For decades, countries have competed to attract multinational corporations by lowering corporate tax rates, offering special exemptions, and creating increasingly generous incentives. But as companies became global and profits became easier to shift across borders, governments began asking whether tax competition had gone too far.

In this episode, we explore the rise of the global minimum tax, why multinational profit shifting became such a major issue, how tax havens fit into the global economy, and why governments are trying to establish a minimum floor beneath corporate taxation. We also examine the deeper consequences: whether tax competition will truly decline, whether subsidies will replace tax cuts, how developing countries could be affected, and what this experiment tells us about sovereignty in a globalized economy.

Can gover ...