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Capitalism′s Achilles Heel by Raymond W. Baker
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Capitalism′s Achilles Heel [Hardback]

Dirty Money and How to Renew the Free–Market System

by Raymond W. Baker
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Description of Capitalism′s Achilles Heel

PRAISE FOR CAPITALISM′S ACHILLES HEEL

"The corrosive effects of bribery, money laundering, tax evasion, and fraudulent transfer pricing need to be analyzed and explained. Raymond Baker, a pioneer in this research, shows how illicit funds move through world financial systems and lead to increased corruption, poor distribution of resources, and damage to the rule of law. I hope his passion for the subject will inspire others to delve into the legal, economic, and social consequences of dirty money and what must be done to stop it."
—Senator Carl Levin, (D–Michigan), Ranking Member, Permanent Subcommittee on Investigations

"In today′s world, expanded trade relationships and rapid advances in communication technology foster opportunities for greater political freedom, economic growth, and higher living standards around the world. These developments also create new vulnerabilities for the international financial system. This book takes a look at these challenges head on and makes an important contribution to the public debate."
—Senator Charles Grassley, (R–Iowa), Chairman, Senate Finance Committee

"This groundbreaking book will open your eyes to two things: how illegal money is shifted out of poor countries into rich countries and how these illegal flows add to poverty, misery, and inequality in poor countries themselves. Can this be stopped when those in power think they are benefiting? Public pressure, as was focused on slavery two centuries ago, is the first step toward change."
—Branko Milanovic, Economist, World Bank and author of Worlds Apart

"Raymond Baker′s comprehensive book on illicit money is required reading for anyone involved in the global economy. His painstaking, fact–based analysis depicts an insidious phenomenon that threatens general welfare and requires urgent corrective action."
—George Vojta, Chairman, Caux Round Table, former vice chairman, Bankers Trust

"A superlative and enlightening overview of the world of corrupt money in its many forms, what it is doing to human civilization, why it must be stopped, and how this can be accomplished. Raymond Baker critiques global capitalism as it is functioning today from neither a liberal nor conservative perspective but from the standpoint of a believer in and supporter of free markets and free trade. A brilliant tour de force!"
—Brent Blackwelder, President, Friends of the Earth

Title Information

ISBN:
9780471644880
Pages:
438 pages
Format:
Hardback
Product Code:
22318
Publisher:
John Wiley & Sons Ltd
Published:
26/08/2005
Edition:
illustrated edition

Customer Reviews of Capitalism′s Achilles Heel

  • This is one of the best books I've ever read on economics. It's well-constructed, well written, interesting and engaging and full of primary source research supported by charts and lists that are a fascinating view into the underbelly of the global economic system.Baker peels back a corner of the secrecy that conceals the vast oceans of hidden, dirty, corrupt money in the world and you can see the roots of war, terror, monarchies and suffering, among many plagues on Humanity. The first part of the book focuses on topic like banking secrecy, and explains the mechanics. Then, he covers the corruption in the world and the suffering it produces. Finally, he offers some hope: a bit of guidance to policymakers who might take a sudden interest in human rights. The personal touches at the beginning and end really bookend the whole presentation beautifully.I buy a copy of this book every year and give it to someone I love. If I were King of the World, I would designate if a basic international economics textbook. Baker, and the many people who funded and assisted in the production of this piece of scholarship, all deserve major kudos.
  • by A. Reader on 19/02/2009

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About Raymond W. Baker

Raymond W. Baker, after a long career in international business, is a guest scholar at The Brookings Institution and a Senior Fellow at the Center for International Policy, both located in Washington, D.C. He appears often on television and radio in the United States and overseas and often testifies before House and Senate committees. Baker has an MBA from Harvard, lived in Africa for many years, and has done business across much of the developing world.

Contents of Capitalism′s Achilles Heel

Introduction

1. Global Capitalism: Savior or Predator?


PART I: ILLEGALITY: WE LIKE THE MONEY

2. Playing the Game
- The Dirty-Money User Manual
- You're In Business

3. Dirty Money at Work
- The Corruption Industry
- The Criminal Component: Drugs, Thugs and Terrorists
- Global Commerce and Tax Evasion: Coin of the Realm

4. Magnitudes and Misunderstandings
- How Much Money?
- A Failure Rate of 99.9 Percent
- Well-Intentioned Efforts
- The Patriot Act
- Dirty Money Is on the Rise
- Chasing Terrorists' Money
- Ill-Intentioned Loopholes
- Haven and Secrecy Structure
- We Like the Money
- Challenge


PART II: INEQUALITY: THE GAP MATTERS

5. The Global Divide
- The Quintile Canyon
- Measure for Measure
- It's An Uncertain World
- The Monkey Wrench

6. "I don't Understand" and "Don't Tell Anyone"
- Myths
- "Don't Tell Anyone"
- Corruption-At Long Last!
- Filling Western Coffers: Mum's the Word
- Debtor's Prison
- What If?
- Intellectual Gap or Character Gap?

7. It's the 70 to 90 Percent That Matters
- It Can't Last
- Convergence?
- The Gap Matters


PART III: DISUTILITY: BENTHAM KOs SMITH

8. The Anguish of Adam Smith
- Theory of Moral Sentiments
- Wealth of Nations
- Invisible Hand
- Das Adam Smith Problem
- The Tears of Adam Smith

9. The Joys of Jeremy Bentham
- Jurisprudence
- Utilitarianism
- Related Interests
- John Stuart Mill
- Problems

10. Philosophy Becomes Culture
- The Great Infusion
- 20th-Century Utility
- 20th-Century Utilitarianism
- Inoperable Doctrine, Deadly Practice
- Disutility
- Challenge


PART IV: RUN IT RIGHT: TRUST THE SYSTEM

11. Capitalism's Achilles Heel

12. Spreading Prosperity
- Delegitimizing Dirty Money
- Tougher on Corruption
- Reining in the Support Structure
- Mispricing and Transfer Pricing
- Capitalism's Contribution to Slashing Inequality
- "...When You Pay Me What You Owe Me"
- Reconstitute the World Bank
- Justice First

13. Renewing Capitalism
- Acknowledgements
- Endnotes

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