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Capitalism’s
Achilles Heel: Dirty Money and How to Renew the Free-Market System
Author: Raymond
W. Baker
 Each
year, an estimated $1 trillion passes illegally across borders, aided by an
elaborate “dirty money” structure comprising tax havens, financial secrecy
jurisdictions, dummy corporations, anonymous trusts and foundations, money
laundering techniques, and loopholes intentionally left in the laws of western
countries. Of this amount, some $500 billion a year comes out of developing and
transitional economies into western coffers, fostering crime, facilitating
terrorism, voiding trade and investment, dampening economic development,
deepening poverty, supporting tax evasion, creating political instability, and,
most fundamentally, abusing capitalism’s founding ideals of fair play.
In his new
book, Capitalism’s Achilles Heel: Dirty
Money and How to Renew the Free-Market
System, Raymond W. Baker examines the illicit outflows of "dirty
money" across international borders and reveals how dirty money, poverty, and
inequality are inextricably intertwined in the global free-market system. The
Brookings Center for Executive
Education hosts a panel of experts who will address key aspects of the
dirty-money equation detailed in Baker’s study: anti-money laundering issues,
global inequality, and the philosophical underpinnings of capitalism.
Buy this book on Amazon.com.
New Rules Events
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Video:
Capitalism's Achilles Heel. An expert on
illegal and illicit financial flows between
countries, Ray Baker presented his book,
“Capitalism’s Achilles Heel” to the World Bank as an
examination of the difficulties caused by cooked
books across borders. The panel, which was sponsored
by the World Bank InfoShop, was convened at Bank
headquarters and chaired by Jo Marie Griesgraber,
Executive Director of the New Rules for Global
Finance Coalition.
Event Announcement March 30, 2006.
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March 2, 2006 (4-5:30 pm, Washington,DC)
Book Discussion
of Capitalism’s
Achilles Heel: Dirty Money and How to Renew the Free-Market System
organized by
the
Woodrow Wilson Center for Interntional Scholars, Program on Science, Technology,
America and the Global Economyand the New Rules for Global Finance Coalition.
Presenation by Author Raymond Baker. Commentator:
Ted Moran.
Praise for
Capitalism’s Achilles Heel
We are pleased to announce that the
Financial Times has named
Capitalism’s Achilles Heel
(Wiley, 2005) by Raymond W. Baker as one of the best business books of the year.
“Books that deal with the darker side
of business can disturb and entertain in equal measure. In Capitalism's Achilles
Heel (Wiley Pounds 16.99), Raymond Baker reveals the methods by which corrupt
governments and crooked executives - as well as terrorists - move money through
the global financial system. The book even includes a ‘Dirty Money User Guide’ -
alas more appealing to aspiring fraudsters than reforming policymakers.”
James Pickford,
FT Weekend, December 10-11, 2005
“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
“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 of global business leaders, 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
Table of
Contents
Chapter
1: Global Capitalism: Savior or Predator?
PART I:
Illegality: We Like the Money.
Chapter
2: Playing the Game.
The Dirty--Money User Manual.
You're in Business.
Chapter
3: Dirty Money at Work.
The Corruption Industry.
The Criminal Component: Drugs, Thugs, and Terrorists.
Global Commerce and Tax Evasion: Coin of the Realm.
Chapter
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.
Falsified Pricing Structure.
We Like the Money.
Challenge.
PART II:
Inequality: The Gap Matters.
Chapter
5: The Global Divide.
The Quintile Canyon.
Measure for Measure.
It's an Uncertain World.
The Monkey Wrench.
Chapter
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?
Chapter
7: It's the 70 to 90 Percent that Matters.
It Can't Last.
Convergence?
The Gap Matters.
Challenge.
PART
III: Disutility: Bentham KOs Smith.
Chapter
8: The Anguish of Adam Smith.
Theory of Moral Sentiments.
Wealth of Nations.
Invisible Hand.
Das Adam Smith Problem.
The Tears of Adam Smith.
Chapter
9: The Joys of Jeremy Bentham.
Jurisprudence.
Utilitarianism.
Related Interests.
John Stuart Mill.
Problems.
Chapter
10: Philosophy Becomes Culture.
The Great Infusion.
Twentieth--Century Utility.
Twentieth--Century Utilitarianism.
Inoperable Doctrine, Deadly Practice.
Disutility.
Challenge.
PART IV:
Run It Right: Trust the System.
Chapter
11: Capitalism's Achilles Heel.
Chapter
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.
Chapter
13: Renewing Capitalism.
Buy this book on Amazon.com.
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