The cost of justice: A fairer world has a price tag
Whether the annual gathering of the world’s movers and shakers in Davos, which takes place this week, might mean positive change or is just an echo chamber where like-minded souls press the flesh is an open question.
This year, the assembly will have the benefit of US president Donald Trump’s wisdom, the first American president to attend since Bill Clinton. Narendra Modi will be the first Indian prime minister to attend, underlining the event’s influence.
As ever, the conference will focus on the great questions — artificial intelligence and its implications for millions of workers; climate destruction and the concentration of wealth. Essential efforts to tackle growing inequality may have implications for Ireland that we have not considered fully.
In its annual Davos scene-setter, Oxfam warns that, by next year, 1% of the world’s population will own more than the other 99%. Much of this is predicated on maximising tax efficiencies — or in some cases paying little or no tax anywhere.
One of the ways the EU is trying to tackle this is with a new digital tax which, Irish tax authorities have warned will cost us jobs and mean a fall in corporation and payroll tax receipts. Apple’s decision last week to pay €38bn just to bring money once based in Ireland to America, adds to concerns around the permanence of arrangements so beneficial to our economy.
So, what price are we prepared to pay for some sort realignment of resources to serve the idea of equity?
