Brooke Harrington, a Professor of Economic Sociology at Dartmouth, dives into the murky waters of offshore finance, revealing its global repercussions and moral dilemmas. She shares her firsthand research experiences in tax havens, questioning the cost of secrecy in an unequal world. Joining her is Guido Alfani, an Economic History Professor at Bocconi University, who unravels the precarious history of the super-rich over a millennium. Together, they ponder how societal views of wealth have evolved and what that means for accountability today.
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insights INSIGHT
Accessibility of Research Subjects
The less fortunate are heavily surveilled, providing ample data for social scientists.
The wealthy, however, use their resources to shield themselves from scrutiny, making research difficult.
question_answer ANECDOTE
Becoming a Wealth Manager
Brooke Harrington, inspired by "Upstairs, Downstairs," decided to study the wealthy by becoming a wealth manager.
This approach allowed her to observe the wealthy indirectly, like a "high-end valet."
insights INSIGHT
Offshore Finance and Secrecy
Offshore finance is a global network offering secrecy to the rich, not just tax evasion.
It's used to circumvent various laws and protect assets, primarily by those with substantial wealth (over £5 million).
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In 'Offshore: Stealth Wealth and the New Colonialism', sociologist Brooke Harrington reveals how the global system of offshore finance works and its detrimental effects on democracy, the economy, and public goods. Harrington spent eight years infiltrating this secretive world by training as a wealth manager and conducting interviews with dozens of wealth managers in nineteen countries. She uncovers how this system, rooted in the remnants of colonialism, has created a new, hidden imperial class of billionaires who benefit at the expense of the general population. The book is a vital resource for understanding the deepening economic and political inequality and the most pressing crises of our time.
As Gods among Men
As Gods among Men
A History of the Rich in the West
Guido Alfani
Wealth: Laurie Taylor talks to Brooke Harrington, Professor of Economic Sociology at Dartmouth College, New Hampshire, about the world of offshore finance, how it works and its impact, globally. As part of her research, she earned her own wealth management certificate and spent nearly eight years interviewing other professionals in the field, as well as visiting the 18 most popular tax havens in the world—from Mauritius, off the southeast coast of Africa, to the Cook Islands in the middle of the South Pacific - observing and interviewing the experts who keep the secrets and protect the fortunes of the global ultra-rich. Does offshore finance have costs for all of us at a time when democracies seem under threat and deepening inequalities are destabilising the world? Also, Guido Alfani, Professor of Economic History at Bocconi University, Milan, explores a 1000-year history of the super-rich in the West from the medieval period to today. He finds that their position within society has long been fragile and precarious. How have the uber rich been viewed by society, over time, and are they ripe for a re-appraisal?
Thinking Allowed 