It's available for free here, in pdf format. . [i] Nicholas Shaxson is author of Poisoned Wells, a book about the Resource Curse based on Posted by: Nicholas Shaxson in: Thoughts. There is now a new version of Treasure Islands available. Essentially, it's got a new introduction. Treasure Islands. Tax havens and the men who stole the world. Nicholas Shaxson. London: the Bodley Head, , £, p/b. 'Reading Treasure Islands I.
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NICHOLAS SHAXSON is the author of Poisoned Wells, the Dirty Politics of . Treasure islands: uncovering the damage of offshore banking and tax havens /. Nicholas musicmarkup.info TREASURE ISLANDS. Tax Havens Nicholas Shaxson. Bergen, Oct _-_ Paul_Sagar_John_Christensen_Nick_Shaxson_-_SEPpdf. TREASURE ISLANDS Nick Shaxson musicmarkup.info documents/FSI%%20The%20British%musicmarkup.info
My article is here. Now read on. Investigative Reporting Medallion: Shaxson, writing in mid-campaign when Donald Trump was still considered a dark horse candidate, discloses what was known at the time about. This blog is about the urgent need for an organised civil society response to the overlapping concerns raised in my headline, particularly monopolies.
In this book, he investigates the three main components of the offshore system, which may surprise you.
While the small island states are integral fortifications of the offshore system, the main poles are actually the United States, London, and a grouping of states in continental Europe mainly Luxembourg, Switzerland, Lichtenstein, and the Netherlands.
Considering that about one half of world trade passes through tax havens, they are integral to the current global system.
Also, while terrorists and crime lords are significant users of the offshore system, the primary beneficiary and architect is the financial services industry. The bankers on Wall Street and in London have constructed a system to help them undermine democracy, drastically boost profits, destabilize the global markets, shape international regulation to their liking, and evade taxes, and this very same infrastructure enables the financing of international terrorism, corrupt third world rulers, and greatly facilitates the illegal drug trade.
One key takeaway from the book is that all of these phenomena have their roots in the same underlying financial network, and none of them can be addressed without confronting the offshore system.
The main services that tax havens provides are secrecy, tax evasion, and freedom from unwanted regulation. A very important consequence of such a system is the creation of a race to the bottom in terms of regulatory environments. Shaxson examines this process both in the United States and internationally.
While the US is an international tax haven offering secrecy to foreign donors, allowing banks to accept proceeds from criminal activities as long as they were committed abroad, offering tax breaks to foreign investors , there is also a tax haven network at the state level. States such as South Dakota and Delaware, in an effort to attract corporations to incorporate in their states, abolished interest rate caps, giving birth to the credit card industry in the 80s.
Delaware also has a long history of offering the most permissive rules of corporate governance, giving maximum power to corporate managers. Barack Obama criticized the Caymans, where he alleged that there was a building where 12, corporations supposedly had business offices. Well, there is an office building in Delaware with about , Internationally, the offshore system allows banks to exercise this deregulatory leverage at the national level. The city of London, which has long maintained an extremely lax regulatory environment for fascinating historical reasons detailed in the book, began attracting massive amounts of business from US banks chafing under the Bretton Woods system of capital controls and Glass Steagall regulations separating commercial and investment banking.
London had no such controls, so US banks were able to begin doing business there and use the threat to relocate to London to eventually force the US to deregulate in the late 90s and s. As we know, this was a crucial development in setting the stage for the financial crisis of Nicholas Shaxson.
Bodley Head. Find this book: Worldwide, millions of people are overwhelmed by finance and its complexity.
Many experts in finance, be they economists, finance professors, accountants or lawyers, are too busy profiting from the expertise knowingly or unknowingly to experience this pain. Finance buildings and cities look very sophisticated, successful and glamorous. But all that shines is not gold. We know that in economics, there has been a growing student rebellion against its myopic and unrealistic theories and teaching. However, in the fields of accounting and finance, which are equally large and perhaps even larger, no such rebellion is in sight.
A recent study of 40 years of finance research exposes how parochial and self-referential it has become.
Making shareholders the primary focus of corporations and capital markets leads to deep distortions in the measurement of business performance and the culture of its people and services. The book opens a serious fight with the very fundamentals of finance and its so-called expert institutions and cultures.
We should not forget that slaves were classified as property, and during the abolition of slavery, compensation was paid to the owners, not the former slaves.
Shaxson journeys through the world of financial markets and capital flows, private equity and hedge funds, offshore islands and tax havens, money laundering and white-collar crime, exposing a whole network of deceit benefitting a few and robbing the many, without their consent or awareness.
Narratives like success through profit-maximisation, free markets and market efficiency, fuelled by incentives for executives to maximise shareholder value at any cost, are shown to have a central role in shaping and growing inequality. They encourage and legitimise the robbing of nations and their public commons through tax avoidance, tax evasion and offshore tax havens and money-laundering. He argues that just as economists used to treat the environment as an externality, much of corporate and financial evidence ignores the wider social and global impacts of financial markets and institutions and offshore money laundering.