How Global Elites Exploit Frontier Markets
Kimberly Kay Hoang
简介
A behind-the-scenes look at how the rich and powerful use offshore shell corporations to conceal their wealth and make themselves richer
In 2015, the anonymous leak of the Panama Papers brought to light millions of financial and legal documents exposing how the superrich hide their money using complex webs of offshore vehicles. Spiderweb Capitalism takes you inside this shadow economy, uncovering the mechanics behind the invisible, mundane networks of lawyers, accountants, company secretaries, and fixers who facilitate the illicit movement of wealth across borders and around the globe.
Kimberly Kay Hoang traveled more than 350,000 miles and conducted hundreds of in-depth interviews with private wealth managers, fund managers, entrepreneurs, C-suite executives, bankers, auditors, and other financial professionals. She traces the flow of capital from offshore funds in places like the Cayman Islands, Samoa, and Panama to special-purpose vehicles and holding companies in Singapore and Hong Kong, and how it finds its way into risky markets onshore in Vietnam and Myanmar. Hoang reveals the strategies behind spiderweb capitalism and examines the moral dilemmas of making money in legal, financial, and political gray zones.
Dazzlingly written, Spiderweb Capitalism sheds critical light on how global elites capitalize on risky frontier markets, and deepens our understanding of the paradoxical ways in which global economic growth is sustained through states where the line separating the legal from the corrupt is not always clear.
Awards and Recognition
Winner of the R.R. Hawkins Award, Association of American Publishers
Winner of the PROSE Award for Excellence in Social Sciences, Association of American Publishers
Winner of the PROSE Award in Business, Finance, and Management, Association of American Publishers
Winner of the Best Scholarly Book Award, Global and Transnational Section of the American Sociological Association
Winner of the Asia/Transnational Book Award, Asia and Asian America Section of the American Sociological Association
contents
Acknowledgments vii
Prologue xi
Introduction: Spiderweb Capitalism 1
1 Social Spiders’ Tangled Webs 22
2 Spinning New Investment Deals 54
3 Varieties of Corruption and Bribery 90
4 Tax Strategies of Global Elites 125
5 Impunity in Stealth Webs 148
6 Moral Dilemmas and Regimes of Justification 169
7 The Exit: Feast and Famine 187
Conclusion: Unraveling Chaotic and Tangled Webs 211
Methodological Appendix: The Gendered Paradox of Studying Elites 223
Notes 241
References 251
Index 261