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An Investment and Equality-Led Sustainable Development Strategy for Europe

Onaran, Özlem; Andersen, Lars; Cozzi, Giovanni; Dahl, Signe; Nissen, Thea; Obst, Thomas and Tori, Daniele (2017). An Investment and Equality-Led Sustainable Development Strategy for Europe. University of Greenwich, London.

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URL: http://gala.gre.ac.uk/id/eprint/16212
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Abstract

Austerity policies coupled with rising inequality in Europe have resulted in a prolonged stagnation and a vicious circle of chronically low demand, slow down in investment and productivity, and economic, social and political instability. In order to end this vicious cycle, Europe needs directed public investment policies accompanied by industrial policy, higher equality, stimulated demand, and regulation of finance and corporate governance. Our research presents strong empirical evidence that expansionary fiscal policy is sustainable when wage and public investment policies are combined with progressive tax policy; the impact is stronger when these policies are implemented in a coordinated fashion across Europe due to strong positive spill over effects on demand. A strong investment performance also requires a process of de-financialization of the economy and a new approach to corporate governance.

Item Type: Other
Copyright Holders: 2017 The authors
Keywords: public spending; tax policy; wage share; economic growth; financialization; investment; non-financial sector; financial development; social infrastructure; physical infrastructure; sustainable development; Europe
Academic Unit/School: Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL)
Item ID: 48812
Depositing User: Daniele Tori
Date Deposited: 01 Mar 2017 15:38
Last Modified: 07 Dec 2018 21:51
URI: http://oro.open.ac.uk/id/eprint/48812
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