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In this week’s Hub book review, Patrick Luciani examines The Greatest of All Plagues: How Economic Inequality Shaped Political Thought from Plato to Marx (Princeton University Press, 2024), by David Lay Williams, which attempts to make the case that the concentration of wealth has been a historical problem that many of the world’s most prominent political thinkers have tried to solve.
Economics is usually taught as a technical subject that maximizes economic growth by using monetary and fiscal policies to keep inflation and unemployment low. This is called positive economics, which treats consumers and businesses as bloodless utility and profit maximizers.
However, something changed after the financial crisis in 2008. Overnight, we saw the human damage of a financial and economic system that became untethered to the real world, where the rich protected themselves at the expense of the poor and middle class.
Economic inequality became front of mind in culture as economists such as Paul Krugman, Nobel Prize-winner Joseph Stiglitz, and Thomas Piketty, who in his best-selling book Capital in the Twenty-First Century, pointed out the growing disparity between the rich and poor. Movements like Occupy Wall Street reminded us of the wealth gap with their slogan, “We are the 99 percent.” Economics started shifting to normative economics, which is more interested in how wealth is distributed than its creation.
Economic inequality is nothing new in human history. Until the 18th century, the bigger problem for most people was poverty and staying alive, let alone worrying about equality, especially in a world ordained by God or nature. A new book, The Greatest of All Plagues, by David Lay Williams, however, disputes that economic disparities and concentration of wealth were not at the top of the minds of the most significant political thinkers throughout the ages.
Professor Williams, who teaches political science at DePaul University, looks deeply at the ideas of Plato, Jesus, Jean-Jacques Rousseau, Adam Smith, Thomas Hobbes, John Stuart Mill, and Karl Marx and argues that they all saw economic inequality as we see it today, as a source of political instability and “a corrupter of character and soul,” and if left unchecked will damage civic harmony, peace, and democracy. The term “greatest of all plagues” comes from Plato’s Athenian Stranger in the Laws, which refers to civil war caused by extreme economic inequality and the concentration of wealth.
Though the term “inequality” doesn’t appear in the Bible or the Gospels, Williams reminds us of Jesus’ words that the kingdom of God has no place for the rich. The Hebrew laws of Sabbatical and Jubilee also recognized that justice and fairness were essential to rebalancing wealth distribution as a matter of moral duty. These ancient laws required that all debts be forgiven every seven years and all property be restored to an equitable distribution every fifty years.
Rousseau was the most articulate and critical of the wealthy and closely analyzed the pathologies of inequality in his famous essay, “Discourse on the Origin of Inequality,” written in 1754. Inequality to Rousseau was an affront to his beloved notion of the “general will,” where the state has a duty to distribute wealth so that each citizen has neither too little nor too much. For Rousseau, income inequality breeds greed and avarice, vices not found in nature. Perfect equality is found only in the state of nature where all are equal before the corruption of society. Hence his famous saying, “Man is born free, and everywhere he is in chains.” He and Plato lived in a zero-sum world, where wealth was fixed and could only be increased if taken or stolen from another.
To make Smith an ally to William’s argument, since Smith saw free trade and markets as a way out of poverty, Williams appeals to Smith’s Theory of Moral Sentiments. Smith worries that wealth isolates the rich from others and will show less compassion or sympathy to the poor. Though never an egalitarian, Hobbes insists that poverty results in resentment and envy that lead directly to the “sources of sedition and war.”
Mill saw the dangers of growing wealth concentration and advocated inheritance taxes even though the poor were better off when wealth expanded with greater commerce, trade, and competition. Mill also advocated for public education for the poor, increasing their chances for greater freedom and less poverty. To make his point, Williams turns to Piketty’s research to show that in 1770, the top 10 percent of British citizens owned 90 percent of total private property, and the top 1 percent possessed 60 percent.
A security guard inside the Toronto Stock Exchange watches protestors on Oct. 17, 2011 as the Occupy Bay street protest continues into its third day. Chris Young/The Canadian Press.
Of these six selected political thinkers, Marx is the most ambivalent. Inequality for Marx was inevitable under capitalism. Even the famous communist phrase attributed to Marx, “from each according to his ability, to each according to his needs,” was not a call for income equality. Nonetheless, poverty, or low income, places a psychic cost on workers that leads to dissatisfaction, depression, and demoralization.
Williams puts much work into his efforts to deepen the idea that focus on economic inequality isn’t new but can be found in the canon of political ideas over 2000 years. But does he make his case that income inequality is the greatest plague of our time?
He starts by taking Piketty’s work at face value without any mention that the French economist’s work has faced significant criticism in his methodology and conclusions.
Williams also criticizes Harvard psychologist Steven Pinker and renowned economist Deidre McCloskey for defending an economic system that creates wealth. He dismisses them, claiming they ignore the total damage of an economically unequal society that favours billionaires over the poor. It’s hard to imagine telling Pinker and McCloskey that they hadn’t considered the implications of their ideas.
Where does this all leave us now? Ultimately, Williams never tells the reader what he thinks is an ideal level of wealth distribution and what it would entail.
The Occupy Wall Street movement is long over. The rhetoric that inspired its demonstrations has proved, in time, unconvincing to the 99 percent it was supposed to animate. In the recent U.S. election, working-class Americans dramatically shifted away from their traditional Democratic Party. Is it possible that advocates for greater economic parity are wrong when low-income earners preferred lower taxes and higher incomes over equality?
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
TORONTO, Nov. 18, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC has completed the current normal course issuer bid / share repurchase program (NCIB), purchasing for cancellation 8,342,119 IPC common shares between December 2023 and November 2024, representing approximately 6.5% of the total outstanding common shares at the commencement of the NCIB. As previously announced, the IPC Board of Directors has approved, subject to acceptance by the Toronto Stock Exchange (TSX), the renewal of IPC’s NCIB for a further twelve months from December 2024 to December 2025. IPC expects that the 2024/2025 NCIB will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel up to a further approximately 7.5 million common shares, representing approximately 6.2% of the total outstanding common shares (10% of IPC’s “public float” under applicable TSX rules).
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During the period of November 11 to 15, 2024, IPC repurchased a total of 191,989 IPC common shares (ISIN: CA46016U1084) on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.
IPC’s NCIB, announced on December 1, 2023, was implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.
For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of November 11 to 15, 2024, see the following link to Nasdaq Stockholm’s website:
A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of November 11 to 15, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.
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During the same period, IPC purchased a total of 14,348 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.
All common shares repurchased by IPC under the NCIB will be cancelled. As at November 15, 2024, the total number of issued and outstanding IPC common shares is 120,244,638 with voting rights and IPC holds 361,937 common shares in treasury. Following cancellation of the common shares in treasury, the total number of issued and outstanding IPC common shares will be 119,882,701.
International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.
For further information, please contact:
Rebecca Gordon SVP Corporate Planning and Investor Relations rebecca.gordon@international-petroleum.com Tel: +41 22 595 10 50
Or
Robert Eriksson Media Manager reriksson@rive6.ch Tel: +46 701 11 26 15
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This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 10:00 CET on November 18, 2024.
Forward-Looking Statements This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
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All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.
The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.
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Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.
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Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).
Marimaca Copper, worth some $C457 million ($502 million) on the Toronto Stock Exchange, is marching down the well-trodden path of Canadian mid-cap miners and is seeking a dual listing on the ASX.
Marimaca is preparing to file paperwork for an Australian listing after a 32 per cent share price rally this year. Its flagship asset, the Marimaca copper discovery near Antofagasta in Chile, is far closer to infrastructure like ports, roads and water than most Chilean copper mines. The company hopes to get its feasibility study away by the end of the year.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
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Canadian FinTech Nuvei has completed its previously announced go-private transaction.
As a result of the completion of the arrangement, the company expects that the subordinate voting shares will be de-listed from the Toronto Stock Exchange around Monday (Nov. 18) and from the Nasdaq Global Select Market around Nov. 25, Nuvei said in a Friday (Nov. 15) press release.
Under the previously announced arrangement, Nuvei became a wholly owned subsidiary of the purchaser, of which Advent, Nuvei CEO Philip Fayer, Novacap and Caisse de dépôt et placement du Québec (CDPQ) hold or control about 46%, 24%, 18% and 12%, respectively, according to the release.
Fayer, the founder of Nuvei, will continue to serve as the company’s chair and CEO, with Nuvei’s current leadership team continuing in their roles, per the release.
“We are excited to embark on a new chapter with Advent, Novacap and CDPQ, one focused on our long-term strategy and commitment to accelerating the revenue of our customers globally,” Fayer said in the release. “For more than 20 years we have provided customers with mission-critical solutions they need to execute on their growth journeys. This commitment will remain the same as we continue to build deeper partnerships with our customers by providing them with modern, flexible and purpose-built technology.”
Nuvei said Wednesday (Nov. 13) that it received all the regulatory approvals it needed for the transaction and that it expected to become a private company by the end of the week.
The company announced April 1 that it planned to go private in a $6.3 billion deal with Advent.
It received shareholder approval for the plan in June after telling shareholders that the agreement is “in the best interests of the company … and represents an increase of approximately 42% from the consideration initially proposed by Advent.”
Since that time, Nuvei announced a partnership with open software-as-a-service (SaaS) eCommerce platform BigCommerce that it said will globally enable customizable payment solutions that were previously only available to large enterprise companies; added split payments and other new features and enhancements to its Nuvei for Platforms product; and said it was set to acquire Brazilian payments institution Pay2All.
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Toronto, Ontario–(Newsfile Corp. – November 15, 2024) – Shara Roy, Partner and Chief legal Counsel, Ernst & Young LLP, and Honourable Charmaine Williams, Ontario’s Associate Minister of Women’s Social and Economic Opportunity, joined David Clarke, Head of government Affairs, TMX Group, to close the market and promote the 50/50 Women on Boards organization.
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50/50 Women on Boards is a nonprofit organization dedicated to increasing the representation of women and women of color on corporate boards through impactful research, educational programs, and advocacy initiatives. Their annual Gender Diversity IndexTM Report provides comprehensive data on the progress and challenges in achieving boardroom gender diversity across U.S. public companies, guiding their evidence-based approach to change. Through workshops, city events, and a global summit, 50/50 Women on Boards connect board-ready women with leadership opportunities and help organizations build diverse, high-performing boards. Learn more about their research and programs at
MEDIA CONTACT: Shelly Levin …
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Fintech company Nuvei Corp. says it has completed its previously announced plan to go private.
Shareholders of Montreal-based Nuvei voted in June in favour of a plan to have the company bought by an American private equity firm and taken private.
The deal was valued at US$6.3-billion.
As a result of the completion of the transaction, Nuvei said it expects its shares to be de-listed from the Toronto Stock Exchange on or about Nov. 18 and from the Nasdaq Global Select Market on or about Nov. 25.
The company has applied to cease to be a reporting issuer under Canadian securities laws in all Canadian jurisdictions.
Nuvei founder and CEO Philip Fayer will continue to be one of the largest shareholders in the company and will continue to serve as Nuvei’s board chair and CEO.
This report by The Canadian Press was first published Nov. 15, 2024.
The best performers of the session on the S&P/TSX Composite were Aya Gold & Silver Inc (TSX:AYA), which rose 7.80% or 0.92 points to trade at 12.72 at the close. Meanwhile, Laurentian Bank Of Canada (TSX:LB) added 4.03% or 1.10 points to end at 28.40 and Orla Mining Ltd (TSX:OLA) was up 3.35% or 0.18 points to 5.55 in late trade.
The worst performers of the session were Advantage Oil & Gas Ltd. (TSX:AAV), which fell 4.86% or 0.44 points to trade at 8.61 at the close. Birchcliff Energy Ltd . (TSX:BIR) declined 3.70% or 0.19 points to end at 4.94 and Tilray Inc (TSX:TLRY) was down 3.55% or 0.07 points to 1.90.
Falling stocks outnumbered advancing ones on the Toronto Stock Exchange by 491 to 460 and 93 ended unchanged.
Shares in Tilray Inc (TSX:TLRY) fell to all time lows; down 3.55% or 0.07 to 1.90.
The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 1.36% to 10.12.
Gold Futures for December delivery was down 0.26% or 6.60 to $2,566.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 2.45% or 1.68 to hit $67.02 a barrel, while the January Brent oil contract fell 2.00% or 1.45 to trade at $71.11 a barrel.
CAD/USD was unchanged 0.23% to 0.71, while CAD/EUR unchanged 0.22% to 0.67.
The US Dollar Index Futures was up 0.09% at 106.69.
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