the size of government expands everywhere, the levels of regulation and taxes will
inevitably rise. For the top 3,000 global firms the median effective tax rate paid has
dropped from 33% two decades ago to just 22% now; the only way is up. At the end of
this recession the world of business will have been shaken up—and so will the rules of
capitalism.
Patrick Foulis: business affairs editor, The Economist
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