Have governments lost their power?

In today’s day and age of hyper-competitiveness between jurisdictions, private companies are wielding more and more power.
Federal governments are constantly playing a game of chicken with one another to cater to international conglomerates to secure the lifeblood of any politician – jobs.
We see it with Donald Trump saying he wants to slash the corporate tax rate from 35 per cent to 20 per cent in order to increase U.S. competitiveness when it comes to attracting companies.
This comes on the heels of a tax bill that will see the super-rich receive tax breaks for things like private jets.
Currently, corporations in Canada pay a net tax rate of 15 per cent after tax abatements and reductions.

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