Capitalism's Achilles Heel: Dirty Money and How to Renew the Free-Market System

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Wiley, Aug 5, 2005 - Business & Economics - 288 pages
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For over forty years in more than sixty countries, Raymond Baker has witnessed the free-market system operating illicitly and corruptly, with devastating consequences. In Capitalismís Achilles Heel, Baker takes readers on a fascinating journey through the global free-market system and reveals how dirty money, poverty, and inequality are inextricably intertwined. Readers will discover how small illicit transactions lead to massive illegalities and how staggering global income disparities are worsened by the illegalities that permeate international capitalism. Drawing on his experiences, 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 funds and how these tactics negatively affect individuals, institutions, and countries.

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About the author (2005)

Raymond W. Baker, after a long career in international business, is a guest scholar at The Brookings Institution and a Senior Fellow at the Center for International Policy, both located in Washington, D.C. He appears often on television and radio in the United States and overseas and often testifies before House and Senate committees. Baker has an MBA from Harvard, lived in Africa for many years, and has done business across much of the developing world.

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