Resource Curse, Finance Curse

Nicholas Shaxson and John Christensen have a new book (free PDF here) arguing that specialization in finance, like specialization in oil, is bad for a country. Continue reading

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Transparency in Extractive Industry Deals?

A deal among EU states, apparently overcoming strong opposition from the oil industry.

This is very good news for two reasons.

It’s no secret that proceeds from the sale of oil, timber, etc, often wind up in the pockets (and offshore bank accounts) of public officials around the world. It would be hard to add up the damage this does Continue reading

Cyprus and re-regulation

The Tax Justice Network dishes dirt on what the “financial services” industry of Cyprus was selling. So will the EU really close this business down in Cyprus? And will it roll on from that to the many other tax havens (or what the TJN people call “secrecy jurisdictions”) either in the EU or under the protection of various EU states? It could, in the end, go that way.

We can hope that this is a step on the road to bringing the financial sector under control. Continue reading