The G7 tax clampdown signals the end of hyper-globalization
SummaryThe tax deal has struck an appropriate balance of divergent interests to smoothen out some rough aspects of globalization
On 5 June, the world’s leading economies announced an agreement that will bolster their ability to raise taxes on global corporations. The agreement still needs formal approval from a wider set of countries, and there remain many details to be worked out for it to be effective. Nonetheless, it would not be far-fetched to describe the Group of Seven (G7) deal as historic.