Canada’s reputation has a good place to launder money may soon come to an end. A good step to preventing organized crime from using the Canadian economy to “clean” their money is tabled in parliament. The beneficial ownership registry will require companies to declare who or what organization benefits from a subsidiary or otherwise owned business. Such a registry exists in other countries and helps law enforcement and cornered organizations better track what companies are up to.
Canada’s announcement for a publicly accessible registry brings it in line with G7/G20 and Five Eyes’ strategies to advance national security goals and surpasses the new Financial Action Task Force standard on beneficial ownership registries. These registries have become more urgent as transnational criminal networks and foreign state actors seek to exploit liberal democracies to hide dirty money. Currently, 108 countries have made commitments to publicly accessible registries, and Canada can begin next steps in ensuring that all registry data is secure and useful to all FINTRAC reporting entities and law enforcement.
“Tax dodging and money laundering cost the public billions every year,” said Dr. DT Cochrane, economist with Canadians for Tax Fairness. “A publicly accessible registry will significantly improve tax compliance and enforcement for all levels of government.”
The pandemic clearly caused chaos in the business world from lockdowns to supply chain issues, and this has caused many small businesses to face closure. Small businesses closing isn’t good for local economies and there are solutions to support these small operations. The best option is to convert to a cooperative.
That’s right, in order to save capitalism we need less idolization of individuals and more focus on shared growth. Business can survive through distributed risk and recovery by converting to cooperatives.
The way the economy runs leads to environmental destruction and it doesn’t have to be that way. The industrial revolution accelerated consumption of non-renewable resources and governments allowed corporations to profit at the expense of health and wellbeing. This is untenable. It’s time to shift our economy from one that exists to expand every year (so billionaires like Musk and Bezos) to one that exists for long-term sustainability. Without the environment we won’t even have an economy, and with climate change accelerating we have to refocus our economy immediately.
Parrique says to picture economies like people with metabolismsâ€”when youâ€™re young, you need to eat lots of food, and as a result, produce lots of waste, to get big and strong. But if you keep eating like a rapidly-growing human well into adulthood, thatâ€™s probably not the healthiest way to be. As an adult, it makes more sense to balance out your diet for sustaining your bodyâ€™s current needs.
Economist argue that efficiency produces profits, which is why we see mass layoffs and (bizarrely) large payouts for executives. 20th century economists ignored a lot of opportunities for more efficient operations because the costs weren’t put on corporations themselves. The costs of running the business were covered by the governments. There is no better example of this than how companies treat the environment.
An easy example is in Alberta where companies in the tar sands have ransacked vast tracts of land for low-quality bitumen while leaving the costs of cleanup on the government. If companies had to pay for their environmental damage then the tar sands wouldn’t be profitable.
Finally economists have caught up to what environmentalists have been saying for decades: if we don’t act on the damage done to the environment by companies then all companies will suffer (obviously nature suffers more). Recent studies show that not getting to a carbon net-zero economy soon will cost the global economy $30 trillion a year due to ecological destruction.
Sylvan said he was surprised that so many saw net-zero action as â€œeconomically desirable, even on the pretty short timeline that weâ€™re talking about.â€
Most of the international climate economists questioned for the survey in February said they had become more concerned about climate change over the last five years. The most common reason they gave was the escalation in recent extreme weather events, which have included climate-linked wildfires and heat waves.
Solar panels are getting more efficient and the cost to produce them are decreasing by the day, already solar is cheaper than coal. Yet, due to previous policies and outdated economic models the real value of solar is underappreciated. While people wake up to the reality around the economics of solar the rest of us can call attention to the non-economic benefits of switching to sustainable power generation. Things like grid resiliency, if every home has solar panels then blackouts will become a thing of the past.
“Anyone who puts up solar is being a great citizen for their neighbors and for their local utility,” Pearce said, noting that when someone puts up grid-tied solar panels, they are essentially investing in the grid itself. “Customers with solar distributed generation are making it so utility companies don’t have to make as many infrastructure investments, while at the same time solar shaves down peak demands when electricity is the most expensive.”
Pearce and Koami Soulemane Hayibo, graduate student in the Michigan Tech Open Sustainability Technology (MOST) Lab, found that grid-tied PV-owning utility customers are undercompensated in most of the U.S., as the “value of solar” eclipses both the net metering and two-tiered rates that utilities pay for solar electricity. Their results are published online now and will be printed in the March issue of Renewable and Sustainable Energy Reviews.