and practices regarding the application of the VAT on these supplies differ significantly across different jurisdictions. A lack of international VAT harmonization can cause double taxation or unintended double non-taxation, resulting in distortions and revenue losses. VAT in the Digital Era considers unilateral and multilateral options for the creation of an internationally coordinated VAT framework. Providing analysis of the status quo in key jurisdictions, the book explores the implications of the digitalized economy for the VAT systems across borders. It outlines possible approaches that can be taken to achieve a more consistent international VAT treatment of cross-border supplies, and the extent to which a multilateral solution would be preferable and achievable at the international level. Bringing together contributions from leading international voices in the VAT law and policy and international taxation fields, VAT in the Digital Era addresses current issues and proposes ways to coordinate VAT rules on cross-border digital supplies. This new book is essential reading for academics, researchers, governments, and other financial organisations involved with the world's most important indirect tax.

Political Philosophy and Taxation

Political Philosophy and Taxation

Author: Robert F. van Brederode

Publisher: Springer Nature

Published: 2022-06-02

Total Pages: 421

ISBN-13: 9811910928

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This book explores how taxation is related to the role of the state and its relationship with its constituents, the concept of private property rights, the concepts of societal fairness and justice, and the battle between the individual and the collective. This book appeals to students and scholars who want to know how philosophers in the past and present think about taxation, and how their thinking has developed through cross-influencing. There exists no comprehensive study providing such an overview. This book is a foundational study on the philosophical justification of taxation (qualitative aspect) and the normative qualifications required of tax law to constitute tax that is just and fair (distributive or quantitative aspect). The latter includes evaluation of what type of tax is morally correct or acceptable to realize distributive justice. This book covers periods from the Enlightenment era until the present. The philosophers are grouped together in schools of thought and each chapter except for chapter 1 and chapter 13, are is dedicated to a specific philosophical school. Moreover, this book aims to provide an overview of each school of thinking and the individual philosophers, including placing them in the context of their times. The book has particular importance as the study of taxation is an underdeveloped area of political and legal philosophy.


Book Synopsis Political Philosophy and Taxation by : Robert F. van Brederode

Download or read book Political Philosophy and Taxation written by Robert F. van Brederode and published by Springer Nature. This book was released on 2022-06-02 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores how taxation is related to the role of the state and its relationship with its constituents, the concept of private property rights, the concepts of societal fairness and justice, and the battle between the individual and the collective. This book appeals to students and scholars who want to know how philosophers in the past and present think about taxation, and how their thinking has developed through cross-influencing. There exists no comprehensive study providing such an overview. This book is a foundational study on the philosophical justification of taxation (qualitative aspect) and the normative qualifications required of tax law to constitute tax that is just and fair (distributive or quantitative aspect). The latter includes evaluation of what type of tax is morally correct or acceptable to realize distributive justice. This book covers periods from the Enlightenment era until the present. The philosophers are grouped together in schools of thought and each chapter except for chapter 1 and chapter 13, are is dedicated to a specific philosophical school. Moreover, this book aims to provide an overview of each school of thinking and the individual philosophers, including placing them in the context of their times. The book has particular importance as the study of taxation is an underdeveloped area of political and legal philosophy.

The Age of Em

The Age of Em

Author: Robin Hanson

Publisher: Oxford University Press

Published: 2016-05-13

Total Pages: 522

ISBN-13: 0191069663

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Robots may one day rule the world, but what is a robot-ruled Earth like? Many think the first truly smart robots will be brain emulations or ems. Scan a human brain, then run a model with the same connections on a fast computer, and you have a robot brain, but recognizably human. Train an em to do some job and copy it a million times: an army of workers is at your disposal. When they can be made cheaply, within perhaps a century, ems will displace humans in most jobs. In this new economic era, the world economy may double in size every few weeks. Some say we can't know the future, especially following such a disruptive new technology, but Professor Robin Hanson sets out to prove them wrong. Applying decades of expertise in physics, computer science, and economics, he uses standard theories to paint a detailed picture of a world dominated by ems. While human lives don't change greatly in the em era, em lives are as different from ours as our lives are from those of our farmer and forager ancestors. Ems make us question common assumptions of moral progress, because they reject many of the values we hold dear. Read about em mind speeds, body sizes, job training and career paths, energy use and cooling infrastructure, virtual reality, aging and retirement, death and immortality, security, wealth inequality, religion, teleportation, identity, cities, politics, law, war, status, friendship and love. This book shows you just how strange your descendants may be, though ems are no stranger than we would appear to our ancestors. To most ems, it seems good to be an em.


Book Synopsis The Age of Em by : Robin Hanson

Download or read book The Age of Em written by Robin Hanson and published by Oxford University Press. This book was released on 2016-05-13 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robots may one day rule the world, but what is a robot-ruled Earth like? Many think the first truly smart robots will be brain emulations or ems. Scan a human brain, then run a model with the same connections on a fast computer, and you have a robot brain, but recognizably human. Train an em to do some job and copy it a million times: an army of workers is at your disposal. When they can be made cheaply, within perhaps a century, ems will displace humans in most jobs. In this new economic era, the world economy may double in size every few weeks. Some say we can't know the future, especially following such a disruptive new technology, but Professor Robin Hanson sets out to prove them wrong. Applying decades of expertise in physics, computer science, and economics, he uses standard theories to paint a detailed picture of a world dominated by ems. While human lives don't change greatly in the em era, em lives are as different from ours as our lives are from those of our farmer and forager ancestors. Ems make us question common assumptions of moral progress, because they reject many of the values we hold dear. Read about em mind speeds, body sizes, job training and career paths, energy use and cooling infrastructure, virtual reality, aging and retirement, death and immortality, security, wealth inequality, religion, teleportation, identity, cities, politics, law, war, status, friendship and love. This book shows you just how strange your descendants may be, though ems are no stranger than we would appear to our ancestors. To most ems, it seems good to be an em.

Art in History/History in Art

Art in History/History in Art

Author: David Freedberg

Publisher: Getty Publications

Published: 1996-07-11

Total Pages: 458

ISBN-13: 0892362014

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Historians and art historians provide a critique of existing methodologies and an interdisciplinary inquiry into seventeenth-century Dutch art and culture.


Book Synopsis Art in History/History in Art by : David Freedberg

Download or read book Art in History/History in Art written by David Freedberg and published by Getty Publications. This book was released on 1996-07-11 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historians and art historians provide a critique of existing methodologies and an interdisciplinary inquiry into seventeenth-century Dutch art and culture.

Systems of General Sales Taxation

Systems of General Sales Taxation

Author: Robert F. W. van Brederode

Publisher: Kluwer Law International B.V.

Published: 2009-01-01

Total Pages: 402

ISBN-13: 9041128328

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This book gives and general overview of sales taxes and describes main characteristics of consumption taxation. It also provides an economic analysis of all the taxes covered and related tax issues such as tax shifting, tax incidence, the economic effect of reduced rates and exemptions, tax accumulation, regressivity, and the Laffer curve approach. In addition, it offers a tax policy approach in regard to specific economic sectors such as the treatment of small enterprises, financial services, and real property. The author further focuses on contrasts between US sales tax and European VAT (in regard of e-commerce and the treatment of capital goods). The work also offers legal analysis in areas such as cross-border transactions and US constitutional restraints.


Book Synopsis Systems of General Sales Taxation by : Robert F. W. van Brederode

Download or read book Systems of General Sales Taxation written by Robert F. W. van Brederode and published by Kluwer Law International B.V.. This book was released on 2009-01-01 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gives and general overview of sales taxes and describes main characteristics of consumption taxation. It also provides an economic analysis of all the taxes covered and related tax issues such as tax shifting, tax incidence, the economic effect of reduced rates and exemptions, tax accumulation, regressivity, and the Laffer curve approach. In addition, it offers a tax policy approach in regard to specific economic sectors such as the treatment of small enterprises, financial services, and real property. The author further focuses on contrasts between US sales tax and European VAT (in regard of e-commerce and the treatment of capital goods). The work also offers legal analysis in areas such as cross-border transactions and US constitutional restraints.

How Asia Works

How Asia Works

Author: Joe Studwell

Publisher: Open Road + Grove/Atlantic

Published: 2013-07-02

Total Pages: 434

ISBN-13: 0802193471

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“A good read for anyone who wants to understand what actually determines whether a developing economy will succeed.” —Bill Gates, “Top 5 Books of the Year” An Economist Best Book of the Year from a reporter who has spent two decades in the region, and who the Financial Times said “should be named chief myth-buster for Asian business.” In How Asia Works, Joe Studwell distills his extensive research into the economies of nine countries—Japan, South Korea, Taiwan, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and China—into an accessible, readable narrative that debunks Western misconceptions, shows what really happened in Asia and why, and for once makes clear why some countries have boomed while others have languished. Studwell’s in-depth analysis focuses on three main areas: land policy, manufacturing, and finance. Land reform has been essential to the success of Asian economies, giving a kick-start to development by utilizing a large workforce and providing capital for growth. With manufacturing, industrial development alone is not sufficient, Studwell argues. Instead, countries need “export discipline,” a government that forces companies to compete on the global scale. And in finance, effective regulation is essential for fostering, and sustaining growth. To explore all of these subjects, Studwell journeys far and wide, drawing on fascinating examples from a Philippine sugar baron’s stifling of reform to the explosive growth at a Korean steel mill. “Provocative . . . How Asia Works is a striking and enlightening book . . . A lively mix of scholarship, reporting and polemic.” —The Economist


Book Synopsis How Asia Works by : Joe Studwell

Download or read book How Asia Works written by Joe Studwell and published by Open Road + Grove/Atlantic. This book was released on 2013-07-02 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A good read for anyone who wants to understand what actually determines whether a developing economy will succeed.” —Bill Gates, “Top 5 Books of the Year” An Economist Best Book of the Year from a reporter who has spent two decades in the region, and who the Financial Times said “should be named chief myth-buster for Asian business.” In How Asia Works, Joe Studwell distills his extensive research into the economies of nine countries—Japan, South Korea, Taiwan, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and China—into an accessible, readable narrative that debunks Western misconceptions, shows what really happened in Asia and why, and for once makes clear why some countries have boomed while others have languished. Studwell’s in-depth analysis focuses on three main areas: land policy, manufacturing, and finance. Land reform has been essential to the success of Asian economies, giving a kick-start to development by utilizing a large workforce and providing capital for growth. With manufacturing, industrial development alone is not sufficient, Studwell argues. Instead, countries need “export discipline,” a government that forces companies to compete on the global scale. And in finance, effective regulation is essential for fostering, and sustaining growth. To explore all of these subjects, Studwell journeys far and wide, drawing on fascinating examples from a Philippine sugar baron’s stifling of reform to the explosive growth at a Korean steel mill. “Provocative . . . How Asia Works is a striking and enlightening book . . . A lively mix of scholarship, reporting and polemic.” —The Economist