Subsidy
A subsidy or government incentive is a type of
Subsidies take various forms— such as direct government expenditures,
Although commonly extended from the government, the term subsidy can relate to any type of support – for example from
All countries use subsidies via national and sub-national entities through different forms such as tax incentives and direct grants. Likewise, subsidies have an economic influence on both a domestic and international level. On a domestic level, subsidies affect the allocation decision of domestic resources, income distribution, and expenditure productivity. On an international level, subsidies may increase or decrease international interaction and integration through trade.[8] For this reason, having a thorough subsidy policy is essential as its inadequacy can potentially lead to financial hardship and problems for not only the poor or low income individuals but the aggregate economy as a whole.[9]
At large, subsidies take up a substantial portion of the government and economy. Amongst OECD countries in 2020, the median of subsidies and other transfers such as social benefits and non-repayable transfers to private and public enterprises was 56.3 percent of total government expenses which was 34.9 percent (weighted average) of GDP in the same year.[10] Yet, the number of subsidy measures in force have been rapidly increasing since 2008.[11]
Types
Production subsidy
A production subsidy encourages suppliers to increase the output of a particular product by partially offsetting the production costs or losses.
Consumer/consumption subsidy
A consumption subsidy is one that subsidizes the behavior of consumers. This type of subsidies are most common in
Export subsidy
An export subsidy is a support from the government for products that are exported, as a means of assisting the country's balance of payments.[12] Usha Haley and George Haley identified the subsidies to manufacturing industry provided by the Chinese government and how they have altered trade patterns.[5] Traditionally, economists have argued that subsidies benefit consumers but hurt the subsidizing countries. Haley and Haley provided data to show that over the decade after China joined the World Trade Organization industrial subsidies have helped give China an advantage in industries in which they previously enjoyed no comparative advantage such as the steel, glass, paper, auto parts, and solar industries.[5] China's shores have also collapsed from overfishing and industrialization, which is why the Chinese government heavily subsidizes its fishermen, who sail the world in search of new grounds.[13]
Export subsidy is known for being abused. For example, some exporters substantially over declare the value of their goods so as to benefit more from the export subsidy. Another method is to export a batch of goods to a foreign country but the same goods will be re-imported by the same trader via a circuitous route and changing the product description so as to obscure their origin. Thus the trader benefits from the export subsidy without creating real trade value to the economy. Export subsidy as such can become a self-defeating and disruptive policy.
Adam Smith observed that special government subsidies enabled exporters to sell abroad at substantial ongoing losses. He did not regard that as a sound and sustainable policy. That was because "… under normal industrial-commercial conditions their own interests soon oblige loss-making businesses to deploy their capital in other ways – or to move into markets where the sales prices do cover the supply costs and yield ordinary profits. Like other mercantilist schemes and devices, export bounties are a means of trying to force business capital into channels it would not naturally enter. The schemes are invariably costly and damaging in various ways."[14]
Import subsidy
An import subsidy is support from the government for products that are imported. Rarer than an export subsidy, an import subsidy further reduces the price to consumers for imported goods. Import subsidies have various effects depending on the subject. For example, consumers in the importing country are better off and experience an increase in consumer welfare due to the decrease in price of the imported goods, as well as the decrease in price of the domestic substitute goods. Conversely, the consumers in the exporting country experience a decrease in consumer welfare due to an increase in the price of their domestic goods. Furthermore, producers of the importing country experience a loss of welfare due to a decrease in the price for the goods in their market, while on the other side, the exporters of the producing country experience an increase in well-being due to the increase in demand. Ultimately, the import subsidy is rarely used due to an overall loss of welfare for the country due to a decrease in domestic production and a reduction in production throughout the world. However, that can result in a redistribution of income.[15]
Employment subsidy
Employment or wage subsidies keep the employment relationship ongoing even during financial crisis. It is particularly beneficial for enterprises to recover quickly after a temporary suspension following a crisis. Workers are prevented from losing their jobs and other associated employment benefits such as annual leave entitlements and retirement pensions.[16]
Employment subsidies allow individual beneficiaries a minimum standard of living at the very least. However, less than half of active jobseekers in around 50% of OECD countries receive unemployment support.[17] The effect of employment subsidies may not be evident immediately. When employers received grants to subside a substantial part of the wages for retaining their employees or to create new jobs during severe recessions such as the 2008 GFC (Global Financial Crisis), there were minor impacts on employment during the first year. However, the subsidy began to yield positive effects on employment, particularly a decrease in the unemployment rate, in the second year as employers began to properly utilise the subsidy.[18]
Tax subsidy
Tax subsidies, also known as tax breaks or
One type of tax subsidy is a health tax deduction, which allows individuals or businesses to deduct their health expenses from their taxable income. This can be seen as a way to incentivize people to prioritize their health and well-being. However, it can also create distortions in the economy by encouraging people to spend more on health care than they otherwise would.
Another type of tax subsidy is related to
While tax subsidies can be effective in achieving certain outcomes, they are also less transparent than direct cash payments and can be difficult to undo. Additionally, some argue that tax breaks disproportionately benefit the wealthy and large corporations, further exacerbating income inequality. Therefore, it is important for governments to carefully consider the potential consequences of offering tax subsidies and ensure that they are targeted towards achieving the greatest public good.
Furthermore, tax subsidies can have unintended consequences, such as creating market distortions that favor certain industries or companies over others. For example, if a government offers tax breaks to incentivize investment in renewable energy, it may lead to a glut of renewable energy projects and an oversupply of energy in the market. This, in turn, can lead to lower prices for energy and financial losses for investors.
In addition, tax subsidies can be difficult to monitor and enforce, which can lead to abuse and fraud. Companies may claim tax breaks for activities that do not qualify, or may use complex legal structures to shift profits to lower tax jurisdictions. This can result in lost revenue for governments and a lack of fairness in the tax system.
Despite these concerns, tax subsidies remain a popular tool for governments to promote various policy objectives, such as economic growth, job creation, and
In conclusion, tax subsidies are a powerful tool for governments to achieve policy goals, but they come with their own set of challenges and limitations. It is important for policymakers to carefully consider the potential unintended consequences of tax subsidies and to design them in a way that maximizes their benefits while minimizing their costs. Additionally, strong monitoring and enforcement mechanisms are needed to ensure that tax subsidies are used appropriately and do not result in abuse or fraud.
Transport subsidies
Some governments subsidise transport, especially rail and bus transport, which decrease congestion and pollution compared to cars. In the EU, rail subsidies are around €73 billion, and Chinese subsidies reach $130 billion.[19][20]
Publicly owned airports can be an indirect subsidy if they lose money. The European Union, for instance, criticizes Germany for its high number of money-losing airports that are used primarily by
In many countries, roads and highways are paid for through general revenue, rather than tolls or other dedicated sources that are paid only by road users, creating an indirect subsidy for road transportation. The fact that long-distance buses in Germany do not pay tolls has been called an indirect subsidy by critics, who point to track access charges for railways.
Energy subsidies
Energy subsidies are measures that keep prices for customers below market levels, or for suppliers above market levels, or reduce costs for customers and suppliers.[21][22] Energy subsidies may be direct cash transfers to suppliers, customers, or related bodies, as well as indirect support mechanisms, such as tax exemptions and rebates, price controls, trade restrictions, and limits on market access.
TheFossil fuels
Eliminating fossil fuel subsidies would reduce the
Housing subsidies
Housing subsidies are designed to promote the construction industry and homeownership. As of 2018, U.S housing subsidies total around $15 billion per year. Housing subsidies can come in two types; assistance with down payment and interest rate subsidies. The deduction of mortgage interest from the federal income tax accounts for the largest interest rate subsidy. Additionally, the federal government will help low-income families with the down payment, coming to $10.9 million in 2008.[33]
As a housing policy tool, housing subsidies also help low income individuals gain and maintain liveable residency by easing the cost burdens of housing for low income individuals and households. However, some policy makers and experts believe they are costly to implement and may even reduce incentives for beneficiaries to participate in the labour market. In the contrary, certain literatures have found that subsidy cuts do not encourage employment or participation among beneficiaries. For example, research by Daniel Borbely found that reducing housing subsidies did not increase employment and labour force participation. Though, he also added that claimants relocated to other areas of the rental market to maintain their benefits.[34]
Nonetheless, the most common method for providing housing subsidies is via direct payments to renters by covering a part of their rent on the private rent market. This method of direct transfer of housing subsidies is often referred to as 'housing vouchers'. In the United States, the so-called Section 8 is a direct payment program subsidising the largest amount of money to renters for rental assistance.[35]
Environmental externalities
While conventional subsidies require financial support, many economists have described implicit subsidies in the form of
A 2015 report studied the implicit subsidies accruing to 20 fossil fuel companies. It estimated that the societal costs from downstream emissions and pollution attributable to these companies were substantial.[36][37] The report spans the period 2008–2012 and notes that: "for all companies and all years, the economic cost to society of their CO2 emissions was greater than their after‐tax profit, with the single exception of ExxonMobil in 2008."[36]: 4 Pure coal companies fare even worse: "the economic cost to society exceeds total revenue (employment, taxes, supply purchases, and indirect employment) in all years, with this cost varying between nearly $2 and nearly $9 per $1 of revenue."[36]: 4–5
Categorising subsidies
Direct and Indirect
The first important classification of subsidies are direct and indirect subsidies. Subsidies are categorised as direct when it involves actual cash outlays targeted towards a specified individual or household. Popular examples includes cash grants and interest-free loans. Subsidies can also be classified as indirect when they do not involve actual payments. An example would be an increase in disposable income arising from a decrease in price of an essential good or service that the government has enforced in a form of monetary support. In contrast, a decrease in the price of a good or service may lead to an increase in revenue for producers earned from the heightened demand by consumers.[38]
The use of indirect subsidies such as price controls is widespread among developing economies and emerging markets as a necessary tool for social policy. It has proven to be effective in many cases but price controls have a potential to dampen investment activity and growth, cause heavy fiscal burdens for the government, and may even complicate the optimal performance of monetary policy. To prevent the undesirable negative effects, price control regimes may be replaced by creating social safety nets and proposing sound reforms to encourage competition and growth.[39]
Production and Consumption
Another important classification of subsidies are producer/production subsidies and consumer/consumption subsidies. Production subsidies are designed to ensure producers are advantaged by creating fluid market activity through other market control mechanisms or by providing cash payments for factors of production. Consumption subsidies benefit consumers typically through a reduction in the market price of goods and services. They are commonly used by governments of many developing countries in an attempt to secure the most basic needs for its population.[40]
Broad and Narrow
These various subsidies can be divided into broad and narrow. Narrow subsidies are those monetary transfers that are easily identifiable and have a clear intent. They are commonly characterised by a monetary transfer between governments and institutions or businesses and individuals. A classic example is a government payment to a farmer.[41]
Monetary and Non-monetary
Conversely broad subsidies include both monetary and non-monetary subsidies and is often difficult to identify.[41] A broad subsidy is less attributable and less transparent. Environmental externalities are the most common type of broad subsidy.
Economic effects
Competitive equilibrium is a state of balance between buyers and suppliers, in which the quantity demanded of a good is the quantity supplied at a specified price. When the price falls the quantity demand exceeds the equilibrium quantity, conversely, a reduction in the supply of a good beyond equilibrium quantity implies an increase in the price. The effect of a subsidy is to shift the supply or demand curve to the right (i.e. increases the supply or demand) by the amount of the subsidy. If a consumer is receiving the subsidy, a lower price of a good resulting from the marginal subsidy on consumption increases demand, shifting the demand curve to the right. If a supplier is receiving the subsidy, an increase in the price (revenue) resulting from the marginal subsidy on production results increases supply, shifting the supply curve to the right.
Assuming the market is in a perfectly competitive equilibrium, a subsidy increases the supply of the good beyond the equilibrium competitive quantity. The imbalance creates deadweight loss. Deadweight loss from a subsidy is the amount by which the cost of the subsidy exceeds the gains of the subsidy.[42] The magnitude of the deadweight loss is dependent on the size of the subsidy. This is considered a market failure, or inefficiency.[42]
Subsidies targeted at goods in one country, by lowering the price of those goods, make them more competitive against foreign goods, thereby reducing foreign competition.[43] As a result, many developing countries cannot engage in foreign trade, and receive lower prices for their products in the global market. This is considered protectionism: a government policy to erect trade barriers in order to protect domestic industries.[44] The problem with protectionism arises when industries are selected for nationalistic reasons (infant-industry), rather than to gain a comparative advantage. The market distortion, and reduction in social welfare, is the logic behind the World Bank policy for the removal of subsidies in developing countries.[45]
Subsidies create spillover effects in other economic sectors and industries. A subsidized product sold in the world market lowers the price of the good in other countries. Since subsidies result in lower revenues for producers of foreign countries, they are a source of tension between the United States, Europe and poorer developing countries.
Preventing fraud
In the Netherlands, audits are performed to verify whether the funds that have been received has indeed been spent legally (and all requirements of the subsidy provider have been attained), for the purpose intended.[50] It hence prevents fraud.
Perverse subsidies
Definitions
Although subsidies can be important, many are "perverse", in the sense of having adverse unintended consequences. To be "perverse", subsidies must exert effects that are demonstrably and significantly adverse both economically and environmentally.[6] A subsidy rarely, if ever, starts perverse, but over time a legitimate efficacious subsidy can become perverse or illegitimate if it is not withdrawn after meeting its goal or as political goals change. Perverse subsidies are now so widespread that as of 2007 they amounted $2 trillion per year in the six most subsidised sectors alone (agriculture, fossil fuels, road transportation, water, fisheries and forestry).[51]
Effects
The detrimental effects of perverse subsidies are diverse in nature and reach. Case-studies from differing sectors are highlighted below but can be summarised as follows.
Directly, they are expensive to governments by directing resources away from other legitimate should priorities (such as environmental conservation, education, health, or infrastructure),[52][41][53][54] ultimately reducing the fiscal health of the government.[55]
Indirectly, they cause environmental degradation (exploitation of resources, pollution, loss of landscape, misuse and overuse of supplies) which, as well as its fundamental damage, acts as a further brake on economies; tend to benefit the few at the expense of the many, and the rich at the expense of the poor; lead to further polarization of development between the Northern and Southern hemispheres; lower global market prices; and undermine investment decisions reducing the pressure on businesses to become more efficient.[7][54][56] Over time the latter effect means support becomes enshrined in human behaviour and business decisions to the point where people become reliant on, even addicted to, subsidies, 'locking' them into society.[57]
Consumer attitudes do not change and become out-of-date, off-target and inefficient;[7] furthermore, over time people feel a sense of historical right to them.[56]
Implementation
Perverse subsidies are not tackled as robustly as they should be. Principally, this is because they become 'locked' into society, causing bureaucratic roadblocks and institutional inertia.
Reform of perverse subsidies is at a propitious time. The current economic conditions mean governments are forced into fiscal constraints and are looking for ways to reduce activist roles in their economies.
Examples
Agricultural subsidies
Support for agriculture dates back to the 19th century. It was developed extensively in the EU and US across the two World Wars and the Great Depression to protect domestic food production, but remains important across the world today.
By subsidising inputs and outputs through such schemes as 'yield based subsidisation', farmers are encouraged to over-produce using intensive methods, including using more fertilizers and pesticides; grow high-yielding
Cotton growers in the US reportedly receive half their income from the government under the
Fisheries
Today, much of the world's major fisheries are
There are four categories of fisheries subsidies. First are direct financial transfers, second are indirect financial transfers and services. Third, certain forms of intervention and fourth, not intervening. The first category regards direct payments from the government received by the fisheries industry. These typically affect profits of the industry in the short term and can be negative or positive. Category two pertains to government intervention, not involving those under the first category. These subsidies also affect the profits in the short term but typically are not negative. Category three includes intervention that results in a negative short-term economic impact, but economic benefits in the long term. These benefits are usually more general societal benefits such as the environment. The final category pertains to inaction by the government, allowing producers to impose certain production costs on others. These subsidies tend to lead to positive benefits in the short term but negative in the long term.[69]
Manufacturing subsidies
A survey of manufacturing in Britain found government subsidies had had various unintended dysfunctional consequences. The subsidies had usually been selective or discriminatory – benefiting some companies at the expense of others. Government money in the form of grants and awards of production and R&D contracts had gone to advanced and viable firms as well as old uneconomic enterprises. However, the main recipients had been larger, established companies – while most of the firms pioneering radical technical-product developments with long-term economic growth potential had been new small enterprises. The study concluded that instead of providing subsidies, governments wanting to benefit industrial-technological development and performance should lower standard rates of business taxation, raise tax allowances for investments in new plant, equipment and products, and remove obstacles to market competition and customer choice.[70]
Others
The US National Football League's (
The Commitment to Development Index (CDI), published by the Center for Global Development, measures the effect that subsidies and trade barriers actually have on the undeveloped world. It uses trade, along with six other components such as aid or investment, to rank and evaluate developed countries on policies that affect the undeveloped world. It finds that the richest countries spend $106 billion per year subsidizing their own farmers – almost exactly as much as they spend on foreign aid.[73]
Short list of subsidies
- Agricultural subsidy
- Fisheries subsidy
- Export subsidy
- Energy subsidy
- Fossil fuel subsidies (oil subsidies, coal subsidies, gas subsidies)
- Photovoltaics subsidy
- Party subsidies
- Wage subsidy
- Artist subsidy (Netherlands)
See also
- Agricultural subsidy
- Cross subsidization
- Cultural subsidy
- Energy subsidy
- Subsidization of company cars
- Federal government
- Audit software in governmental procurement
- Municipal services
- Perverse incentive
- Rail subsidies
- Stadium subsidy
- Tax exemption
- Wage subsidy
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Further reading
- OECD (2001) Environmentally Harmful Subsidies: Policy Issues and Challenges. France: OECD Productions. http://www.inecc.gob.mx/descargas/dgipea/harmful_subsidies.pdf
External links
- Another Day, Another Bad Incentive Deal (2014-06-06), Naked Capitalism