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Economic Concentration 1123rd SHARING THE EARTH SO ALL MAY PROSPER EDITION AUTUMN 2018 ECONOMIC CONCENTRATION RENT-SEEKING, PATENTS AND POLITICAL COLLUSION PEAK BIG BUSINESS? Autumn 2018 Progress is supported by a grant from the Number 1123 Henry George Foundation of Australia - www.hgfa.org.au First published 1904 Printed by The Print Press - (03) 9569 4412 Editor ABOUT Karl Fitzgerald Prosper Australia is a 127 year old advocacy group. It seeks to move the base of government revenues from taxing individuals Publisher and enterprise to capturing the economic rents of the natural Prosper Australia Inc endowment, notably through land tax and mining tax. Send contributions to: [email protected] JOIN US PROGRESS is the journal of Please join our organisation, Prosper Australia. Membership Prosper Australia costs $30.00. This includes a subscription to Progress. Earthsharing Australia www.prosper.org.au/join Land Values Research Group Progress subscription only $15 – overseas subscriptions $35.00. Contact Prosper Australia ProsperAustraliaInc @Prosper_Oz 64 Harcourt Street, North Melbourne Vic 3051 Earthsharing @earthsharing Tel: +61 (0)3 9328 4792 - [email protected] Realestate4ransom @property4ransom Contact Information Related Organisations: ACT TAS Association for Good Government Prosper Australia (Tas branch) www.associationforgoodgov.com.au [email protected] [email protected] 03 6228 6486 02 6254 1897 8 Rosina Court, Mt Stuart TAS 7000 NSW Useful Websites Association for Good Government www.prosper.org.au [email protected] www.earthsharing.org.au 02 9698 2436 www.lvrg.org.au 122 Little Everleigh Street, Redfern NSW 2016 www.thedepression.org.au PO Box 251 Ulladulla NSW 2539 www.realestate4ransom.com www.3cr.org.au/economists QLD www.youtube.com/earthsharing Site Revenue Society www.grputland.com [email protected] www.hgfa.org.au 07 5574 0755 www.henrygeorge.org PO Box 8115 www.theIU.org Gold Coast Mail Centre QLD 9726 www.savingcommunities.org www.cooperativeindividualism.org WA www.earthrights.net Georgist Education Association (Inc.) www.progress.org www.gea.org.au www.schalkenback.org [email protected] www.earthsharing.org 0497364124 www.lincolninst.edu PO Box 472 Bassendean WA 6934 www.sharetherents.org Contents Editorial by Karl Fitzgerald ............................................................................................................4 How Labor Can Win Back Victoria’s Love by Godfrey Moase ..........................5 Squeezing Out the Competition by CHOICE.......................................................................10 The Revenge of the Rentiers by UNCTAD .......................................................................12 The Democrats Confront Monopoly by Polly Cleveland ........................................18 The Gaffney Quantum Leap Effect by Fred Foldvary ..........................................20 From Disruption to Dystopia: Silicon Valley Envisions the City of the Future by Joel Kotkin ...........................................................................................................22 Geoists in History: Patrick Edward Dove by Karl Williams .............................27 GeoNews: Key Story Snippets .............................................................................30 At present, neither party advocates the tax code so elegant it can reduce inequality, mitigate poverty, stimulate productivity, prevent asset price bubbles, stem community-shredding gentrification and drain the distended Wall Street cabal of its ill-gotten gains – in just one tax. Jesse Myerson, End the 1 percent’s free ride: Taxing land would solve America’s biggest problems “Property rights are critical to our economy and our society. They deter mine who pays whom and who works for whom. What’s more, they have staying power: once amassed, they are repositories of wealth and power that shape markets and societies for gen erations” Peter Barnes, How to Construct a New Invisible Hand (Evonomics) Editorial by Karl Fitzgerald Recent Prosper news includes budget sub- prime locations for small business. Big box missions to the Federal, Victorian and stores face a comparative disadvantage to Northern Territory Governments. We have had smaller, more nimble entities. Further, a sim- meetings with the Grattan Institute and also plified tax system encourages entrepreneur- the Dept of Environment, Land and Water. A ial risk takers to start business. certain highlight was hosting 20 tax officials from the Chinese province of Jiangsu. They Remember that mergers and acquisitions came to discuss the intricacies of land policy typically peak at the top of the land cycle, in light of China’s proposed streamlining with corporate raiders purchasing not on a of property charges from six to one annual company’s operating prowess, but on the charge. The most pertinent question? “Is value of their land holdings. land tax altered to make the land price go up or down?” If only, we laughed in reply. Mason Gaffney’s Quantum Leap Effect discusses the impact of land speculation This edition features a step inside the in curtailing the efforts of labour intensive growing movement to address monopoly industry. Whilst the article discusses these power. Recent Big Tech issues at Facebook impacts in the opposite direction to how LVT regarding the Cambridge Analytica scandal would affect the site, I place this seed here raise concerns of economic might alongside for you to visualise how a Georgist system surveillance rights. MP Andrew Leigh and helps restore prime locations to their original Adam Triggs’ work on Australian market con- ‘hive of activity’ nature. What could be done centration is alarming. Concentration levels to tax the privatised natural monopolies? are at least three times greater than the US in a number of industries. As discussed in my Total Resource Rents of Australia report (2013), natural monopolies This sets the scene for the UNCTAD report such as Transurban would pay a yearly toll- on The Revenge of the Rentiers. They run master’s license fee based on their Earning through defensive corporate strategies Before Interest, Taxes and Depreciation inherent in patent thickets, patent fencing, (EBITDA) ie before the tax-trickery. PPPs, corporate welfare, share buybacks, tax loopholes and revolving doors between Geoists in History Patrick Edward Dove raises business and government. Please study core issues of serfdom in “The land is for those figures on economic concentration the nation, and not for the aristocracy.” The and Return on Assets. future of smart cities as data mining hubs selling our every instinct for commercial gain Polly Cleveland’s The Democrats Confront brings into play Dove’s concerns of a reign of Monopoly gives insight to the political and justice. economic machinations undermining advocacy work in the area and the resultant Godfrey Moase starts us off with a detailed concerns in public office. analysis of the ALP’s urgent need to address rent-seeking handouts. He provides handy The typical Georgist monopoly argument campaign tips on how this could frame the centers on the wealth concentrated in land. conservatives as the party of insiders in Transferring taxes off the productive sector this election year. Godfrey discusses key and onto land rents has a multi-faceted effect. Georgist policies to rebalance the advantage Lower land prices enable greater access to big business holds over the community. 4 PROGRESS Autumn 2018 PROGRESS Autumn 2018 5 Steven Lelham, Unsplash How Labor Can Win Back Victoria’s Love by Godfrey Moase The point of a left-reformist administration of There probably are not a lot of people losing an inevitably limited tenure is to ensure that sleep over the prospect of the ‘asset recycling’ of people can do tomorrow that which they cannot Land Use Victoria. But that is to miss the point: do today. This is its legacy – to leave office with the sale of Land Use is not the ultimate goal, but people exercising more power collectively. This rather a signal that the government is changing is something that no government of reaction can course. ever fully unwind. The evidence for this legacy can be found in the new rights ordinary people A government looking to raise revenue to solve a can exercise, the health of social movements, problem or improve the lives of its citizens can do the strength of ordinary workers in the workplace so in one of three ways – sell to the rich, borrow (including trade union density), and relationships from the rich, or tax the rich. If the selling off of between people in relation to the resources they our public assets is to stop, it’s time for Labor to need to live their lives. tax the rich. Herein lies the tragedy of selling off the commons Fortunately, there is one source of wealth that is – privatisation widens the scope of corporate entirely dependent on the vibrancy and welfare control over the lives of Victorians while placing of the community surrounding it. It’s a source of any countervailing good done with the funding at wealth that cannot be offshored or outsourced. the mercy of a future Liberal government. Fun- It’s land. damentally it means that a future left-reformist government cannot do tomorrow that which it can do today. A state government’s decision to rezone land can result in large increases to land values and, as To reverse this extractive approach to running a result, windfall profits to large landowners and Victoria, the first thing the government needs to property developers. This opens the potential for do is halt
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