The third decade of the 21st century is only a few months old, but the effort to shake off and discard failed orthodoxies is already an urgent global undertaking. On the fiscal front, the boldest agreement of the Group of Seven (G7) countries was to finally take on tax-dodging on a global scale.

Taking the cue from US Treasury Secretary Janet Yellen, over 130 countries have agreed to adopt the global corporate tax of 15 percent agreed upon by the G7 economies to rein in tax evasion by corporations that register in tax havens to declare their profits there - and get out of the tax jurisdictions of their true domiciles.