The Globalization of Finance and The History of Offshore Banking in Panama

Introduction

The continuous data leaks by whistleblowers from all over the world within the past few years have yielded an insurmountable amount information that sheds light into some of the most sensitive practices in geopolitics today. The actions by which these individuals, seemingly acting out against the institution of corrupt world governments, have spawned characters such as Julian Assange, Bradley Manning (Now Chelsea Manning), Edward Snowden and now the anonymous source of The Panama Papers alike. These individuals appear to find refuge for their actions by attempting to unveil the corrupt machinery behind world politics and policy – which is widely believed to be, money, power and human greed.

bmpworldmapmercator

Opinion

The globalization of the conservative Neoliberal economic model across the world has shaped markets and created a new world culture along the way. In Panama, as the main example of this opinionated blog, the banking sector which was created under that same school of thought approximately forty years ago, has created a lot of opportunities for the region – and at the same time, it has allowed a culture of corruption with little or no punishment against powerful people with global implications. The abuse and misuse of ‘legal’ loopholes have created an entirely obscure world with vast implications. In this world, influential people with significant amount of wealth can avoid paying taxes, thus creating a revenue gap in their native countries, which is usually passed on to the next tier of taxpayers – the shrinking middle class, just to mention an obvious one.

In addition to a hermetically sealed confidentiality practice, lack of transparency, and deliberate intricate loopholes – lawyers and bankers involved in the practice of this system are somehow the same entity responsible for doing the oversight. This alone makes it questionable, especially when there is deliberate negligence of illegal activity, for fear of a potential negative impact in their daily affairs.

Today I would like to present to you my personal research and provide you with some key findings that shape my personal views and conclusions on this matter. The work that I will citing is a well researched article published online on January 9, 2004 in the Swedish Society for Anthropology and Geography. In the Geografiska Annaler: Series B, Human Geography. Volume 84, Issue 1, Pages 33-47, April 2002 by a author Barney Warf.

This article will elaborate on the history, genesis of this socioeconomic policy in Panama, international trade and world politics. This article is approximately fifteen pages long and may require additional research in order to understand some macroeconomics terms used, economic models and specific school of thought.

This literature is solely presented for informational purposes and for those who like to understand in greater depths. I hope you enjoy reading it with as much enthusiasm as I did, and hopefully it will help you come up with your own conclusions when it comes to world affairs and some of the biggest causes of problems today.

Please find the link below

Warf 2002 Tailored for Panama, Offshore Banking, Crossroads of the Americas

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s