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The Finance Curse characters ß 105 ↠ [EPUB] ✾ The Finance Curse ❃ Nicholas Shaxson – For many years economists have noted how countries rich in natural resources often fail to benefit from their unearned wealth Indeed sometimes the discovery of oil and gas can seem like a curse than a For many years L sectors can suffer a similar fate The Finance Kindle The easy money that comes from finance carries hidden costs in form of steepening ineuality political and intellectual corruption industrial stagnation and periodic crisis and collapseNicholas Shaxson the author o. The Finance Curse is the reason I will not achieve my 2019 GoodReads Reading Challenge of 200 books but it was worth it This is a very detailed review of the myriad ways the finance industry is undermining democracy good government and the economy It is a well known truism that resource dependent economies enrich those in power impoverish the rest and tend toward authoritarianism Russia and its oligarchy are a perfect example of a petrostate of corruption and authoritarian rule by corrupt leaders Nicholas Shaxson makes the argument that this happens in countries whose economices are dominated by finance as well and he proves his pointSo what happens to economies that become financialized The finance insurance and real estate economic sectors explode this is where finance happens not in manufacturing The point of finance becomes extracting value not creating it Companies are bought to take on debt have their assets stripped their employees laid off and then allowed to go bankrupt Asset mining is profitable than making things Worse the ideology of finance become internalized in the culture so people nod approvingly while their pockets are pickedShaxon meticulously documents how finance became such an international juggernaut and how it has completely gutted many industries shuttering newspapers and family farms along the way It seems they will roll through industry after industry cannibalizing the productive side of the economy to feed the greed of financiers whose hunger for wealth is infiniteI think The Finance Curse is one of those important books everyone who cares about democracy should read I also think few will invest the time I am a fast reader and it took me two weeks to read this While nearly a fourth of its 384 pages are footnotes the prose is dense with detail Then it is also so depressing that I had to put it down after each chapter to shake off the despairWhat makes it even despairing is that so little of the book is devoted to ways to address the plague of financialization and the suggestions are weak sauce Campaign finance reform is offered as this unversal panacea but fighting financialization reuires far than getting money out of politicsFinancialization is a cultural blight An entire section of every major newspaper devotes itself to the business of finance with the premise that what’s good for finance is good for the country There is no such attention for labor or industry Finance is the be all and end all of the economy The health of Wall Street is proof the economy is working even though wages are stagnant bankruptcies increase and homelessness is rampant How the country serves the needs of finance has become important than how it serves the people not just to the government but to the public Farmers who have declared bankruptcy still think the economy must be good because the Dow broke a new record Finance has not just captured the government and the economy it has captured the culture We need cultural weapons to fight a cultural cancerI received a copy of The Finance Curse from the publisher through EdelweissThe Finance Curse at Grove PressNicholas Shaxson on Twitterhttpstonstantweaderreviewswordpre

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F Treasure Islands and John Christensen the director of the Tax Justice Network explore this new paradox of plenty and show once and for all that there's no such thing as a free lunch and that those who believe the stories told by bankers are liable to end up on the men. The financial sector is inflicting a staggering cost on people how exactly this happens is what Mr Shaxson's book aims to explains The title is a witty assimilation with the resource curse when resource rich countries stop bargaining with their citizens because all the money comes from one or two corrupt places democracy falls apart living standards dive lives are devastated That could very well be the future The books is a knowledgeable walkthrough into important economic ideas and instruments such as the theories of Veblen Hayek neoliberalism as the source of most evil the history of the Eurodollar trade in the City of London fiscal paradises very interesting info here Mr Shaxson has written a whole other insightful book about this the Third Way Competitive agenda as political messages corrupting past decades how Ireland became the Celtic Tiger and then went bust in 2008' Great Crisis Basel rules how CDO's came to exist trusts private euity's history the City of London's very flimsy regulations Big Four companies tax cuts and the impossibility to judge their effectiveness The book is filled with great information which I've not read elsewhere; at times it's uite extreme but it does not aim to be mild its message is that something is deeply rotten in the City people should worry and act I've read it after seeing the good review granted by Mr Martin Wolf Financial Times' chief economics commentator who also included it in his 2018' Best Economics Books list he also said it's been an exceptional year for economic books oh the joy

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The Finance CurseFor many years economists have noted how countries rich in natural resources often fail to benefit from their unearned wealth Indeed sometimes the discovery of oil and gas can seem like a curse than a blessingThe Finance Curse shows how countries with oversized financia. I really wish I could give this book a better rating I dove in prepared to agree with the author and discover the nuance of what an overly robust financial sector does to economies why how and what to do about it Some of that Shaxson did deliver and there were a few chapters I found uite engaging and informative for example the ones where he talks about the “Celtic Tiger” and offshore finance makes sense he authored an entire separate book on the topic of tax havens His breakdown of some key economic ideas of the previous century neoliberal thought etc in the beginning of the book also struck me as uite fair and successfulHowever the further I went into the book the sensationalist “finger pointy” and comical Shaxson’s arguments and rhetoric became He is uick with exclamations of mock horror at companies facing a possible need to file US tax returns inexplicably insists on using words like “titan” to describe hedge fund managers or junk bond fueled raiders and labels anything even remotely complex in the financial world “suirrelly business” Perhaps I am just a jaded corporate drone but a lot of his fist shaking leaves me shrugging my shoulders There are many destructive aspects to contemporary global finance oh wow who knew I am trying to learn about them not get an earful of moralistic sensationalizations about pension funds getting swindled and taxes being avoided Even when his general points are reasonable and true the tabloid language makes them next to impossible to absorb Here is an especially egregious example of what so irks meThere’s a third reason for all the snaking chains of corporate complexity which brings that other large stakeholder into view the shambling unloved grouchy giant that invests in the roads the courts the education of workers the sewage pipes under homes and office buildings and the other essential things that underpin all of the titans’ profits Government After it has picked up the human flotsam from the lacerated pension pots and the layoffs be they burned out journalists or the victims of rogue doctors the government is at least supposed to get a payback in the form of tax levied on corporate profitsIf this kind of delivery is you cup of tea you doubtless will enjoy the book much than I did Shaxson does a fair bit of introductory explaining throughout the book which some readers may find very useful but I personally did not He is very clear and brief in these summaries but goes a little too far for example breaking down what bank balances are which seems redundant in a book not targeted at children I wish he spent time unpacking complex concepts mentioned in the book such as different kinds of trusts or some “typical” ways to structure chains of offshore corporations rather than focused on the simpler foundational terms Lastly while I find the whole idea of “the finance curse” compelling and its existence demonstrable I am concerned Shaxson stretches it too far for example concluding the book with a chapter on CAFOs Are they terrible Yes Are contemporary farming and agricultural practices horrid in general Yes Are they a manifestation of “the finance curse” I am not convinced The book does successfully demonstrate the bloat and uestionable practices in the financial sector but comes up short trying to expose its poisonous influence on the rest of the economy Again I am already in agreement with the author’s thesis and I was hoping he would elegantly put relevant arguments into words alas he doesn’t accomplish that in this bookThanks to NetGalley for a digital ARC of this book