Illuminating, accessible reading.
A Dartmouth sociology professor explores the complex, supersecret world of offshore finance.
When Harrington, author of Capital Without Borders, began studying offshore finance in 2007, she found that almost no data existed about those taking advantage of the system. Knowing she could not directly access wealthy individuals herself, she made a plan to earn wealth manager credentials so she could access them through their financial managers. Through classwork and interviews with her colleagues-in-training, the author learned that the system was less a scheme for tax avoidance and more a “platform for an elite insurgency opposed to…equality before the law, economic stability [and] free markets.” Staying hidden is critical to the success of offshoring projects because "secrecy confers impunity.” She argues that part of what makes this system so insidious is the way it has repurposed the legal and financial infrastructure of the old imperial era for the new transnational elite. These practices have in turn transformed former poor ex-colonies like the Bahamas into law-free zones where deals that support the illegal enrichment of the already wealthy can take place. At the same time, the lure of wealth and profit have brought even rich democratic countries like the U.S. (which boasts a few of the most popular offshore centers in the world) into the plutocratic wealth management game. Apart from publicly shaming the individuals who use the system, Harrington suggests that one effective way of curbing their activities is cutting the connection between the superrich and their managers. In a world where everything else can be bought, “trust is not a commodity and cannot be purchased easily from another provider.” Intriguing and timely, this book will be of interest not only to academics, but to anyone seeking an understanding of the hidden forces behind global wealth inequality.
Illuminating, accessible reading.Pub Date: Sept. 17, 2024
ISBN: 9781324064947
Page Count: 192
Publisher: Norton
Review Posted Online: June 13, 2024
Kirkus Reviews Issue: July 15, 2024
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
A clearly delineated guide to finally eradicate poverty in America.
A thoughtful program for eradicating poverty from the Pulitzer Prize–winning author of Evicted.
“America’s poverty is not for lack of resources,” writes Desmond. “We lack something else.” That something else is compassion, in part, but it’s also the lack of a social system that insists that everyone pull their weight—and that includes the corporations and wealthy individuals who, the IRS estimates, get away without paying upward of $1 trillion per year. Desmond, who grew up in modest circumstances and suffered poverty in young adulthood, points to the deleterious effects of being poor—among countless others, the precarity of health care and housing (with no meaningful controls on rent), lack of transportation, the constant threat of losing one’s job due to illness, and the need to care for dependent children. It does not help, Desmond adds, that so few working people are represented by unions or that Black Americans, even those who have followed the “three rules” (graduate from high school, get a full-time job, wait until marriage to have children), are far likelier to be poor than their White compatriots. Furthermore, so many full-time jobs are being recast as contracted, fire-at-will gigs, “not a break from the norm as much as an extension of it, a continuation of corporations finding new ways to limit their obligations to workers.” By Desmond’s reckoning, besides amending these conditions, it would not take a miracle to eliminate poverty: about $177 billion, which would help end hunger and homelessness and “make immense headway in driving down the many agonizing correlates of poverty, like violence, sickness, and despair.” These are matters requiring systemic reform, which will in turn require Americans to elect officials who will enact that reform. And all of us, the author urges, must become “poverty abolitionists…refusing to live as unwitting enemies of the poor.” Fortune 500 CEOs won’t like Desmond’s message for rewriting the social contract—which is precisely the point.
A clearly delineated guide to finally eradicate poverty in America.Pub Date: March 21, 2023
ISBN: 9780593239919
Page Count: 288
Publisher: Crown
Review Posted Online: Nov. 30, 2022
Kirkus Reviews Issue: Jan. 1, 2023
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