Nicholas Shaxson has written the so-far definitive book on tax havens,
entitled Treasure Islands (2012) - a fantastic book, I am amazed no one
seems to be talking about it right now. His central thesis is that with
the waning of Empire, British elites sought a way to retain their
disporoprtionate power - and found it by setting up a complex offshore
financial circuit based in numerous remaining overseas possessions, such
as the British Virgin Islands. Shaxson traces this network back to its
center, the City of London, which has enjoyed extraterritorial
privileges since the Middle Ages. Most importantly, he shows that
through its continuous economic competition with the UK, the United
States has become one vast "treasure island" - effectively obviating
much of the need for US citizens to park their money overseas (although
they still do, and the treasure islands are still crucial to many
tax-avoidance operations).
I respectfully disagree with Patrice and Florian about these leaks. What
is being "revealed" here are the basic functions of neoliberal
capitalism, and therefore, the modus operandi of what sociologist Leslie
Sklair calls "the transnational capitalist class" (the TCC). Since they
rule, it is clear that their power will not be dissolved in a day.
Indeed, as is said everywhere in the media, "offshore accounts are
legal" - because the ruling class effectively writes the law. However,
since 2008 those laws are slowly being rewritten and the only reason why
is more understanding of the tremendous harm being done by the TCC. The
answer to this is not the de-institutionalization that Florian calls for
(bypassing the press), but rather, a multiplication of institutional
efforts spurred on and kept honest by global grassroots networked civil
society. The day when it's possible to say "the TCC" and everyone knows
what you're talking about, is the day when things will really start to
change. But for large numbers of people to really "know what you're
talking about" (and not just spout dangerous populist nonsense like a
current US presidential candidate) it's going to take a huge educational
effort from all directions. In my view, if more institutions don't take
part in that, it's unlikely to happen with the scope and depth
required. Anarchy is complementary to, not the opposite of,
institutionality.
Here's to the Panama Papers, at last,
Brian
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