Ms. Merkel should read the book as it says a lot about how such problems have been dealt with in the past.

Ms. Merkel should read the book as it says a lot about how such problems have been dealt with in the past.

The stock market, on the other hand, is equated with the US economic system. This view is an ideological by-product and is no longer up-to-date. The Sovereign Wealth Funds (SWFs), which have existed since 1953, have proven that the balancing act can work. Kuwait was the forerunner. However, the model for Corneo’s model is Norway’s sovereign wealth fund. His stock market socialism goes a decisive step further, however, because public property has a twofold role: First, a financial one, because profits are generated that are used to finance a social dividend.

Second, the fact that it is public property prevents the political money elite from exerting influence. The state has control over the companies and can thus prevent the lobbying of the companies, i.e. the distortion of political processes by the influence of the money elite. Only the first point applies to the SWF. That is, stock market socialism has an advantage. It is the more ambitious program to positively influence the political and moral development of society.

But what exactly can a stock market socialism do to counter the problem of the growing income gap between rich and poor? But it would put a stop to the polarization of wealth, as Corneo points out. Because under capitalism, capital income grows quickly, while labor income stagnates. The small saver gets zero percent on his account, while ten or twenty percent return on investment is normal for the billionaire.

An inequality in the system would be eliminated with his model. “If we let the profits of public companies flow into the state budget and used the profits to finance public services or to pass the money directly on to the citizens in the form of a social dividend, the increase Equal opportunities, “says the theorist. The consequence would be that there would be no layer of speculators and capitalist dynasties generating billions in capital income. In practice, too, this would be a start to taming the system. It would provide a little more justice without the system having to say goodbye to the idea of ​​growth. Source: “The proportion of 15 to 34-year-old migrant children who are neither in training nor in employment is ten percent lower than in any other EU country. (Photo: imago / Future Image) At least the trend is positive: According to a new study, there has been progress in Germany in integrating immigrants into work and education. However, the high number remains problematic According to a study by the OECD and the EU, the integration of immigrants into the labor market and education in Germany has improved significantly over the past decade. The employment rate of foreign-born immigrants rose by 7.9 points to more than 67 between 2006 and 2017 Percent, as the research shows.

The unemployment rate for those born abroad has therefore more than halved in the period and was 6.9 percent last year. The study also shows considerable progress in the school performance of immigrant children born in Germany. For example, the reading skills of 15-year-old students improved by 50 points between 2006 and 2015 according to a scale used for the Pisa study. In the case of young people born in Germany with parents born in Germany, this value only improved by 17 points. In addition, the proportion of 15 to 34-year-old migrant children who are neither in education nor in employment is ten percent lower than in any Another EU country, says the study entitled “Growing Together: Integration of Immigrants: OECD-EU Indicators 2018”. According to the study, however, the still high number of low-skilled immigrants is problematic.

For example, 35 percent of those born abroad between the ages of 15 and 64 are classified as having low qualifications, i.e. they have neither a technical college entrance qualification nor a completed vocational training. The proportion of native-born people is ten percent, and the proportion of low-skilled among immigrant children is also high: around a quarter of them have neither a high school diploma nor completed vocational training. Here Germany is well above the EU and OECD average. It is also noticeable that only 8.5 percent of migrant children born in Germany are employed in the public sector, as the study shows.

Among 15 to 34-year-olds without a migrant background, the proportion here is more than 17 percent. According to the study, almost 13 million immigrants live in Germany, that is 16 percent of the population. Another eight percent are children of migrants born in Germany. The majority of them, almost 70 percent, have lived in Germany for more than ten years. Overall, the trend in the integration of immigrants in Germany is positive, said migration expert from the Organization for Economic Cooperation and Development (OECD), Thomas Liebig, at the Presentation of the study in Berlin. Nevertheless, there is “a need for action, especially among the low-skilled, women and children of low-skilled immigrants.” The CDU integration commissioner of the federal government, Annette Widmann-Mauz, also called for further efforts. There must be improvements in the recognition of professional qualifications.

In addition, women need to be empowered so that they can better exercise their rights, said Widmann-Mauz. Source:, lri / AFP “” Two-year-old Clercilia Regis died of cholera. (Photo: AP) The situation in Haiti is over the spreading cholera more and more threatening. The number of dead and sick is increasing continuously. The epidemic has long since reached the destroyed capital Port-au-Prince; More than a million homeless people have been living in tents there since the earthquake in January. Cholera is claiming more and more victims in Haiti.

According to a report by the Haitian journalists’ organization AlterPresse, the number of deaths across the country rose to over 650. More than 10,000 infected people have been registered since the outbreak of the epidemic on October 19, the report said, which is based on the latest information from the Ministry of Health Most of the victims are in the Artibonite Department, where the disease broke out a good three weeks ago. According to the information, 450 people died there, over 7,300 are sick.

The remaining victims are spread across the rest of the country: a man on the ruins of the cathedral of Port-au-Prince. (Photo: AP) In the outskirts of the capital Port-au-Prince with its more than three million inhabitants, a cholera Dead registered. However, the last confirmation for the cholera pathogen was still pending, according to Doctors Without Borders (MSF). Nevertheless, the situation is already a cause for great concern. In the capital’s slums, people have neither clean water nor toilets, and Port-au-Prince has been in ruins since a major earthquake in January. Over a million homeless people still live in makeshift tent camps, but they have clean water and toilets. For several hundred thousand children who live there and in the slums, the danger of cholera is now increasing, warned UNICEF. Source:, dpa “Thomas Piketty doesn’t see himself as a Marxist:” I don’t want to fight capitalism, but stabilize it again. “(Photo: Ed Alcock) It is not often that the appearance of an economist leads to overcrowded halls and students and seniors try in vain to get a card.

But this is exactly the case at an appearance by the economist Thomas Piketty in Berlin on the occasion of the publication of the German edition of his book “Das Kapital im 21. Jahrhundert”. spoke to the economy shooting star about national debts, taxes for the rich and Marxism. Mr. Piketty, nice that you made it to the appointment on time despite the train drivers’ strike.

The labor dispute in capitalism is apparently lively. (Laughs) Yes, that’s true! After a very successful start to the original edition, “Capital in the 21st Century” has now been published in German. Why should Angela Merkel read your book? “Das Kapital im 21.

Century “has recently been available in German. The several hundred pages of business literature topped bestseller lists for weeks in the USA and revived the international debate on the distribution of wealth. The book is available for 29.95 euros from C.H. Beck.

Well, in general, I think politicians should read more books. Most of the time they think they don’t have time for that, but they should take it. I understand “Capital in the 21st Century” primarily as a history book, and most of the problems in Europe today, such as the debt crisis in the eurozone, did not arise yesterday. There have been several crises that were significantly more serious than the present one.

Public debt in the eurozone is around 100 percent of economic output; in Germany and France in 1945 it was around 200 percent. Ms. Merkel should read the book as it says a lot about how such problems have been dealt with in the past. We often believe that there is only one solution to a problem, such as the current austerity policy in Europe.

But there are always several ways. As you can see in the book, Germany has long been one of the most unreliable debtor states. So how do you rate the German government’s insistence on budget discipline in the EU today? I believe that the main reason for this is a kind of “intellectual nationalism” – in Germany as well as in France or the Netherlands, for example. In the countries that have had particularly low interest rates in recent years, the attitude has spread that the states of southern Europe have to pay for these rates because they have caused their own problems – even if they have to pay for several decades. I think this is an extremely short-sighted strategy. Why? “Who has, will be given”: With the help of comparative data on wealth development in more than 20 countries and over 150 years, Piketty believes that he has identified a fundamental trend in the capitalist economic order: r> g . The return on private wealth (r) is growing faster than the growth of the entire economy (g). While profit from stocks or real estate averaged just under five percent in the period under review, GDP growth was a maximum of one and a half percent.

So work is paid less than property. In the long term, this leads to the concentration of more and more money in the hands of fewer and fewer people. Ultimately, we have very low growth in the entire eurozone, even in Germany the development is not particularly good. The reason is short-sighted selfishness. Great Britain, which lies outside the euro zone, is already growing much faster again.

My guess is that this selfishness is the result of ignorance, or at least insufficient attention to our past. Even if we can of course never use exactly the same solutions as in the past, a look at which paths were chosen at the time can help us to improve our solution approaches for the present ESM supported. Many consider this to be an almost overused solidarity.

Where do you see the egoism? As already mentioned, Germany and France’s debt burden in 1945 was 200 percent of GDP. In 1950 both countries had practically no debt. In this short period of time, of course, they did not simply achieve a huge budget surplus, but made use of inflation and, in particular, Germany’s refusal to pay. I think that’s a very good decision.

In this way, it was possible to invest in reconstruction in the 1950s and 60s without the burden of debt. If both countries had had to repay their debts without inflation and instead stuttered the mountain with annual surpluses of two or three percent, then they would still pay today and could not invest the money in infrastructure, education or other projects. So I find it somewhat astonishing today to ask southern Europe to pay off its debts in full.

 What would be an alternative to that? Well, the inflation and refusal to pay strategy already shows us two ways. Even today, a lot could be achieved through debt rescheduling. In Greece this has already been done in part, but other countries should also be given the opportunity. Italy currently pays around six percent of its economic output into debt service, while the total budget of all state universities is less than one percent of GDP. Is this the best way to prepare for the future?

More should be invested, especially now that low interest rates mean that new loans can be easily taken out. Another way to reduce national debt quickly would be a progressive tax on private wealth. You think that the money to reduce debt is actually there? It is, because it is not so much the states that are penniless, but rather their governments. Because a lot of money is in large assets that could be taxed more efficiently.

In a way, it would be like inflation, except that it is a more “civilized” form, so to speak. The problem with inflation is that it’s not clear who pays in the end. People with less high incomes are often asked to pay more in relation to the cash, since particularly wealthy people hardly feel the devaluation of their capital investments such as houses or company holdings. But even without the tax, moderate inflation of up to four percent would still be more suitable than simply servicing decades of debt.

 The intention to rehabilitate the state through the wealth of its citizens is nothing new. Certainly, only the savings of middle and lower income groups of up to, say, 200,000 euros would be protected under such a tax, while at the same time relatively more would be demanded from particularly wealthy citizens. Wouldn’t they try to move their wealth abroad? Yes, and because of that All of these solutions also require closer and, above all, more democratic unity of states – at least in Europe.

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