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  • Canaries in the Coal Mine: Tax Havens, the Decline of the West and the Rise of the Rest

    Author(s)
    Sharman, JC
    Griffith University Author(s)
    Sharman, Jason C.
    Year published
    2012
    Metadata
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    Abstract
    Tax havens represent a crucial, but neglected, test of deep trends in the international political economy. Over the last decade, and again after the onset of the financial crisis, tax havens have come under sustained pressure from powerful developed states and the international organisations they dominate. Despite their diminutive geographic and power profile, the havens have shown a puzzling resilience. Although like other economies havens have suffered from the financial crisis, they have nevertheless confounded predictions of decline premised on their purported vulnerability to discriminatory financial regulations imposed ...
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    Tax havens represent a crucial, but neglected, test of deep trends in the international political economy. Over the last decade, and again after the onset of the financial crisis, tax havens have come under sustained pressure from powerful developed states and the international organisations they dominate. Despite their diminutive geographic and power profile, the havens have shown a puzzling resilience. Although like other economies havens have suffered from the financial crisis, they have nevertheless confounded predictions of decline premised on their purported vulnerability to discriminatory financial regulations imposed from onshore. This article explains the continued growth in offshore finance by the rise of new developing country markets. More broadly, the increasing availability of alternative markets means that G7 states are losing the crucial leverage they previously enjoyed by threatening to close their markets. The fortunes of tax havens are thus indicative of a tectonic shift: the rise of developing economies is producing a relative decline in the ability of core G7 states to dominate global economic governance.
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    Journal Title
    New Political Economy
    Volume
    17
    Issue
    4
    DOI
    https://doi.org/10.1080/13563467.2011.616583
    Subject
    Economic theory
    Policy and administration
    Political science
    International relations
    Publication URI
    http://hdl.handle.net/10072/48589
    Collection
    • Journal articles

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