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Tax havens are “one of the worst enemies of our democracies,” said state representatives during a meeting at the United Nations.

Due to concerns over the impacts of illicit financial flows, the Missions of Ecuador, South Africa, and India convened an informal workshop to discuss the issue and potential solutions.

“Tax revenues are said to be the lifeblood of a state. With integration of economies in a globalized world, actions taken on taxation in one country affect practically everybody within borders and across borders,” said Permanent Representative of India to the UN Syed Akbaruddin, adding that the trends in illicit financial flows are alarming.


-Bernie Sanders put it best: “We not only have massive wealth and income inequality, but a power structure that protects that inequality”.

-The main driver of inequality is corporate-driven globalization.
-Better machines, better technologies do not produce better wo/men. We cannot become a society in which a knowledge aristocracy will dominate an every-day-less-informed-social-mass. This will only deepen economic inequality. (Rosa Luxemburg)
-Difference Yes, Inequality No! Plurality is the essence of life. (Slogan of the recent 12th Congresso de la Redeunida, held in Campo Grande, Mato Grosso do Sul, Brasil)

Second edition of an interesting research of Isabel Ortiz and colleagues: Options to Expand Social Investments in 187 Countries

Last week’s United Nations’ Financing for Development Forum in New York was notable for being the first major event to admit in a formal outcome document that at the current pace, the Sustainable Development Goals will not be reached. The Forum - which deals with all aspects of finance and the financial architecture that regulates finance - planned to push reforms that would make finance work for development. Progress was meagre however, as political blockages still need to be overcome.

The outcome document of the 2017 Financing for Development (FfD) Forum paints an alarming picture: “The current global trajectory will not deliver the goal of eradicating poverty in all its forms and dimensions by 2030”. A key reason is the lack of adequate funding for the SDGs. While there is no lack of ‘hot money’ inflating asset prices and speculative bubbles across the globe, there's a failure to transform that money into development finance, not least because governments are failing to reform the financial system. The 2017 FfD Forum pledged to take “immediate action … to implement the Addis Ababa Action Agenda” (the commitments made at the last International Conference on Financing for Development two years ago), but it’s unclear exactly what the substance of that action will be.

The 17 Sustainable Development Goals (SDGs) – collectively drafted and then officially agreed to, at the highest level, by all member states of the UN in September 2015 – involves specific targets to be achieved mainly by 2030. The agenda seeks to “leave no-one behind” and claims roots in universal human rights. Thus, addressing inequalities and discrimination is central to the SDGs. Poverty and Shared Prosperity 2016: Taking on Inequality is the World Bank’s first annual report tracking progress towards the two key SDGs on poverty and inequality.

Annual reporting on poverty, inequality
This particular report evaluates progress towards reducing extreme poverty to 3% of the global population and sustaining per capita income growth of the bottom 40% of the population faster than the national average. According to the bank, with global economic growth slowing, reduction of income inequality will be necessary to ending poverty and enhancing shared prosperity.


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