Will Democracy Govern Capitalism – or be consumed by it?

Following aggressive lobbying by the Trump administration, more than 145 countries agreed to give big US multinationals a free pass under the global corporate minimum tax rules that were agreed in 2021. But if democracy is to prevail over oligarchy, policymakers must tax extreme wealth appropriately – and they must do it fast.

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* This article was originally published in Project Syndicate on February 6, 2026.