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The Finance Curse Download Ü 104 ¿ [Reading] ➶ The Finance Curse Author Nicholas Shaxson – Helpyouantib.co.uk For many years economists have noted how countries rich in natural resources often fail to benefit from their unearned wealth Indeed sometimes the discovery of oil and gas can seem like a curse than a For many years economistsAl sectors can suffer a similar fate The Finance PDF or The easy money that comes from finance carries hidden costs in form of steepening ineuality political and intellectual corruption industrial stagnation and periodic crisis and collapseNicholas Shaxson the author o. This is the fourth Financial Times 2018 best books that I've read I have found all of them problematic and not especially worth recommending This is the worst of the four I've readIt starts by by suggesting that just as there is a resource curse countries with abundant natural resources often do worse than countries without there is also a finance curse countries with oversized financial sectors do worse than countries with non oversized financial sectors The author is British and I believe the book was originally published in Britain So it is mostly targeted at British audiences and based on the introduction he seems to primarily arguing that Britain has been hurt by the outsized importance of London's financial districtSomething similar is happening in Britain These top down wealth flows from the financial sector haven't exactly turned Britain into an authoritarian state but what has happened is that finance is often in conflict with other parts of the economy and in these battles finance always seems to win out It is no coincidence that the decline of British manufacturing since the 1970s has been so much faster than in other industrial economies at the same time as Britain's financial sector assets have grown so much larger as a share of the economy than in comparable Western nationsNotice that phrase it is no coincidence where isn't supported by any data or arguments; that's something we'll come back to laterBut even if the book is focused on Britain I think everyone in every country should be at least a little concerned about the impact of the financial sector Maybe Britain is on the cutting edge and lessons can learnt from it and applied to wherever you happen to be livingSo even though it is focused on Britain I was still keen to read onAs chapter after chapter passed I lost my excitement for the book The chapters follow a similar pattern a topic is introduced who relationship to oversized financial sectors is murky we are treated to a long history of how things got to this point and then there are a few unsatisfying lightweight analyses This is not a book with data or charts or references Going back to the introduction and that phrase it is no coincidence Wellhow do you know Prove it Don't just assert it Don't just say it is obvious Convince me Somehow With somethingAt times it feels like the author is just talking about any bad thing a business does even if it doesn't seem to have much to do with oversized financial sectors One chapter is about how communities increasingly compete with one another to offer tax breaks subsidies to businesses and their recent search for H2 is mentioned But isn't part of the financial sector I don't like the practice but I don't see what it has to do with oversized financial sectorsLikewise there is another chapter on how old school anti trust doesn't seem very effective in the modern business climate This chapter is primarily about antitrust as practiced in the US Again it is hard to see what this has to do with oversized financial sectors especially the oversized British financial sectorThe chapters feel disconnected from one another If I skip the chapter on anti trust in the US do I really miss out on anything in later chapters And most of these

Nicholas Shaxson ✓ 4 Download

F Treasure Islands and John Christensen the director of the Tax Justice Network explore this new paradox of plenty and show once and for all that there's no such thing as a free lunch and that those who believe the stories told by bankers are liable to end up on the me. A good roundhouse kick on the triple woes of financialisation deregulation and tax havens and tax evasions in good company with and sometimes liberally repeating Shaxson's own Treasure Islands Oliver Bullough's Moneyland or Rana Foroohars Makers and TakersWhat I learned How big and corrosive tax evasion is That the deregulation of financial markets and creation of deregulated tax havens in British territories and tax avoiding trust funds interact and were both actively driven by the City of London against US resistanceThat the political rhetoric of a global competition between nations is economically nonsensical but expedient for national economic incumbents who use it to capture regulators and make national markets less competitive for themThe further the book goes on the it falls into a general anti capitalist critiueThe main thesis supposedly holding the book together is the titular finance curse The idea is plausible and has merit Like the resource curse of developing nations rich in natural resources a nation's financial industries can grow to a size where they hurt growth and innovation in other economic sectors and wellbeing across society as it captures regulators fosters corruption and absorbs talent capital and effort into its profit but not value generating activities The book even reports an estimate of how much the oversized financial sector of the UK has cost the country to the tune of several trillions of pounds as always assess the numbers and underlying assumptions for yourself But this nice idea then isn't really developed convincingly as a main thread of the book that necessitates and integrates all its other parts It's like a preface to an overall decent collection of chapters

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The Finance CurseFor many years economists have noted how countries rich in natural resources often fail to benefit from their unearned wealth Indeed sometimes the discovery of oil and gas can seem like a curse than a blessingThe Finance Curse shows how countries with oversized financi. A bright light goes on while reading The Finance Curse Nicholas Shaxson connects a number of phenomena around the world that collectively oppress billions of people He likens it all to the petroleum curse where developing nations’ citizens end up worse off for the discovery of oil In this case it is big finance running amok Only this is global and far worseThe book documents the decline and fall of all but the 1% thanks to the race to the bottom the most commonly repeated phrase in it It works at all levels towns compete in a race to the bottom so do counties states and whole countries Everyone is afraid of being abandoned by companies seeking less taxation less regulation and power all in the name of competitiveness They are winning it everywhere – without becoming competitive The ones who suffer for it are the locals who are losing schools clinics clean water parks community everything so that business can be profitable There is no trickledown; it is all one way by designThe facts are stark The median American is actually poorer than median Italian Wages are stagnant savings less than minimal Outlooks are grim Hope is rare The reason is that nearly 23 trillion has been extracted Shaxson’s word and seuestered in offshore accountsOffshore is attractive is because of trusts By putting assets in trusts managed by lawyers neither the donor nor the inheritor can be called the owner So not only are they hidden but even upon discovery taxing and justice authorities are unable to seize them or tax anyone By this trick they exist outside the reach of any authority or law This massive moneypile does not contribute to the economies or the welfare of citizens or countries Rather its missing in action status is detrimental to the state of affairs in the countries it was removed from The 99% lower classes have to make up the difference in their taxesPossibly the most important chapter concerns Bretton Woods the postwar agreement that separated nations controlled finance and currencies and allowed everyone to grow Shaxson shows the greatest universal growth occurred in the fifties and sixties thanks to Bretton Woods “The countries participating in the Bretton Woods system would collectively enjoy the strongest most broad based and most crisis free expansion in history with growth running at nearly 4 percent in the advanced economies and 3 percent in developing nations than twice the rate that had been attained in a thousand years of history” But since then “Once this awesome intellectual land grab by corporate and financial interests began to enter mainstream politics in the late 1970s it would lead inevitably to corruption oligarchy bank bailouts and the growth of international organized crime” he says The finance business is all about wealth extraction not wealth creation The shenanigans are legendary The current madness on Wall Street is share buybacks Analysts are actually insistent that companies spend every dollar they can buying back their own shares rather than investing in upgrades or expansion Shaxson uses the example of the venerable IBM a company currently valued at 100 billion It has spent 160 billion buying back its own shares rather than investing in itself The return is rat