Offshore tax havens are a bigger factor in the world economy that I ever dreamed. Financial assets held offshore, beyond the reach of effective taxation, are about one-third of the world's total financial wealth. Over half of all world trade passes through tax havens. Without tax havens, there might not be a world financial crisis.
Such are the conclusions of a new report completed last month for an organization called the Tax Justice Network by a team of researchers headed by James S.