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Capitalism needs a new social contract
[‘Does the US Tax Code Favor Automation?’]

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  • Minouche Shafik

Abstract

Capitalism needs a new social contract to better manage the consequences of technology and an increasingly diverse and flexible workforce. That social contract should retain the benefits of flexibility but do a better job of providing security in the form of mandatory benefits, putting a floor on incomes, and investing far more in helping workers adapt to economic shocks and rising automation. It also means a new deal with business that would achieve a more level playing field in how capital and labour are taxed.

Suggested Citation

  • Minouche Shafik, 2021. "Capitalism needs a new social contract [‘Does the US Tax Code Favor Automation?’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 758-772.
    • Handle: RePEc:oup:oxford:v:37:y:2021:i:4:p:758-772.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grab032
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    References listed on IDEAS

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    2. Daron Acemoglu & Andrea Manera & Pascual Restrepo, 2020. "Does the US Tax Code Favor Automation?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 51(1 (Spring), pages 231-300.
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    Cited by:

    1. Rebecca M Henderson, 2021. "Changing the purpose of the corporation to rebalance capitalism [‘Towards Collaborative Community’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 838-850.

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