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The Finance Curse: Global Financial Impact

The book provides insight into tax havens and financial irregularities globally, especially in the UK and US. It describes how excessive growth in the financial sector has become a curse to society. The author exposes how multinational corporations use shell companies in tax havens that have no physical location or employees to avoid taxes. This monopoly has crushed smaller businesses and markets. While increased competition within countries was meant to benefit society, it instead led to catastrophe. The UK favored multinationals and became responsible for the 2008 financial crisis by trying to attract dubious money. The book discusses how previous beneficial economic systems were replaced by those that focused on wealth extraction through tax havens.

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Umesh Naik
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90 views1 page

The Finance Curse: Global Financial Impact

The book provides insight into tax havens and financial irregularities globally, especially in the UK and US. It describes how excessive growth in the financial sector has become a curse to society. The author exposes how multinational corporations use shell companies in tax havens that have no physical location or employees to avoid taxes. This monopoly has crushed smaller businesses and markets. While increased competition within countries was meant to benefit society, it instead led to catastrophe. The UK favored multinationals and became responsible for the 2008 financial crisis by trying to attract dubious money. The book discusses how previous beneficial economic systems were replaced by those that focused on wealth extraction through tax havens.

Uploaded by

Umesh Naik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Student Name :- Pratik Margi

Roll No :- 19-I-109
Subject :- Individual Book Review for The Finance Curse – How Global
Finance is Making Us All Poorer

The book is an eye opener regarding the tax havens and the financial irregularities across the
globe especially in the UK and US. The author has spoken about a century scenarios in
different time zones which has resulted in financial irregularities. The book makes us realize
that too much growth in financial sector turns out to be a curse for the society.
The Author has exposed the multi nationals and the big corporate who have opened shell
companies in the tax havens. These shell companies have no employees with no physical
location and appear only on the accounting pages of the company. The book teaches us how
monopoly across the globe has crushed the markets impacting the businesses at the lower
level. The book talks about how an ideology was implemented of creating competition within
states and countries which would be beneficial to the society as a whole. However, this
ideology hasn’t proved to be beneficial instead they turned out to be a catastrophe. In the
quest for becoming the financial hub for the world by favouring the big multi nationals UK
has been responsible for the financial crisis of 2008-09. Britain is trying to stay strong in the
real competition by trying to get ahead in the fake one, by racing faster than the rest to attract
ever more dubious money to the City.
The book talks about Keynesian economy and Bretton Woods system which were good for
the society as a whole however they were replaced by Neoliberals and the policy makers who
believed in extracting wealth and stashing in the tax havens. The book talks about the Big
Four Accounting firms who supported the irregularities of these multi nationals. Whenever
the dubious financial institutions failed and brought financial crisis they were bailed out with
a huge sums. However these bailout packages was recovered from the tax money of the
middle class people.

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