Global Business & Policy Forums

The Global Business and Policy Forums are a collaborative partnership between the Center for Global Management and the UCLA School of Law's  Lowell Milken Institute for Business Law and Policy. These forums include a talk and open discussion with a prominent and influential speaker from academia, business and/or government, who addresses a particular global business, societal and/or policy-related topic. Through small group interactions among students from both schools held over dinner or virtually, these forums facilitate networking and help broaden students' knowledge and perspectives of critical issues that impact global business, policy and society, as well as the global political economy.  

Series Highlights

thumbnail of speakers

ESG and Corporate Leadership: Challenges and Opportunities

February 15, 2024

Over the past few years, the advocates of ESG (Environmental, Social and Corporate Governance) have encountered strong headwinds in the U.S. Some politicians have created an anti-ESG movement as part of their election campaigns.  According to a January 10, 2024, Wall Street Journal article entitled “The Latest Dirty Word in Corporate America: ESG,” ESG has become the three letters that corporate officials dare not utter. Nonetheless, many business leaders remain focused on environmental, social, and corporate governance issues in making business decisions.

In UCLA Anderson’s executive dining room, students of management and law joined the UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy for the second discussion of the academic year in their joint Global Business and Policy Forum series. Christopher S. Tang, UCLA Distinguished Professor, Edward W. Chair in Business Administration and faculty director of the Center for Global Management joined Thilo Kuntz, Chair in Private and Corporate Law, Heinrich Heine University Dusseldorf, Germany and currently, visiting professor at the UCLA School of Law, teaching a course on Comparative Corporate Governance, for a presentation and discussion on the broad landscape of ESG and the challenges and opportunities for corporate leadership.

Putting aside the politics and social media campaigns to end ESG, what are the operational issues that responsible corporate leadership face in dealing with challenges to corporate well-being from, for example, a changing environment, a diverse work force, and greater demands for corporate transparency? Globally, there is an expanding body of ESG regulations and norms.  For example, both California and the EU have enacted disclosure requirements that will require many companies to discuss climate impacts on a company’s operations and financial performance. Do these external regulations and norms on the corporation change the nature of the fiduciary obligations that directors owe the company and its shareholders?  What impact does this have on directors’ decision-making? Can traditional legal rules, such as the Business Judgment Rule, still offer directors protection in such a rapidly changing environment? How does the transnational character of environmental concerns and a growing body of transnational legal norms affect the local director sitting in Los Angeles, London or Berlin? Can corporations be an instrument of change in an environment where ESG proposals meet increasing opposition by traditionally oriented shareholders? Kuntz and Tang explored these questions in a thoughtful conversation and interactive discussion.

Students from across Anderson’s MBA, MFE and Ph.D. programs and UCLA School of Law’s LLM, JD and MLS programs attended the evening that began with a networking event and concluded with a networking dinner. Following the discussion, the in-person student audience engaged in interactive table conversations and analyzed the issues raised by the presentation and discussion from both a business and legal lens. Students reflected on the discussion and in light of the likely influence of EU legislation on U.S. firms, shared their views on whether the U.S. should engage in ESG legislation to compete with the EU or preempt EU legislation. Students also considered whether U.S. managers of international corporate groups with U.S. headquarters should streamline their business operations with EU requirements on a worldwide basis or separate U.S. and European business operations as far as possible. Students also tried to put themselves in the shoes of a manager of a company operating on a world-wide basis, with supply chains affected by climate change (e.g., rising number of extreme weather events disrupting supply chains) and think about how they might deal with these issues considering a rise of "anti-ESG" legislation, forbidding the consideration of ESG factors. The discussions were thought-provoking and raised many issues from both a business and legal perspective and provided students with the opportunity to hear and learn how issues are analyzed and considered. The discussion was also broadcast live to interested students who were unable to attend in-person. The Global Business and Policy Forum is a collaborative partnership between the Center for Global Management and UCLA School of Law's Lowell Milken Institute for Business Law and Policy. Video will be available shortly.

Close
big-tech

Big Tech’s Challenges to Antitrust Law in the U.S. and Globally

November 7, 2023

View Video

Over the past decade, Big Tech has posed major challenges to regulators charged with enforcing antitrust and competition laws in the U.S., Europe, and Asia. Several tech firms, such as Alphabet (Google), Amazon, Meta (Facebook), and Apple have become enormously powerful in the marketplace. Regulators and others are worried that these firms have monopoly power that has the potential of reducing or even eliminating competition. While at the same time, the large tech firms have had voracious appetites for buying up potential competitors at early stages, e.g., Meta’s purchase of Instagram. Will Big Tech’s monopoly power suppress competition and hurt consumers? Are U.S. antitrust laws and the regulators who enforce them well-suited to deal with Big Tech’s power and pervasiveness, and the growing influence of AI or will they simply stifle innovation in the U.S.?

In UCLA Anderson’s executive dining room, students of management and law joined the UCLA Anderson Center for Global Management (CGM) and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy (LMI) for the inaugural discussion of the 2023-24 academic year of their joint Global Business and Policy Forum series, now in its 11th year. The discussion centered around big tech’s challenges to antitrust law in the U.S. and globally. Bill Baer, one of the world’s best known and respected antitrust/competition enforcers and Richard Parker (J.D. ’74), a preeminent antitrust expert and partner in the Washington, DC office of the international law firm Milbank LLP reviewed the general landscape of where Big Tech is now and how it ought to be analyzed. The session then transitioned into a broader discussion and interactive conversation with questions posed by moderators, Joel Feuer, LMI’s executive director and Chris Tang, CGM’s faculty director,  which brought out other themes that explored these timely and critical issues that are highly significant to economies worldwide. The conversation considered whether U.S. antitrust laws and competition laws are robust enough to deal with the current situation involving big tech and its power over the economy, explored how the evolution of antitrust laws in the United States differ from those in the European Union, and from an objective standpoint, considered which system has demonstrated greater effectiveness in safeguarding consumer interests. National security implications of big tech were also addressed.

Current students from across Anderson’s MBA, MSBA, MFE and Ph.D. programs and the Law School’s LLM, JD and MLS programs attended the evening that began with a networking reception and concluded with a networking dinner. Following the discussion, the in-person student audience engaged in interactive table conversations and analyzed the issues from both a business and legal lens. Students reflected on the discussion and shared their views on what role antitrust should play with regard to dominant tech platforms, especially since most platforms do not charge consumers for access, and for the most part antitrust has focused on ensuring consumers receive the price benefits of competitive markets. Students also considered whether there is a political dimension to the antitrust laws, i.e. large firms have out size and potentially damaging influence politically and whether this is relevant to antitrust analysis and should it be. The discussions were thought-provoking and raised many issues from both a business and legal perspective and provided students with the opportunity to hear and learn how issues are analyzed and considered. The discussion was also a featured event as part of UCLA’s 2023 International Education Week and was broadcast live and attended by many additional students and alumni, as well as members of the broader UCLA and general communities. The Global Business and Policy Forum is a collaborative partnership between the Center for Global Management and UCLA School of Law's Lowell Milken Institute for Business Law and Policy. 

Close

The Global Minimum Tax: Will It End Tax Competition?

March 8, 2023

Some multinational corporations engage in tax motivated profit shifting. For example, corporations move intangible assets such as patents and intellectual property (IP) to countries with low tax rates and then report the revenues related to those assets in the low tax rate countries in order to avoid paying the higher tax rates in other countries, such as the United States, in which they are headquartered and do significant business. Some corporations are able to penetrate markets in countries in which they have no traditional presence, such as a brick and mortar store. As a result, the revenues earned in those countries in which they have only a digital presence are typically not subject to that country’s taxing authorities.

For several decades, there has been a tax competition between countries lowering their tax rates to attract foreign investment. One effect of this competition is to degrade the tax base of countries. The Organization for Economic Co-operation and Development (OECD)/Group of 20 (G20) Inclusive Framework has developed a plan to impose a global minimum corporate tax at 15 percent. In addition, a part of the plan would reallocate certain taxing rights toward the countries in which the users or customers are located, even if the company does not have a physical presence in that country. All corporations subject to the global minimum corporate tax will pay at least 15 percent of profits in taxes. Over 135 jurisdictions representing about 95% of the world economy have agreed to this plan.

In UCLA Anderson’s Grand Salon, and remotely via Zoom, the UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted the second discussion of the year in their joint Global Business and Policy Forum series, in its 10th year, that focused on the global minimum tax. Kimberly Clausing, the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law and Gonzalo Freixes, associate dean and adjunct professor of accounting, law and international business at UCLA Anderson, explored some of the impacts of a global minimum tax,  and the consequences it may have for corporations and future government policy both in the U.S. and globally.  First, Freixes provided some background on current and past U.S. law to provide a baseline understanding of the current law around U.S. taxation of international business transactions and how things have shifted in the last few years. Clausing then talked more specifically about the International Tax Agreement and the policy issues behind the global minimum tax. She explained why it was necessary, the changes that have to be made to implement and enforce it and what it seeks to achieve. She also shared her thoughts on whether it will have the desired effect of stopping or significantly reducing tax competition, other consequences we can expect, and lessons for multilateralism.

During the evening, there were many interactive table conversations where specific questions were discussed among the students who analyzed the issues from both a business and legal lens. Students shared their views on what  it means to have a fair tax system in a global economy and how does one judge fairness in this context. They also considered whether making tax competition transparent is desirable. In light of political forces that are promoting nationalism in various countries of the world, including the west, they reflected on whether they anticipate that some countries may ultimately walk away from an agreement on corporate taxation in order to appease domestic constituencies that demand local economic growth. The discussions were thought-provoking and raised many issues from both a business and legal lens. The discussion engaged students and faculty from the UCLA Anderson School of Management and the UCLA School of Law.

Kimberly Clausing, holds the Eric M. Zolt Chair in Tax law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the U.S. Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Her research studies the taxation of multinational firms, examining how government decisions and corporate behavior interplay in the global economy. She has published numerous articles in this area, and she is the author of Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019). She is a nonresident senior fellow at the Peterson Institute for International Economics and a member of the Council on Foreign Relations. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, and the Tax Policy Center. Clausing has testified before the House Ways and Means Committee, the Senate Committee on Finance, and the Joint Economic Committee. Gonzalo Friexes, is an associate dean at UCLA Anderson where he oversees three of the schools 4 MBA programs (for executive and part-time MBA students and is an adjunct professor of accounting, law and International business. He has been a practicing lawyer for over 40 years and has been on the UCLA Anderson faculty for over 30 years. In addition to his administrative duties, Freixes teaches business law, international business law, business ethics, corporate and individual taxation, and real estate law and taxation in the MBA program and in the undergraduate accounting minor. He has lectured in numerous countries in Europe, Latin America and Asia on international business and tax subjects as well as on corporate governance, business ethics, international business law and trial advocacy.

Close

Cryptocurrency: Regulations, Implications and Complications!

November 2, 2022

View Video

Over a decade since the development of Bitcoin, financial and legal systems struggle to catch up with the explosion of cryptocurrencies. Coinbase reported that as of July 2022, there were more than 10,000 tradeable cryptocurrencies. One study estimated that 321 million people worldwide owned cryptocurrencies as of mid-2022. Some analysts predict that the global blockchain market will grow by US$39 billion by 2025. The past two years have witnessed a rollercoaster in the cryptocurrency markets. Comedian Larry David starred in a Superbowl ad that touted the virtues of investing in cryptocurrency, even if the investor cannot understand how it works. In January 2022, Bitcoin was trading at $37,928. At the beginning of September 2022, it was trading slightly over $19,000. Yet, despite its potential for volatility and concerns about its impact on the environment and its use in criminal activity, cryptocurrency is seen by many as a possible future of money and exchange.

In UCLA Anderson’s executive dining room, and remotely via Zoom,  the UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted the inaugural discussion of the new academic year in their joint Global Business and Policy Forum series, now in its 10th year, that focused on cryptocurrency. The discussion centered around how cryptocurrency should be regulated, its implications for the U.S. and global economies, and the challenges we are likely to confront as cryptocurrency becomes more prevalent in daily transactions. Matthew Gertler (B.A. ’11), General Counsel of Reserve, which has created a stable universal digital currency, led the thoughtful discussion and interactive conversation that considered the state of cryptocurrency and how it may affect our future discussion. Gertler has been involved in fintech throughout his career, including time at Venmo, Earnest, and co-founding Digital Asset Research, an advisor to institutional investors in crypto. He was an associate at the international law firm, Milbank LLP, and also has his own law firm. Gertler earned his B.A. in economics and history from UCLA and a MSc in Digital Currency from the University of Nicosia. He also holds JD/MBA degrees from USC’s Gould School of Law and Marshall School of Business.

During the evening, there were many interactive table conversations where specific questions were discussed among the students who analyzed the issues from both a business and legal lens. Students shared their views on whether we will eventually stop using paper money and use digital currency for most of our transactions and whether or not this was concerning or if they were looking forward to the development. They also considered the consequences of eliminating or reducing the use of paper money and whether this type of decentralization, that is a corner stone of cryptocurrency, is sustainable. In the end, won’t trusted intermediaries need to be present to (i) supply trust during times in which trust in the cryptocurrency may be doubted and (ii) troubleshoot problems in transactions? They also considered whether we are exchanging one type of intermediary for another type of intermediary. Some of the current cryptocurrencies, such as Bitcoin, have some serious externalities, namely, the enormous amount of electrical power needed to mine Bitcoin. Students reflected on how these costs should be measured against the benefits of a cryptocurrency and also whether there is there a way to capture the costs of those externalities and put them onto users. The discussions were thought-provoking and raised many issues from both a business and legal lens. The discussion engaged over 100 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between the Center for Global Management and UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

The Purpose of the Corporation: Should Shareholder Value be Sacrificed to Promote ESG Goals?

April 12, 2022

View Video

For nearly two decades, academics, public intellectuals, investment managers and sometimes even ordinary investors in highly developed economies have been engaged in public conversations around the purpose of the corporation. Specifically, whether corporate directors should focus their energies and corporate resources on environmental, social and governance (ESG) goals even when doing so may adversely impact corporate financial performance and shareholder value. The stakes at issue are quite high. Corporations, big and small, play a critical role in generating value in the economies of most developed nations. Historically, an investor has invested in a venture based upon the investor’s prediction of the venture’s ability to earn profits for the investor who, in turn, could use those profits at the investor’s discretion to fund whatever projects the investor believed was important (e.g., building a personal villa or supporting an environmental cause). The corporation was agnostic as to how its shareholder used the profits distributed by the corporation, even if the shareholder used distributions to fund movements or support legal changes detrimental to the corporation. With the ESG movement in the U.S. and elsewhere, corporations are principal actors in attempting to achieve certain broader societal goals, including environmental sustainability and social responsibility. In turn, requiring them to divert earnings away from shareholders to satisfy those goals, even if some shareholders do not share the belief that such goals are in the shareholders interest.

In UCLA Anderson’s executive dining room, and remotely via Zoom, the UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted the second discussion of the year in their joint Global Business and Policy Forum series (the ninth year of the partnership). Christopher S. Tang, distinguished professor, Edward W. Chair in Business Administration and faculty director for the Center for Global Management joined Stephen Bainbridge, William D. Warren Distinguished Professor of Law for an informative presentation and thought-provoking discussion on the broad landscape of ESG and whether ESG is the road to a brighter future or a wrong turn in the history of the corporation and corporate governance. The discussion that addressed different perspectives and raised a myriad of complex issues that companies and stakeholders are struggling with, engaged around 90 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law in public conversation and dialogue. The Global Business and Policy Forum is a collaborative partnership between the Center for Global Management and UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

Cybersecurity: Broad Trends, Risks and Promising Areas of Innovation

October 18, 2021

View Video

Technology-based innovation has created huge benefits along with a significant number of access points to the Internet from devices and transactions of all types – – connected devices in a variety of forms – – wearables, connected vehicles, connected appliances, coupled with an increased number of transactions whether they be videoconferencing, e-commerce, social networks, government-based identification applications, etc. With this innovation has also come increased risks and prevalence of cyber-attacks potentially crippling the benefits of technology-based innovation, damaging security of individuals, enterprises and governments, and ultimately challenging our way of life. Hardly a month goes by without the announcement of another massive breach of data held by a government agency, a multi-national business or an essential service provider. Cyberwarfare, cyberespionage, and cyberterrorism are big challenges facing governments throughout the world and businesses large and small. And President Biden has made cybersecurity, a top priority for the Biden-Harris Administration at all levels of government. Is the breach of any organization’s cybersecurity just a matter of time? Can a modern commercial society organize itself to deal efficiently and effectively with breaches of cybersecurity? Are there regulatory schemes that can offer real protection to citizens and customers with respect to their private personal data? And how can technology be used to identify and eliminate cybersecurity risks?

On UCLA Anderson’s North Terrace, and remotely via Zoom, the UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted the inaugural discussion of the new academic year in their joint Global Business and Policy Forum series to review the broad landscape of cybersecurity challenges that impact the consumer, enterprises and society in today's virtual world. UCLA Anderson’s Terry Kramer, adjunct professor of technology management and faculty director, Easton Technology Management Center joined UCLA School of Law’s Andrew Selbst, assistant professor law to address the risks, roles of government vs. enterprises vs. individuals and share their observations on the most promising areas of innovation to enhance cybersecurity while protecting individuals, enterprises and societies.  They framed the problems and identified the many tensions that need to be reconciled in order to move towards a thoughtful solution and provided terrific insights into both the strengths and weaknesses of legal solutions including regulation. There were many interactive table conversations where specific questions were discussed among the students who analyzed the issues from both a business and legal lens, including: where do the solutions reside to mitigate cybersecurity risk - with technology, with regulators, with self-policing? Students also considered the roles of the main actors, namely regulators, lawyers and advisors, and business leaders?  The discussion engaged around 70 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between the Center for Global Management and UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

Climate Change, International Cooperation and Business – What is the Path Forward?

March 4, 2021

On his first day in office, President Biden signed an executive order to have the U.S. rejoin the Paris Climate Agreement of 2015. President Biden also announced that he will reconvene the Major Economies Forum on Energy and Climate, and in cooperation with members and other partners, pursue initiatives to advance the clean energy transition and sectoral decarbonization. He has set a goal of achieving carbon neutrality by 2050. This will require steeper emissions cuts than the U.S. has ever achieved. As climate change intensifies, it will become increasingly important to pursue all elements of an integrated climate response. In the U.S. and throughout the world, business leaders will play a crucial role to confront climate change and be required to identify opportunities for cleaner, more sustainable processes as disclosures on carbon emissions and other climate-related practices become increasingly important to customers, investors, regulators and the public at large. Under the general heading of how the U.S. can reassert a leadership role in developing programs to deal effectively with climate change there are a host of questions, including: What type of vehicles are suitable for effective collaborative action for dealing with climate change? Do we need large international agreements or can we achieve more through smaller ad hoc collaborations? Does the history of U.S. ambivalence on climate change, especially given its recent history and current volatile political environment, render it an unreliable partner and unsuitable for a leadership role? The Major Economies Forum has been used by Presidents Barack Obama and George W. Bush and did not achieve lasting results. Will it be different this time? What role can and should businesses play to help achieve these ambitious goals and drive our nation and the world toward a clean energy future?

The UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted the winter global business policy, the second forum of the year, in a virtual presentation and interactive discussion format. Edward A. Parson, Dan and Rae Emmett Professor of Environmental Law and faculty co-director of the Emmett Institute on Climate Change and the Environment joined Charles Corbett, IBM Chair in Management, Professor of Operations Management and Sustainability to discuss the challenges ahead for the U.S. and the world in forging solutions to address the central issue of our time - the impact of fossil fuel related emissions on human economic activity and wellbeing, including the role that businesses may take to meet the ambitious goals to stave off this existential threat. Students from Anderson’s full-time, fully employed and executive MBA programs met and networked with JD and LLM students from the UCLA School of Law. In small groups, students discussed two hypotheticals and considered what top-level strategic principles or priorities should guide US climate action in international arenas? Should the U.S. mainly focus its efforts on working through the existing UN process (the Framework Convention on Climate Change, and the Paris Agreement), or should it instead (or in addition) aim to empower some other forum for international action. Students also considered practical and legal challenges associated border carbon adjustments and opined on how they should (not) be designed. Groups then reconvened and shared their thoughts and deliberations on these difficult and complex issues. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

Contract Law and the Challenge of COVID-19: A Global Perspective

November 2, 2020

The rules governing the formation, interpretation, and enforcement of contracts are generally well-settled in the U.S. and in many other jurisdictions that depend upon international commerce. However, like almost everything else, COVID-19 disrupted the rules and posed new challenges for parties trying to allocate risks and realize benefits through contracts. Although legal doctrines of force majeure, frustration and impracticability are well-established in doctrine, their applications in a specific context, such as Covid-19, are often uncertain. The UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted their inaugural global and business policy forum of the academic year in a virtual interactive discussion format. Gonzalo Freixes, associate dean and adjunct professor of accounting, law and international business and Tim Malloy, professor of law and the Frank G. Wells Endowed Chair in Environmental Law addressed the business and legal issues facing parties to contracts in which COVID-19 has possibly affected the parties’ performance under the contract. They examined how different jurisdictions globally approach the problem and provided guidance on how contracting parties can try to protect the benefits of a contract or excuse performance in the face of a global pandemic. During his discussion that provided a more global perspective on force majeure and risk allocation, Freixes shared insights and reviewed French Law as well as specific measures taken by countries such as Singapore and Germany. Full-time, fully employed and executive MBA students met and networked with JD and LLM students from the UCLA School of Law. In small groups, students discussed two hypotheticals to review force majeure clauses in contracts and returned to the main session to share their thoughts and deliberations on the discussion questions. Joel Feuer, executive director for the Lowell Milken Institute for Business Law and Policy and a professor from practice facilitated the student discussions. Gonzalo Freixes is a professor in the accounting area and serves as associate dean for the fully employed and executive MBA programs. He has been a practicing lawyer for over 40 years. In addition to his administrative duties, Freixes teaches business law, international business law, business ethics, corporate and individual taxation, and real estate law and taxation in the MBA program and in the undergraduate accounting minor. He has lectured in numerous countries in Europe, Latin America and Asia on international business and tax subjects as well as on corporate governance, business ethics, international business law and trial advocacy. Tim Malloy joined the UCLA Law faculty in 1998, after spending a combined 11 years in practice at private firms and at the United States Environmental Protection Agency (EPA), Region III. He teaches contracts, environmental aspects of business transactions, regulatory lawyering, regulation of the business firm, environmental policy and politics. His research interests focus on environmental, chemical and nanotechnology policy, regulatory policy, and organizational theory and decision analysis, with particular emphasis on the relationship between regulatory design and implementation and the structure of business organizations. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

Wealth Taxes: Good Idea or False Promise?

February 26, 2020

View Video

Senators Elizabeth Warren and Bernie Sanders have both proposed ambitious wealth taxes as part of a plan to reduce inequality in the United States. These taxes will take from the very rich and use the revenue to support government programs for those at the bottom and middle of the income distribution. While the U.S. is considering adopting wealth taxes, most of the rest of the world have repealed them. The UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted its second global business and policy forum of the academic year with Eric Zolt, Michael H. Schill Distinguished Professor of Law Emeritus. Zolt provided an examination of the arguments for and against a wealth tax, the likely revenue and economic consequences, and the administrative challenges of taxing the very wealthy. Following an extremely informative presentation on this very timely topic, Joel Feuer, executive director for the Lowell Milken Institute for Business Law and Policy and a professor from practice moderated a conversation with students from both schools. Over dinner, there were many interactive table conversations where specific questions were discussed among students, including: Should the U.S. adopt a wealth tax? Is the wealth tax the best way to tax the uber-wealthy? Students were also asked to comment on if the goal is to reduce income and wealth inequality, which would be more effective: to impose wealth taxes and use proceeds for social spending programs or adopt less progressive (or regressive) taxes and use proceeds to fund even larger social programs? Eric M. Zolt is the Michael H. Schill Distinguished Professor of Law Emeritus at the UCLA School of Law. He specializes in individual, corporate, and international tax law. Working with the International Monetary Fund, the World Bank, U.S. AID and the U.S. Treasury Department, Zolt has served as a consultant on tax policy matters in over 30 countries. The discussion which was held in the Grand Salon of the new Marion Anderson Hall engaged around 80 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

BREXIT: The Future of the City of London and Implications for the Global Economy

October 24, 2019

View Video

Great Britain is in crisis. Its government is divided over the nation’s withdrawal from the European Union (EU), known as Brexit, and has been unable to agree on an approach to the country’s biggest peacetime decision in decades. A fervent proponent of withdrawal, Britain’s Prime Minister Boris Johnson suspended parliament and critics have accused the Conservative leader of using the five-week suspension to avoid democratic scrutiny as he bids to deliver his pledge to bring the United Kingdom out of the European Union by October 31, with or without a deal. What ultimately emerges could determine the shape of Britain and its place in the world for decades. The Fed has explicitly mentioned Brexit uncertainty as one potential factor weighing on the U.S. outlook and a no-deal Brexit could cause a period of volatility in global financial markets. How did the UK get to this point? What is the future facing London, the UK and the EU? If the pound falls sharply in response to no-deal, what are the implications for the U.S., the U.K.’s largest single-country trading partner. The UCLA Anderson Center for Global Management and UCLA School of Law's Lowell Milken Institute for Business Law and Policy hosted its inaugural global business and policy forum of the academic year.

CGM founding board member, Toby Raymond (’86), managing director, Access Equity Management Ltd. who relocated to London in 1992 and has since worked in London’s global financial markets addressed these questions and more to provide insights and perspectives on the future of Europe and what Brexit means for the United States and the world. He provided an overview on the trajectory and timeline of EU treaties and events in Europe, including expansion of the EU in 2004, the global financial crisis in 2008 and the Greek sovereign debt crisis in 2011. He addressed EU-UK interactions, including the referendum to join the EEC in 1974 and the Maastricht treaty in 1992. Raymond also discussed pertinent events in the UK, such as the economic crisis in 1976, the big bang and deregulation of UK financial markets in 1986, the Good Friday Agreement in 1999 and then the UKIP, EU referendum in 2016. Then, during a moderated conversation with Sebastian Edwards, Henry Ford II Chair in International Management, Raymond touched on some of the key issues for Brexit and the EU, including voter grievances, the customs union, immigration and freedom of movement, sovereignty and political independence as well as the dissatisfaction with the EU bureaucracy. Over dinner, there were many interactive table conversations where specific questions were discussed among the students, including: What will the financial services industry looks like five years from now – in the UK and globally? How are the regulatory and political constraints impacting the financial services industry and what will be the impact of technology? Students were also asked to comment on how the issues and contexts that have emerged in the UK during the Brexit referendum and process are being reflected around the world and whether this is specific to the UK or similar in other countries? The discussion engaged 90 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

Artificial Intelligence: Key Opportunities and Challenges

February 26, 2019

View Video

Artificial intelligence will have a transformative societal impact in the coming years. While there is plenty that AI cannot do, it is perhaps the only technology in recent memory that, despite all the hype, will actually turn out to have been underhyped once its impacts are fully appreciated. The UCLA Anderson Center for Global Management and  UCLA School of Law's Lowell Milken Institute for Business Law and Policy hosted  John Villasenor, UCLA professor of public policy and management and member of the World Economic Forum's Global Agenda Council on Cybersecurity for a very engaging discussion on what AI actually is, why it has become such a focus of attention and investment, and the resulting opportunities and challenges in relation to ethics, geopolitics, the labor market, combating bias, and regulation. During his presentation, Villasenor also addressed the intersection of technology, policy, law and business and broader impacts of key technology trends.  Villasenor is a professor of electrical engineering, public policy, and management, and a visiting professor of law. He is also a nonresident senior fellow at the Brookings Institution and a visiting fellow at the Hoover Institution at Stanford. His work considers the broader impacts of key technology trends, including advances in digital communications, the increasing complexity of today's networks and systems, and the growth of AI. Over dinner, there were many interactive table conversations where specific questions were discussed among the students, including whether it is acceptable to use AI-based systems to make sentencing or parole recommendations? Relatedly, whether people impacted by those decisions have the right to know the details of the underlying algorithms? Students were also asked to comment on the best way to maximize the likelihood that, when faced with decisions with ethical implications, AI systems will make the "right" choice? While some people believe that new AI regulation is necessary. Others argue that new AI regulation would have few benefits and would also stifle innovation. Students were asked to discuss their thoughts on his too.  The discussion engaged around 70 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson's Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

Series Highlights

Christine Loh

Climate Change, International Cooperation and Business – What is the Path Forward?

 

March 4, 2021

On his first day in office, President Biden signed an executive order to have the U.S. rejoin the Paris Climate Agreement of 2015. President Biden also announced that he will reconvene the Major Economies Forum on Energy and Climate, and in cooperation with members and other partners, pursue initiatives to advance the clean energy transition and sectoral decarbonization. He has set a goal of achieving carbon neutrality by 2050. This will require steeper emissions cuts than the U.S. has ever achieved. As climate change intensifies, it will become increasingly important to pursue all elements of an integrated climate response. In the U.S. and throughout the world, business leaders will play a crucial role to confront climate change and be required to identify opportunities for cleaner, more sustainable processes as disclosures on carbon emissions and other climate-related practices become increasingly important to customers, investors, regulators and the public at large. Under the general heading of how the U.S. can reassert a leadership role in developing programs to deal effectively with climate change there are a host of questions, including: What type of vehicles are suitable for effective collaborative action for dealing with climate change? Do we need large international agreements or can we achieve more through smaller ad hoc collaborations? Does the history of U.S. ambivalence on climate change, especially given its recent history and current volatile political environment, render it an unreliable partner and unsuitable for a leadership role? The Major Economies Forum has been used by Presidents Barack Obama and George W. Bush and did not achieve lasting results. Will it be different this time? What role can and should businesses play to help achieve these ambitious goals and drive our nation and the world toward a clean energy future?

The UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted the winter global business policy, the second forum of the year, in a virtual presentation and interactive discussion format. Edward A. Parson, Dan and Rae Emmett Professor of Environmental Law and faculty co-director of the Emmett Institute on Climate Change and the Environment joined Charles Corbett, IBM Chair in Management, Professor of Operations Management and Sustainability to discuss the challenges ahead for the U.S. and the world in forging solutions to address the central issue of our time - the impact of fossil fuel related emissions on human economic activity and wellbeing, including the role that businesses may take to meet the ambitious goals to stave off this existential threat. Students from Anderson’s full-time, fully employed and executive MBA programs met and networked with JD and LLM students from the UCLA School of Law. In small groups, students discussed two hypotheticals and considered what top-level strategic principles or priorities should guide US climate action in international arenas? Should the U.S. mainly focus its efforts on working through the existing UN process (the Framework Convention on Climate Change, and the Paris Agreement), or should it instead (or in addition) aim to empower some other forum for international action. Students also considered practical and legal challenges associated border carbon adjustments and opined on how they should (not) be designed. Groups then reconvened and shared their thoughts and deliberations on these difficult and complex issues. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close
Christine Loh

Contract Law and the Challenge of COVID-19: A Global Perspective

 

November 2, 2020

The rules governing the formation, interpretation, and enforcement of contracts are generally well-settled in the U.S. and in many other jurisdictions that depend upon international commerce. However, like almost everything else, COVID-19 disrupted the rules and posed new challenges for parties trying to allocate risks and realize benefits through contracts. Although legal doctrines of force majeure, frustration and impracticability are well-established in doctrine, their applications in a specific context, such as Covid-19, are often uncertain. The UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted their inaugural global and business policy forum of the academic year in a virtual interactive discussion format. Gonzalo Freixes, associate dean and adjunct professor of accounting, law and international business and Tim Malloy, professor of law and the Frank G. Wells Endowed Chair in Environmental Law addressed the business and legal issues facing parties to contracts in which COVID-19 has possibly affected the parties’ performance under the contract. They examined how different jurisdictions globally approach the problem and provided guidance on how contracting parties can try to protect the benefits of a contract or excuse performance in the face of a global pandemic. During his discussion that provided a more global perspective on force majeure and risk allocation, Freixes shared insights and reviewed French Law as well as specific measures taken by countries such as Singapore and Germany. Full-time, fully employed and executive MBA students met and networked with JD and LLM students from the UCLA School of Law. In small groups, students discussed two hypotheticals to review force majeure clauses in contracts and returned to the main session to share their thoughts and deliberations on the discussion questions. Joel Feuer, executive director for the Lowell Milken Institute for Business Law and Policy and a professor from practice facilitated the student discussions. Gonzalo Freixes is a professor in the accounting area and serves as associate dean for the fully employed and executive MBA programs. He has been a practicing lawyer for over 40 years. In addition to his administrative duties, Freixes teaches business law, international business law, business ethics, corporate and individual taxation, and real estate law and taxation in the MBA program and in the undergraduate accounting minor. He has lectured in numerous countries in Europe, Latin America and Asia on international business and tax subjects as well as on corporate governance, business ethics, international business law and trial advocacy. Tim Malloy joined the UCLA Law faculty in 1998, after spending a combined 11 years in practice at private firms and at the United States Environmental Protection Agency (EPA), Region III. He teaches contracts, environmental aspects of business transactions, regulatory lawyering, regulation of the business firm, environmental policy and politics. His research interests focus on environmental, chemical and nanotechnology policy, regulatory policy, and organizational theory and decision analysis, with particular emphasis on the relationship between regulatory design and implementation and the structure of business organizations. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close
Christine Loh

Wealth Taxes: Good Idea or False Promise?

 

February 26, 2020

VIEW VIDEO

Senators Elizabeth Warren and Bernie Sanders have both proposed ambitious wealth taxes as part of a plan to reduce inequality in the United States. These taxes will take from the very rich and use the revenue to support government programs for those at the bottom and middle of the income distribution. While the U.S. is considering adopting wealth taxes, most of the rest of the world have repealed them. The UCLA Anderson Center for Global Management and UCLA School of Law’s Lowell Milken Institute for Business Law and Policy hosted its second global business and policy forum of the academic year with Eric Zolt, Michael H. Schill Distinguished Professor of Law Emeritus. Zolt provided an examination of the arguments for and against a wealth tax, the likely revenue and economic consequences, and the administrative challenges of taxing the very wealthy. Following an extremely informative presentation on this very timely topic, Joel Feuer, executive director for the Lowell Milken Institute for Business Law and Policy and a professor from practice moderated a conversation with students from both schools. Over dinner, there were many interactive table conversations where specific questions were discussed among students, including: Should the U.S. adopt a wealth tax? Is the wealth tax the best way to tax the uber-wealthy? Students were also asked to comment on if the goal is to reduce income and wealth inequality, which would be more effective: to impose wealth taxes and use proceeds for social spending programs or adopt less progressive (or regressive) taxes and use proceeds to fund even larger social programs? Eric M. Zolt is the Michael H. Schill Distinguished Professor of Law Emeritus at the UCLA School of Law. He specializes in individual, corporate, and international tax law. Working with the International Monetary Fund, the World Bank, U.S. AID and the U.S. Treasury Department, Zolt has served as a consultant on tax policy matters in over 30 countries. The discussion which was held in the Grand Salon of the new Marion Anderson Hall engaged around 80 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

BREXIT: The Future of the City of London and Implications for the Global Economy

 

October 24, 2019

VIEW VIDEO

Great Britain is in crisis. Its government is divided over the nation’s withdrawal from the European Union (EU), known as Brexit, and has been unable to agree on an approach to the country’s biggest peacetime decision in decades. A fervent proponent of withdrawal, Britain’s Prime Minister Boris Johnson suspended parliament and critics have accused the Conservative leader of using the five-week suspension to avoid democratic scrutiny as he bids to deliver his pledge to bring the United Kingdom out of the European Union by October 31, with or without a deal. What ultimately emerges could determine the shape of Britain and its place in the world for decades. The Fed has explicitly mentioned Brexit uncertainty as one potential factor weighing on the U.S. outlook and a no-deal Brexit could cause a period of volatility in global financial markets. How did the UK get to this point? What is the future facing London, the UK and the EU? If the pound falls sharply in response to no-deal, what are the implications for the U.S., the U.K.’s largest single-country trading partner. The UCLA Anderson Center for Global Management and UCLA School of Law's Lowell Milken Institute for Business Law and Policy hosted its inaugural global business and policy forum of the academic year.

CGM founding board member, Toby Raymond (’86), managing director, Access Equity Management Ltd. who relocated to London in 1992 and has since worked in London’s global financial markets addressed these questions and more to provide insights and perspectives on the future of Europe and what Brexit means for the United States and the world. He provided an overview on the trajectory and timeline of EU treaties and events in Europe, including expansion of the EU in 2004, the global financial crisis in 2008 and the Greek sovereign debt crisis in 2011. He addressed EU-UK interactions, including the referendum to join the EEC in 1974 and the Maastricht treaty in 1992. Raymond also discussed pertinent events in the UK, such as the economic crisis in 1976, the big bang and deregulation of UK financial markets in 1986, the Good Friday Agreement in 1999 and then the UKIP, EU referendum in 2016. Then, during a moderated conversation with Sebastian Edwards, Henry Ford II Chair in International Management, Raymond touched on some of the key issues for Brexit and the EU, including voter grievances, the customs union, immigration and freedom of movement, sovereignty and political independence as well as the dissatisfaction with the EU bureaucracy. Over dinner, there were many interactive table conversations where specific questions were discussed among the students, including: What will the financial services industry looks like five years from now – in the UK and globally? How are the regulatory and political constraints impacting the financial services industry and what will be the impact of technology? Students were also asked to comment on how the issues and contexts that have emerged in the UK during the Brexit referendum and process are being reflected around the world and whether this is specific to the UK or similar in other countries? The discussion engaged 90 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson’s Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close

Artificial Intelligence: Key Opportunities and Challenges

 

February 26, 2019

VIEW VIDEO

Artificial intelligence will have a transformative societal impact in the coming years. While there is plenty that AI cannot do, it is perhaps the only technology in recent memory that, despite all the hype, will actually turn out to have been underhyped once its impacts are fully appreciated. The UCLA Anderson Center for Global Management and  UCLA School of Law's Lowell Milken Institute for Business Law and Policy hosted  John Villasenor, UCLA professor of public policy and management and member of the World Economic Forum's Global Agenda Council on Cybersecurity for a very engaging discussion on what AI actually is, why it has become such a focus of attention and investment, and the resulting opportunities and challenges in relation to ethics, geopolitics, the labor market, combating bias, and regulation. During his presentation, Villasenor also addressed the intersection of technology, policy, law and business and broader impacts of key technology trends.  Villasenor is a professor of electrical engineering, public policy, and management, and a visiting professor of law. He is also a nonresident senior fellow at the Brookings Institution and a visiting fellow at the Hoover Institution at Stanford. His work considers the broader impacts of key technology trends, including advances in digital communications, the increasing complexity of today's networks and systems, and the growth of AI. Over dinner, there were many interactive table conversations where specific questions were discussed among the students, including whether it is acceptable to use AI-based systems to make sentencing or parole recommendations? Relatedly, whether people impacted by those decisions have the right to know the details of the underlying algorithms? Students were also asked to comment on the best way to maximize the likelihood that, when faced with decisions with ethical implications, AI systems will make the "right" choice? While some people believe that new AI regulation is necessary. Others argue that new AI regulation would have few benefits and would also stifle innovation. Students were asked to discuss their thoughts on his too.  The discussion engaged around 70 students and faculty from the UCLA Anderson School of Management and the UCLA School of Law. The Global Business and Policy Forum is a collaborative partnership between UCLA Anderson's Center for Global Management and the UCLA School of Law's Lowell Milken Institute for Business Law and Policy.

Close