THE INTERNATIONAL BUSINESS ENVIRONMENT
GLOBALIZATION AND FRICTION
THE FUTURE OF INTERNATIONAL BUSINESS MANAGEMENT
CAREERS IN INTERNATIONAL BUSINESS
Bankers in London received a lump of coal in their Christmas stockings in 2009 when Alistair Darling, the U.K. finance minister announced a 50 percent tax on all U.K. bank bonuses above £25,000 (about US$40,000). The “supertax,” scheduled to be applied in 2010, affects about 20,000 bankers employed by British banks and all foreign banks operating in the United Kingdom. Perhaps the bankers who make such large bonuses might not be the modern equivalents of Bob Cratchit, but they reacted to Darling's announcement as if Ebenezer Scrooge had taken away the Christmas goose from Tiny Tim. Bankers in “The City of London” were maddened by the announcement, and rumors immediately began to fly that bankers would be leaving London in droves. This raised the issue that the United Kingdom government might be sacrificing the golden ...