TNC’s and fiscal havens.

To paraphrase what Paul Krugman wrote about the importance of productivity, the creation of a global market does not change everything, but it changes almost everything. One of its features is segmented production through the global value chains. The reduction of transport costs and technological changes have given way to the production of goods and services composed of components from a multiplicity of countries; Multinational goods of the “Made in the World”.

To fight against Fiscal Heavens requires new supranational institutions, otherwise TNC’s will remain as new World leaders with a power well beyond the one in national’s governments hands.