As we go dark in our properties thru Thanksgiving here in the United States, we wanted to wish all the most joyous as we take stock of all that we're thankful for as we leave you all with this courtesy of the team at the World Bank:
Figure 1. The social contract as a dynamic equilibrium
Figure 2. Distributional tensions along four dimensions are explored
There is no single solution to relieve these tensions, and attempts to address them will vary considerably across the region. However, this publication proposes three broad policy principles: (1) promote labor market flexibility while maintaining protection for all types of labor contracts; (2) seek universality in the provision of social assistance, social insurance, and basic quality services; and (3) expand the tax base by complementing progressive labor-income taxation with taxation of capital. These principles could guide the rethinking of the social contract and fulfil European citizens’ aspirations for growth and equity.
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