The Finance Curse

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The Finance Curse

Nicholas Shaxson
The Finance Curse Book PDF

Author : Nicholas Shaxson
Publisher : Grove Press
Page : 425 pages
File Size : 55,7 Mb
Release : 2019-11-05
Category : Business & Economics
ISBN : 9780802146380

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The Finance Curse by Nicholas Shaxson Pdf

An “artfully presented [and] engaging” look at the insidious effects of financialization on our lives and politics by the author of Treasure Islands (The Boston Globe). How didthe banking sector grow from a supporter of business to the biggest business in the world? Financial journalist Nicholas Shaxson takes us on a terrifying journey through the world economy, exposing tax havens, monopolists, megabanks, private equity firms, Eurobond traders, lobbyists, and a menagerie of scoundrels quietly financializing our entire society, hurting both business and individuals. Shaxson shows how we got here, telling the story of how finance re-engineered the global economic order in the last half-century, with the aim not of creating wealth but extracting it from the underlying economy. Under the twin gospels of “national competitiveness” and “shareholder value,” megabanks and financialized corporations have provoked a race to the bottom between states to provide the most subsidized environment for big business, encouraged a brain drain into finance, fostered instability and inequality, and turned a blind eye to the spoils of organized crime. From Ireland to Iowa, he shows the insidious effects of financialization on our politics and on communities who were promised paradise but got poverty wages instead. We need a strong financial system—but when it grows too big it becomes a monster. The Finance Curse is the explosive story of how finance got a stranglehold on society, and reveals how we might release ourselves from its grasp. Revised with new chapters “[Discusses] corrupt financiers in London and New York City, geographically obscure tax havens, the bizarre realm of wealth managers in South Dakota, a ravaged newspaper in New Jersey, and a shattered farm economy in Iowa . . . A vivid demonstration of how corruption and greed have become the main organizing principles in the finance industry.” —Kirkus Reviews

Treasure Islands

Nicholas Shaxson
Treasure Islands Book PDF

Author : Nicholas Shaxson
Publisher : Random House
Page : 340 pages
File Size : 47,5 Mb
Release : 2011-02-18
Category : Business & Economics
ISBN : 9781446450147

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Treasure Islands by Nicholas Shaxson Pdf

WITH NEW AND UPDATED MATERIAL Billionaire Warren Buffet, currently the third wealthiest man in the world, paid the lowest rate of tax among his office staff, including his receptionist. In 2006 the world's three biggest banana companies did nearly £400 million worth of business in Britain but paid just £128,000 in tax between them. In January 2009, US law enforcement fined Lloyds TSB $350 million after it admitted secretly channelling Iranian and Sudanese money into the US banking system. 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, in every big financial scandal, and in every financial crisis since the 1970s, including the latest global economic downturn. In Treasure Islands, Nicholas Shaxson shows how this happened, and what this means for you.

Financial Derivatives

Simon Grima,Eleftherios I. Thalassinos
Financial Derivatives Book PDF

Author : Simon Grima,Eleftherios I. Thalassinos
Publisher : Emerald Group Publishing
Page : 248 pages
File Size : 44,6 Mb
Release : 2020-02-17
Category : Business & Economics
ISBN : 9781789732450

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Financial Derivatives by Simon Grima,Eleftherios I. Thalassinos Pdf

Should we fear financial derivatives, or embrace them? Finance experts Simon Grima and Eleftherios I. Thalassinos explore what financial derivatives are, and whether the investment world should consider them useful tools, or a complete waste of time and money.

Poisoned Wells

Nicholas Shaxson
Poisoned Wells Book PDF

Author : Nicholas Shaxson
Publisher : St. Martin's Press
Page : 292 pages
File Size : 45,9 Mb
Release : 2007-03-20
Category : Political Science
ISBN : 9780230610842

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Poisoned Wells by Nicholas Shaxson Pdf

Each week the oil and gas fields of sub-Saharan Africa produce well over a billion dollars' worth of oil, an amount that far exceeds development aid to the entire African continent. Yet the rising tide of oil money is not promoting stability and development, but is instead causing violence, poverty, and stagnation. It is also generating vast corruption that reaches deep into American and European economies. In Poisoned Wells, Nicholas Shaxson exposes the root causes of this paradox of poverty from plenty, and explores the mechanisms by which oil causes grave instabilities and corruption around the globe. Shaxson is the only journalist who has had access to the key players in African oil, and is willing to make the connections between the problems of the developing world and the involvement of leading global corporations and governments.

This Time Is Different

Carmen M. Reinhart,Kenneth S. Rogoff
This Time Is Different Book PDF

Author : Carmen M. Reinhart,Kenneth S. Rogoff
Publisher : Princeton University Press
Page : 513 pages
File Size : 51,9 Mb
Release : 2011-08-07
Category : Business & Economics
ISBN : 9780691152646

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This Time Is Different by Carmen M. Reinhart,Kenneth S. Rogoff Pdf

An empirical investigation of financial crises during the last 800 years.

The Curse of Cash

Kenneth S. Rogoff
The Curse of Cash Book PDF

Author : Kenneth S. Rogoff
Publisher : Princeton University Press
Page : 318 pages
File Size : 43,6 Mb
Release : 2017-06-27
Category : Business & Economics
ISBN : 9781400888726

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The Curse of Cash by Kenneth S. Rogoff Pdf

“A brilliant and lucid new book” (John Lanchester, New York Times Magazine) about why paper money and digital currencies lie at the heart of many of the world’s most difficult problems—and their solutions In The Curse of Cash, acclaimed economist and bestselling author Kenneth Rogoff explores the past, present, and future of currency, showing why, contrary to conventional economic wisdom, the regulation of paper bills—and now digital currencies—lies at the heart some of the world’s most difficult problems, but also their potential solutions. When it comes to currency, history shows that the private sector often innovates but eventually the government regulates and appropriates. Using examples ranging from the history of standardized coinage to the development of paper money, Rogoff explains why the cryptocurrency boom will inevitably end with dominant digital currencies created and controlled by governments, regardless of what Bitcoin libertarians want. Advanced countries still urgently need to stem the global flood of large paper bills—the vast majority of which serve no legitimate purpose and only enable tax evasion and other crimes—but cryptocurrencies are like $100 bills on steroids. The Curse of Cash is filled with revealing insights about many of the most pressing issues facing monetary policymakers, from quantitative easing to alternative inflation targeting regimes. It also explains in detail why, if low interest rates persist, the best way to reinvigorate monetary policy is to implement fully effective and unconstrained negative interest rates. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash has sparked widespread debate and its ideas have moved to the center of financial and policy discussions.

Financial Resource Curse in Resource-Rich Countries

Mr.Montfort Mlachila,Rasmané Ouedraogo
Financial Resource Curse in Resource Rich Countries Book PDF

Author : Mr.Montfort Mlachila,Rasmané Ouedraogo
Publisher : International Monetary Fund
Page : 29 pages
File Size : 51,8 Mb
Release : 2017-07-21
Category : Business & Economics
ISBN : 9781484311691

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Financial Resource Curse in Resource-Rich Countries by Mr.Montfort Mlachila,Rasmané Ouedraogo Pdf

Why do commodity-dependent developing countries have typically lower levels of financial development than their peers? The literature has proposed many possible explanations, but it typically does not dwell on the deep mechanisms that drive such an outcome. In this paper, we argue that the main cause is the shocks in commodity prices. We test the hypothesis on 68 commodity-rich developing countries between 1980 and 2014, and we find strong evidence of the financial development resource curse through the channel of commodity price shocks, after controlling for other explanations found in the literature. The findings are robust to the different types of commodities, the nature of the shocks, and various indicators of financial development. We also show how the impact of these shocks can be mitigated through good quality of governance.

The Winner's Curse

Richard H. Thaler
The Winner s Curse Book PDF

Author : Richard H. Thaler
Publisher : Simon and Schuster
Page : 291 pages
File Size : 54,7 Mb
Release : 2012-06-26
Category : Business & Economics
ISBN : 9781451697872

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The Winner's Curse by Richard H. Thaler Pdf

Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers—they pay too much and suffer the "winner's curse"—why gamblers bet on long shots at the end of a losing day, why shoppers will save on one appliance only to pass up the identical savings on another, and why sports fans who wouldn't pay more than $200 for a Super Bowl ticket wouldn't sell one they own for less than $400. He also demonstrates that markets do not always operate with the traplike efficiency we impute to them.

Summary & Study Guide - The Finance Curse

Lee Tang
Summary Study Guide The Finance Curse Book PDF

Author : Lee Tang
Publisher : LMT Press
Page : 86 pages
File Size : 45,5 Mb
Release : 2020-03-25
Category : Business & Economics
ISBN : 9781655697135

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Summary & Study Guide - The Finance Curse by Lee Tang Pdf

How global finance is making us all poorer. This book is a summary of “The Finance Curse: How Global Finance Is Making Us All Poorer,” by Nicholas Shaxson. As a country’s financial sector develops, it improves the nation’s economic well-being and quality of life—but only up to a point. After that point, it reduces economic growth and inflicts much damage. We call this the finance curse. The United States, Britain, and many other Western economies passed this optimal point long ago. The 2008 Great Recession was part of the damage. As an economy becomes financialized, there is a massive growth in the financial, insurance, and real estate sectors, but not in the manufacturing and industrial sectors. Rather than creating wealth, the goal of finance becomes extracting value from the underlying economy. This way of thinking also becomes internalized into the economy, society, and culture, generating economic discrimination that underpins all discriminations—racial, gender, sexual, and geographical. This book documents the story of how finance got a stranglehold on society and reveals how we might release ourselves from its grasp. This guide includes: * Book Summary—helps you understand the key concepts. * Online Videos—cover the concepts in more depth. Value-added from this guide: * Save time * Understand key concepts * Expand your knowledge

The Oil Curse

Michael L. Ross
The Oil Curse Book PDF

Author : Michael L. Ross
Publisher : Princeton University Press
Page : 314 pages
File Size : 41,5 Mb
Release : 2013-09-08
Category : Political Science
ISBN : 9780691159638

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The Oil Curse by Michael L. Ross Pdf

Countries that are rich in petroleum have less democracy, less economic stability, and more frequent civil wars than countries without oil. What explains this oil curse? And can it be fixed? In this groundbreaking analysis, Michael L. Ross looks at how developing nations are shaped by their mineral wealth--and how they can turn oil from a curse into a blessing. Ross traces the oil curse to the upheaval of the 1970s, when oil prices soared and governments across the developing world seized control of their countries' oil industries. Before nationalization, the oil-rich countries looked much like the rest of the world; today, they are 50 percent more likely to be ruled by autocrats--and twice as likely to descend into civil war--than countries without oil. The Oil Curse shows why oil wealth typically creates less economic growth than it should; why it produces jobs for men but not women; and why it creates more problems in poor states than in rich ones. It also warns that the global thirst for petroleum is causing companies to drill in increasingly poor nations, which could further spread the oil curse. This landmark book explains why good geology often leads to bad governance, and how this can be changed.

Confronting the Curse

Cullen S. Hendrix,Marcus Noland
Confronting the Curse Book PDF

Author : Cullen S. Hendrix,Marcus Noland
Publisher : Peterson Institute for International Economics
Page : 202 pages
File Size : 49,5 Mb
Release : 2014
Category : Geopolitik
ISBN : 9780881326765

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Confronting the Curse by Cullen S. Hendrix,Marcus Noland Pdf

The political economy of natural resource wealth poses two interrelated challenges for American foreign policy, both involving governance issues in countries that are abundantly endowed with natural resources. The potentially negative impact of natural resources on development is captured in the phrase "the resource curse". The implications are the greatest for the commodity producers themselves, ranging from complications for macroeconomic management to political authoritarianism and, in the extreme, the precipitation of violent civil conflict. For US policy, the resource curse presents challenges with respect to coping with state failure and associated transborder phenomena. The issues extend to broader geopolitics. Resource abundance confers financial and political power on producers. China's emergence as a major importer and investor in extraction, willing to accommodate authoritarian producers, exacerbates the challenge, potentially undercutting international efforts to encourage greater transparency and improved management of natural resource wealth. This issue is of particular importance for US policy toward Africa

Regulating Wall Street

New York University Stern School of Business
Regulating Wall Street Book PDF

Author : New York University Stern School of Business
Publisher : John Wiley & Sons
Page : 592 pages
File Size : 40,9 Mb
Release : 2010-10-28
Category : Business & Economics
ISBN : 9780470949863

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Regulating Wall Street by New York University Stern School of Business Pdf

Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern school’s top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. Summarizes key issues that regulatory reform should address Evaluates the key components of regulatory reform Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.

Oil to Cash

Todd Moss,Caroline Lambert,Stephanie Majerowicz
Oil to Cash Book PDF

Author : Todd Moss,Caroline Lambert,Stephanie Majerowicz
Publisher : CGD Books
Page : 190 pages
File Size : 43,7 Mb
Release : 2015-06-10
Category : Business & Economics
ISBN : 9781933286693

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Oil to Cash by Todd Moss,Caroline Lambert,Stephanie Majerowicz Pdf

Oil to Cash explores one option to help countries with new oil revenue avoid the so-called resource curse: just give the money directly to citizens. A universal, transparent, and regular cash transfer would not only provide a concrete benefit to regular people, but would also create powerful incentives for citizens to hold their government accountable. Oil to Cash details how and where this idea could work and how policymakers can learn from the experiences with cash transfers in places like Mexico, Mongolia, and Alaska.

Dance of the Trillions

David Lubin
Dance of the Trillions Book PDF

Author : David Lubin
Publisher : Brookings Institution Press
Page : 161 pages
File Size : 45,6 Mb
Release : 2018-08-14
Category : Business & Economics
ISBN : 9780815736752

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Dance of the Trillions by David Lubin Pdf

In Dance of the Trillions, David Lubin tells the story of what makes money flow from high-income countries to lower-income ones; what makes it flow out again; and how developing countries have sought protection against the volatility of international capital flows. The book traces an arc from the 1970s, when developing countries first gained access to international financial markets, to the present day. Underlying this story is a discussion of how the relationship between developing countries and global finance appears to be moving from one governed by the “Washington Consensus” to one more likely to be shaped by Beijing.

Fiscal Policy and the Natural Resources Curse

Paul Mosley
Fiscal Policy and the Natural Resources Curse Book PDF

Author : Paul Mosley
Publisher : Taylor & Francis
Page : 246 pages
File Size : 50,6 Mb
Release : 2017-02-17
Category : Business & Economics
ISBN : 9781317370154

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Fiscal Policy and the Natural Resources Curse by Paul Mosley Pdf

It is widely accepted that natural resource wealth, especially in the form of oil and minerals, can be a key factor in inhibiting economic development. Many of the countries that are richest in natural resources – including oil, metals and diamonds – are amongst the world’s poorest. Why? Fiscal Policy and the Natural Resources Curse re-examines this ancient, unsolved puzzle, asking why many governments of natural resource-intensive countries are incapable, in a globalised world, of dealing with the natural-resource curse. This book offers a detailed analysis of the power-relationships which underpin the natural resource curse, using both statistical analysis and country case studies from Africa and Latin America to pinpoint the strategies that have enable developing countries to break out of the poverty trap. The book differs from other works on this subject, as it not only identifies the issues at stake but also offers solutions in the form of a series of suggested policy measures. The work focusses in particular on fiscal escape routes, namely measures to develop and diversify the tax system, and to reallocate and target public expenditure. This volume will be of great interest to scholars of economic development, the economics of natural resources and economic growth as well as all those with an interest in development, global politics and anti-poverty policies.