Posted by: Lister | January 8, 2008

Rich and Poor

Via the Manic Net Preacher, an article from the Guardian:

Five trillion dollars has been corruptly removed from the world’s poorest countries and lodged permanently in the world’s richest countries. That is the “conservative estimate” not of a leftwing anti-globalisation activist but of a leading American businessman and enthusiast for capitalism who has just completed a major study of how multinational corporations, wealthy individuals and unscrupulous governments are using the world’s banking systems in ways that spread poverty.

[…] Raymond Baker is a committed capitalist whose new book, Capitalism’s Achilles Heel, has already made waves in the US.

[…] Baker describes capitalism as “the greatest economic arrangement ever devised”, but he believes that western governments and banks are failing catastrophically in their duty to police the system. “Falsified pricing, haven and secrecy structures and the illicit movement of trillions of dollars out of developing and transitional economies break the social contract … that Adam Smith incorporated into the core of the free-market system,” he writes.

The message is not that ‘Capitalism Kills’, but that corruption eats away at even the best systems.

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