Tax Havens: How Globalization Really Works

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Overview

From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance.

In Tax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system—their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth—the equivalent of the annual U.S. Gross National Product—and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies.

The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.

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Editorial Reviews

From the Publisher

"If you are looking to understand how tax havens and offshore financial centers work, how they are governed (or not!), and what kind of economic and political impacts they have, then this book is for you! This recent text by well-recognized experts in the field is a most welcome addition to the literatures. . . . It fills an important void, since there was not until now a general but nevertheless detailed reference text on tax havens . . . it should be mandatory for courses in IPE, international finance, and international business."—Patrick Leblond, Political Science Quarterly (Fall 2012)

"Impeccably researched and packed with new insights, this groundbreaking book exposes financial capitalism's best-kept secret."—John Christensen, Director, Tax Justice Network International Secretariat, London

"This book calls attention to one of the major scandals of our time."—James K. Galbraith, author of The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too

"This book is an invaluable guide to the lightly studied subject of tax havens. Clearly written and thoroughly researched, it vividly demonstrates how central the scattered archipelago of so-called Preferential Tax Regimes is to the operation of contemporary global finance. Tax Havens belongs on the shelf of every specialist in the international political economy of money."—Benjamin J. Cohen, Louis G. Lancaster Professor of International Political Economy, University of California, Santa Barbara

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Product Details

  • ISBN-13: 9780801476129
  • Publisher: Cornell University Press
  • Publication date: 12/14/2009
  • Series: Cornell Studies in Money Series
  • Pages: 280
  • Sales rank: 815,123
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.60 (d)

Meet the Author

Ronen Palan is Professor of International Political Economy at the University of Birmingham. He is the author of The Offshore World: Sovereign Markets, Virtual Places, and Nomad Millionaires (published by Cornell); the coauthor of Tax Havens: How Globalization Really Works (also from Cornell); The Imagined Economies of Globalisation; and (with Christian Chavagneux) Paradis Fiscaux; and the coeditor of International Political Economy: A Reader and Globalizing Economic Regimes and Institution.

Richard Murphy is CEO of Tax Research, LLP, based in the UK. He is a frequent adviser to the media, NGOs, and politicians, and writes a blog at taxresearch.org.uk.

Christian Chavagneux, based in Paris, is deputy editor in chief of Alternatives Economiques and editor of L'Economie politique. He is coauthor, with Ronen Palan, of Paradis Fiscaux.

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Table of Contents

Introduction

Part I: Tax Havens and Their Uses
1. What is a Tax Haven?
2. Tax Havens: Vital Statistics
3. The Instruments of Tax Havens

Part II: The Evolution of Tax Havens
4. Origins of the Tax Havens
5. The British Empire Strikes Back

Part III: Tax Havens in World Politics
6. Tax Havens and the Developed World
7. Issues in Development

Part IV: The Battle for Hearts And Minds
8. Signs of Discontent
9. Institutional Attacks on Tax Havens
10. Tax Havens in the Twenty-First Century

Conclusion

Glossary
References
Index

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Sort by: Showing all of 2 Customer Reviews
  • Posted March 29, 2011

    more from this reviewer

    Cogent, if opinionated, explanation of what tax havens really shield

    Some aspects of offshore finance take place in a murky world of sham transactions in exotic locales, yet many economists say tax havens play an important role in greasing the machinery of global capitalism and keeping tax-raising bureaucrats at bay. Authors Ronen Palan, Richard Murphy and Christian Chavagneux beg to differ. They see tax havens as fundamentally dishonest; these "fiscal paradises" favor the haves at the expense of the have-nots. While their opinions on the subject are clear, the authors also provide a thorough overview of what's going on in the world's tax havens and what the future might hold for them. Their writing style is a bit dry and disorganized, but they offer plenty of juicy details about the places and institutions that enable tax evasion. getAbstract recommends this book to readers seeking an in-depth study of the rise of offshore financial centers and their place in global finance.

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  • Posted October 8, 2010

    Don't waste your money.

    This book was written by some academics that are jealous of people with money. The whole book is slanted "how dare people with money look for safe places for their money, so they won't be screwed by the respective governments".

    I would like my money back. I was looking for factual information about the banking rules in different countries around the world. Not their whinning about people that take all the risk and happen to make it.

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