This morning I have published a short new book entitled The Finance Curse: how oversized financial centres attack democracy and corrupt economies.
It is also available on the Kindle e-reader, for a nominal fee, here. Previously I have generally focused on the global impact of tax havens or secrecy jurisdictions: that is, the impact that one haven has on the citizens of other countries, elsewhere. The Finance Curse, by contrast, looks at the domestic impacts of hosting an oversized financial centre: for example, how Britain as a whole has fared as a result of hosting an oversized financial centre.
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The book find that finance is obviously beneficial to an economy up to a point, but once it grows too large a range of harms start to emerge. Much of the damage, and the underlying processes at work, are similar to those found with a Resource Curse that afflicts many countries that are overly dependent on natural resources. The graph below click on it to enlarge it provides a taster illustrating just one of many aspects of the problem.
The press release is pasted below. A resource curse casts a shadow over certain mineral- and oil-rich nations damaging their economic growth and development.
Now a new e-book by Nicholas Shaxson, author of the acclaimed Treasure Islands, and John Christensen, Director of the Tax Justice Network, shows that countries with oversized financial services suffer similar fates. But The Finance Curse presents the first comprehensive analysis of the many harms that flow from hosting oversized financial centres.
The U. Likewise, policymakers must disregard claims the UK finance sector employs two million people.
The relevant figure is a fraction of that. In larger jurisdictions like Britain or the U. S these issues are clouded by background noise from large, complex democracies. But in small financial centres and tax havens like Jersey or the Cayman islands, the Finance Curse is much easier to understand because finance is more dominant, and the issues are easier to spot.
Tax havens therefore carry strong lessons — and warnings — for Britain and the United States in particular.
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Alarmingly, the City of London is having similar effects on Britain. The Finance Curse presents a clear and present danger to social and economic development.
Having an oversized financial centre in your neighbourhood is a bit like striking oil. It may well bring lots of money. But it will bring huge problems. And the evidence is overwhelming: too much finance is bad for you. Britain, the United States and many other countries need to shrink their financial centres dramatically. This goes way beyond the damage caused by the latest global financial and economic crisis.
For if they do so, the financial sector will shrink and many benefits are likely to ensue. Finance Curse Podcast available for easy download free and reposting to accompany your Finance Curse web coverage here.
In this Tax Justice Network podcast we discuss the Finance Curse — how an oversized financial sector can weaken growth, slow the economy, erode democracy, foster corruption and increase inequality. John Christensen is the former economic adviser to the British Crown Dependency of Jersey, a pre-eminent British tax haven.
He is now the director of the Tax Justice Network.
I look forward to reading it. Should the close quote be at the end of this paragraph, rather than at the end of extract from Poisoned Wells since Achebe is referenced in the paragraph after this one?
The well-known hell holes of Singapore, Luxembourg or even closer to home Trinidad are, well, hellish. Excellent, I look forward very much to reading it! Any chance of an EPUB version being made available? Is there a financial crisis?
Is there a crisis of democracy? If they get too tight a grasp on democracy, than war must ensue to rein the power back in. The more important question to me is- What are the goals of the all powerful elite?
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What world order or changes to the current world order do they intend? Are we going to be set to building new pyramids?
Mike Berry, lecturer at the University of Cardiff. Delaware, Jersey, Cyprus, Ireland, Cayman: they are […]. The article is called The Today programme and the banking crisis, and it meticulously researches […]. It tallies extremely closely with our Finance Curse […]. I hope to write […].
Tax Havens in obscure tiny islands which are primarily a British invention are only a small part of the tax problem globally. Jersey is anyway dead. English TRUST law which is non Napoleonic but is introduced and mingled with Roman law in countries like South Africa and is established fully in USA being English settled originally means the rich can easily and daily hide their wealth…and of course use their wealth to dominate political control.
In the US it is impossible to become President without millions of dollars to assist the vast and long camapign.
Mr Trump has the millions and amazingly so do the Clintons. And in UK amazingly as he was a Socialist.. May 23 Nick Shaxson 5rd May, 9. Angus 5rd May, Nick Shaxson 5th May, 7. La Chupacabra 5rd May, 3. I will read the book, but at least my expectations are well managed. Trystan Morris-Dafydd 5th May, Nick Shaxson 5th May, 2.
Nick Shaxson 5th May, Gibraltar: the captured state OccuWorld 6th June, 5. OccuWorld 6th June, 2. Financialisation as a cause of economic malaise Treasure Islands: Tax Havens and the men who stole the world A book by Nicholas Shaxson 6th June, Barbados: Two weeks before the G20 summit, offshore state capture still alive and well Financial Secrecy Media Monitor 8rd August, 9. Le Dingue 4th April, 7.
Looting the public thenextwave 8th August, 8. Looting the public thenextwave Olduvaiblog 8th August, 2. Suomi — Apparatsikkien Albania? Leave a comment Click here to cancel reply.