*SELECTED AS A BOOK OF THE YEAR BY THE FINANCIAL TIMES* 'Hard-hitting, well written and informative' Martin Wolf, Financial Times Global finance is a system that works for the few and against the many.
We need finance - but when finance grows too big it becomes a curse. The City of London is the single biggest drain on our resources; it sucks talent out of every sphere, it siphons wealth and hoovers up government time. Yet to be 'competitive', we're told we must turn a blind eye to money-laundering and appease big business with tax cuts. We are told global finance is about wealth creation; the reality is wealth extraction.
Tracing the curse back through economic history, Shaxson uncovers how we got to this point. He exposes offshore tax havens; the uncontrolled growth of monopolies; the myths around the Celtic Tiger and its low corporate tax rate; the bizarre industry of wealth management; the destructive horrors of private equity; and the sinister 'Competitiveness Agenda'.
Nicholas Shaxson revealed the dark heart of tax havens long before the Panama and Paradise Papers. Now he tells the explosive story of how finance established a stranglehold on society and points us towards a way out.
This is a book that none of us can afford to ignore.
Tax havens are the most important single reason why poor people and poor countries stay poor. They lie at the very heart of the global economy, with over half the world trade processed through them. They have been instrumental in nearly every major economic event. This title shows how this happened, and what this means for you.