Handbook of Critical Issues in Finance
Show Less

Handbook of Critical Issues in Finance

Edited by Jan Toporowski and Jo Michell

This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 41: Tax havens

Ronen Palan


Tax havens are normally treated as a peripheral phenomenon on the margins of legality. This brief chapter stresses, however, that tax havens have become an integral part of the way business and finance is conducted in the modern world. The financial service industry: the banks, the hedge funds, the mutual funds, the accounting firms, the legal firms, the insurance companies, and indeed, the entire corporate world, most probably down to small constructions and otherwise, local service industries, have incorporated tax havens into their daily routine to the extent that an attack on tax havens appears to them to be an attack on business, or at least, on business as they have known for the past four or five decades. Tax havens are at the very heart of globalization. The reasons are fairly obvious, although not, it appears, to economists working in academia. Economists habitually argue that capitalists are in the business of maximizing profits, but they neglect to ask whether businesses are seeking to maximize pre-tax or post-tax profits.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.