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Download Capitalist Development and Economism in East Asia: The Rise by Kui-Wai Li PDF

By Kui-Wai Li

Taking a conceptual method, this ebook experiences the commercial improvement of the 4 East Asian economies on account that 1950. the writer summarizes and reconsiders the various arguments and findings that supported and defined the industrial 'miracles' of Hong Kong, Singapore, Taiwan and South Korea, analysing the connection among fiscal improvement, development and political economy.
This pioneering booklet will stimulate extra research of East Asian improvement. it will likely be of crucial curiosity to students in East Asian economics, and all these drawn to glossy fiscal development.

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Read Online or Download Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan and South Korea (Routledge Studies in Growth Economies of Asia) PDF

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Extra info for Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan and South Korea (Routledge Studies in Growth Economies of Asia)

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There are various unintended consequences of a progressive tax system. One misconception is the assumed positive relationship between the tax rate and tax collection, and that a higher tax rate enables the government to collect more revenue. 1) A simple measure is to look at the absolute value of t. A value of |t| > 1 implies an elastic tax system in which a proportionate change in the tax rate leads to a larger proportional change in tax revenue. In contrast, |t| < 1 implies an inelastic tax system in which a proportionate change in tax rate leads to a smaller proportional change in tax revenue.

It is possible for low revenue to be due not to the tax rate, but to inefficient tax collection. In theory, a progressive tax system provides the government with an exponential increase in tax revenue should income rise, but it also has various disincentive effects, including a fall in total output as people work less or leave employment entirely, and a tendency to under-report income or to engage in earning informal income. In the case of business or profit tax, a higher tax rate discourages business activities.

Social security will then be made available only to the most needy. Thus, as income rises, the level of poverty and the need for social welfare assistance decline. It has been argued that government expenditure on social security provides a “free lunch”, implying that such expenditure is the end in itself. However, government welfare expenditure is most effective when it is temporary and “endowment expanding”, that is, the recipient gains skills or knowledge while receiving welfare assistance. It is best for government to adopt a “growth-promoting” expenditure policy.

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