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"...Baker is an ethical capitalist - at least - more so than most - his concern is the incredible rapacity and corruption of modern capitalism - a must-read for those on the left...." (The Morning Star, 28th September 2005)
“…excellent book…well-researched…” (Financial Times, 10th August 2005)
For over forty years in more than sixty countries, Baker has witnessed the free-market system operating illicitly and corruptly, with devastating consequences for scores of fragile nations. Now, in Capitalism's Achilles Heel, Bakerthe internationally respected authority on money laundering, corruption, and development issuestakes you on a fascinating journey that winds its way across the global free-market system and reveals how dirty money, poverty, and inequality are inextricably intertwined.
You'll discover how small illicit transactions lead to massive illegalities used by drug kingpins, racketeers, terrorist masterminds, and multinational corporations. You'll learn how staggering global income disparities are worsened by the illegalities that have come to permeate international capitalism. And, you'll see how distorted philosophical underpinnings appear to justify flaws in the practice of capitalism.
Drawing on his experiences throughout Africa, Asia, Latin America, and Europe, Baker shows how Western banks and businesses use secret transactions and ignore laws while handling some $1 trillion in illicit proceeds each year. He also illustrates how businesspeople, criminals, and kleptocrats perfect the same techniques to shift fundsthrough transfer pricing, false documentation, fake corporations, tax havens, secrecy jurisdictions, and other tricks of the tradeand how these tactics negatively affect individuals, institutions, and countries.
Can anything be done? For capitalism to succeed on a global scale, we must fight rampant lawlessness, reduce inequality, and recast the free market's supporting structures around principles of global justice. Capitalism's Achilles Heel provides a place for us to start.
I was in favor of capitalism in the past but starting seeing the ugly side of it for the last about 10-15 years. Read morePublished 8 months ago by Tareen
Thought this might be good for a certain number of points, but was so dry that I just have not gotten through it. But perhaps one day I will be able to.Published 17 months ago by TravelMan
Free flow of capital is going to, by definition, be amoral. Some capital will flow to orphanages, some to drug dealers. Read morePublished on September 10, 2010 by C. BURNS
I greatly enjoyed this piece!
First, to address some of the book's lower reviews, I think if you are looking at this piece from the lens of someone interested in the... Read more
Working in the financial sector in emerging markets, this was a fascinating shot across the bows. It should be required reading for anyone potentially involved in the effects of... Read morePublished on January 12, 2007 by M. Chambers
After graduating from Harvard's Business School in the 60s, Raymond Baker spent some time in Africa, and is clearly unhappy with the continent's progress, or perhaps more... Read morePublished on November 13, 2006 by lector avidus
Baker shows us how "maximizing profit" is a failed philosophy. Only by including Justice in our dealings with one another can we expect to create a decent, life-giving society. Read morePublished on March 2, 2006 by Boxcar
This is a fascinating and deeply researched book by a businessman with experience across the world. Baker sums up, "Dirty money causes disaster for millions and deprivation for... Read morePublished on March 1, 2006 by William Podmore