Reviewing Taxation (Laws) Amendment, 2021 in Times of Global Capital Code

By Anmol Ratan, Fourth Year Student at NLSIU Bangalore

Back in 2010, Dani Rodrik, a renowned economist at Harvard proposed the idea of the political trilemma and hyper-globalisation in his book, The Globalisation Paradox: Democracy and the Future of the World Economy (W.W. Norton, 2010). Over the course of his book Rodrik hinted at the latent yet potent tension amidst national sovereignty, democracy and hyper-globalisation’. Calling the trio the Political Trilemma of the World Economy, he argued that a nation cannot have all the three constituent phenomena all at once. It was also put forth by him that the neoliberal agenda of hyper-globalisation is not just hostile to the ideals of sovereignty and democracy but is also counterintuitive to their project. While some have disputed Rodrik’s bold claim for being abstract, there is more to it than what meets the eye. Rodrik has illustrated his thesis and meta-argument well in his book, however, his proposed idea of the sheer incongruity of hyper-globalisation with sovereignty and democracy seems to have been reinforced yet again by the recent developments in the laws of taxation.

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