국가의 양면성 - 영국 노동당 정부의 유로달러시장 조세정책 연구, 1964-1970 -
The Ambivalent State - The Taxation of UK Labour Government on the Eurodollar Market, 1964~1970 -
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본 논문은 1960년대 영국 노동당 정부의 유로달러시장(미 달러화 역외시장) 조세정책을 통해서 민족국가와 초국가적 금융 간의 관계를 살펴본다. '국가 對 자본'이라는 이분법적 접근에서 출발하는 20세기 금융의 세계화 논의와는 달리 본 연구는 민족국가가 주권을 표현하는 방식이자 지구적 금융의 등장을 견제할 수 있는 수단으로써 조세정책의 내생적인 성격에 주목한다. 즉, 조세정책은 국가가 자신의 정치적 및 경제적 목적을 위해 국가가 활용할 수 있는 수단이었던 것이다. 1964년 새롭게 정권을 잡은 노동당 정부는 지속적인 국제수지 적자와 스털링 위기에 시달렸다. 동시에 지구적 금융은 미 달러화 역외시장인 유로달러 시장을 통해서 영국의 금융 중심지 시티오브런던에서 부활하고 있었다. 노동당 정부의 조세정책은 자신의 영토 내에서 지구적 금융에 대응하는 국가의 양면성을 보여주었다. 내국세 세무청은 시티오브런던이 조세도피처가 되는 것을 막고자 유로채권 청산 시장의 설립에 필수조건이었던 자본취득세에 대한 세제혜택을 반대했다. 동시에, 노동당 정부는 국영산업과 지방정부들의 유로달러 대출을 허가했을 뿐만 아니라 국내 자본 형성에 필요한 세금 정책을 도입하였다. 그 결과, 시티는 영국 산업에 자본을 조달할 수 있게 되었고, 시티는 국내 경제에 있어서 정당성을 획득하게 되었다. 국가의 양면성을 통해서 본 논문은 지구적 금융의 부활에 있어서 국가의 능동성을 주장함과 동시에 국제정치경제학의 '신사 자본주의'적 접근을 비판한다.
Abstract
This paper examines the relationship between nation-states and transnational finance by analysing the taxation policy of UK’s Labour government on the Eurodollar market in the 1960s. The scholarship concerning the globalisation of finance in the late 20th century has assumed the dichotomy of ‘state versus capital’ and suggested the ‘retreat of states’ and the neoliberal order of finance. However, this paper pays attention to the inherent feature of taxation – an expression of the sovereignty of nation-states and a means to check the unfettered rise of global finance. That is, the taxation renders the state respond to global finance for its own political and economic purposes. The Labour Government faced challenges of the perennial balance of payments deficit and the sterling crisis of 1964. At the same time, global finance re-emerged in the City of London with the Eurodollar market, an offshore market for US dollars. The taxation policy of the Labour expressed the ambivalence of state in response to global finance within its territory. The Inland Revenue opposed the tax treatment on capital gains, a prerequisite for the establishment of a Eurobond clearing market, to prevent the City becoming a tax haven. At the same time, the government allowed nationalised industries and local authorities to borrow Eurodollars and granted appropriate tax treatment for the domestic capital formation. As a result, the City was able to channel capital into the British industry, which conferred legitimacy on the financial centre in the local economy. From the ambivalence of state, this paper argues the agency of nation-states in the re-emergence of global finance and problematises the assumption of ‘gentlemanly capitalism’ in the scholarship of International Political Economy.
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