By Raymond W. Baker
For over 40 years in additional than sixty international locations, Raymond Baker has witnessed the free-market approach working illicitly and corruptly, with devastating effects. In Capitalism’s Achilles Heel, Baker takes readers on a desirable trip during the international free-market method and divulges how soiled funds, poverty, and inequality are inextricably intertwined. Readers will detect how small illicit transactions result in enormous illegalities and the way wonderful worldwide source of revenue disparities are worsened by means of the illegalities that permeate foreign capitalism. Drawing on his reviews, Baker exhibits how Western banks and companies use mystery transactions and forget about legislation whereas dealing with a few $1 trillion in illicit proceeds every year. He additionally illustrates how businesspeople, criminals, and kleptocrats ideal a similar strategies to shift cash and the way those strategies negatively have an effect on contributors, associations, and international locations
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Additional info for Capitalism's Achilles Heel: Dirty Money and How to Renew the Free-Market System
I hope that every concerned reader will share my desire to see capitalism build on its strengths rather than cater to its weaknesses. And finally to students and teachers, I hope that you might come to appreciate with me the finest lesson I learned in graduate school. If we ask the right questions, we can get the right answers. Or, put another way, it is more difficult to ask the right questions than it is to get the right answers. I will have succeeded if, upon finishing this book, you have in mind questions to continue thinking about in years ahead.
After laboring for days hundreds of miles at sea, he offloaded his entire catch into another trawler of a different flag, got paid in his Cyprus bank account, and returned to port bemoaning his fruitless efforts. Product quality can be falsified by cooperating buyers and sellers on everything from cocoa butter to used cars to rice to steel. S. bank account. The qualities of textile exports are often doctored. A thread count can be described as 250 when it is really 400, a higher quality, and the difference in value deposited to a foreign bank account.
So long as the freight forwarder enters on the customs declaration the same price that appears on the commercial invoice, hardly anyone cares or ever pays attention. Nevertheless, if erroneously pricing a transaction, which leads to filing a false customs declaration, which can land you in jail, really worries you, never mind. There are other ways to accomplish the same end without quite so overtly counterfeiting the invoice. 2 million instead of $1 million. In lieu of asking for the kickback to be sent to his bank account, he can offer an alternative arrangement.
Capitalism's Achilles Heel: Dirty Money and How to Renew the Free-Market System by Raymond W. Baker