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Among other things, it simplifies the calculations and in theory would promote capital spending at a time it's been lagging.
Second, to promote capital investment, Congress lavishes the business community with all sorts of so-called tax expenditures.
The government has vowed to cut the public sector, deregulate Austria's highly bureaucratic economy, promote capital markets and generally bring something resembling a Thatcherite revolution to Austria.
On the other hand, the cost of tax expenditures that promote labor, such as those that subsidize education, pales in comparison to those that promote capital.
Though it still needs to recover a reputation for fiscal continence, Labour remains keen to match such fighting talk and to promote capital investment.
The fund has historically opposed capital controls, even trying in 1997 to amend its articles of agreement to allow it explicitly to promote capital- account liberalisation.
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In September 1997 the IMF formally proposed amending its charter to promote capital-account liberalisation, calling it "an essential element of an efficient international monetary system in this age of globalisation".The timing was dreadful.
His government deregulated business and promoted capital speculation, helping to produce unprecedented rates of economic growth and property development.
Stefan Seip, a corporate lawyer who runs Finanzplatz, a body that promotes capital markets, admits to being confused by the language.
And that's a big deal, because promoting capital inflows was at the heart of the halfway reasonable argument for the tax cut.
At the international level, that means promoting capital controls (something the IMF now seems ready to do), implementing a financial transaction tax (something the EU is now actively pursuing), and designing a sovereign debt workout mechanism that deals fairly with lenders and borrowers alike (a long-standing Unctad proposal).
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