Necessary Evil: How to Fix Finance by Saving Human Rights

289 Pages·2018·2.12 MB·English

by  David Kinley

Necessary Evil

Necessary Evil
How to Fix Finance by Saving Human Rights
DAVID KINLEY
1
1
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TABLE OF CONTENTS
Preface  xi
Introduction  1
TAMING THE MONEY MONSTER  2
THE ARGUMENT  4
THE JOURNEY  6
THE FINANCE/ HUMAN RIGHTS RELATIONSHIP  7
STAGES IN THE RELATIONSHIP  8
1. Strange Bedfellows  11
HUBRIS  11
FINANCE AS A UTILITY  12
FINANCIAL OWNERSHIP  14
FINANCIAL WEAPONS OF MASS DESTRUCTION  16
TRANSFORMATIVE POWERS  19
INTERDEPENDENCY  21
THE POVERTY PRISM  23
THE PUBLIC PROBLEM OF PRIVATE POVERTY  27
INCENTIVES AND EXCEPTIONALISM  30
ANTHROPOLOGY ON WALL STREET  32
THE MISSION  33
2. Living Together  35
ENDS AND MEANS  35
MONEY AS AN INSTRUMENT  37
A COMMON LIBERAL HERITAGE  39
vii
viii Table of Contents
HUMAN RIGHTS GLOBALIZATION  40
PAYING FOR RIGHTS  41
FINDING RIGHTS  43
HUMAN RIGHTS AND THE GLOBAL ECONOMY  44
RIGHTS POLITICS  45
COMPLICATED CONFEDERACY  48
SPEAKING DIFFERENT LANGUAGES  50
MISSED OPPORTUNITIES  52
HUMAN NEEDS AND HUMAN RIGHTS  54
RIGHTS DIFFERENCES  56
RIGHTS IMPACTS  57
3. Flirting with Risk  59
THE ATTRACTION  59
FROM BORING BANKING TO FANTASY FINANCE  60
THE MAJESTY AND TRAGEDY OF LEVERAGE  61
HUMAN RIGHTS RISKS  64
RICH-W ORLD AUSTERITY  66
POOR-W ORLD IMPACTS  69
FAITH  71
FAITH NO MORE  73
GREED  76
GREED IN FINANCE  77
WHEN RISK GOES BAD  79
RISKY LESSONS  82
FRIENDS WITH BENEFITS 84
4. Private Matters  85
WHAT MONEY CAN BUY  85
THE GENERATION AND INVESTMENT OF WEALTH  88
INCOME  88
REMITTANCES AND CREDIT  90
RENT-S EEKING  92
CAPITAL  94
CAPITAL AND TYRANNY  96
CAPITAL GAINS  98
RESPONSIBLE CAPITAL  99
THE BUSINESS OF IMPACT  101
Table of Contents ix
EQUITY AND INEQUALITY  103
REWARDING CAPITAL  104
CONSEQUENCES OF UNEQUAL WEALTH  106
WEALTH AND GIVING  107
THE GIVERS  108
THE RECEIVERS  110
MIXED MOTIVATIONS  111
HOW MUCH IS ENOUGH?  114
THE PRIVATE/ PUBLIC CONNECTION  114
5. Public Affairs  117
DUTY  117
THE VOICE OF HUMAN RIGHTS  118
PUBLIC FUNDING OF HUMAN RIGHTS  119
TAXATION, REPRESENTATION, AND RIGHTS  123
THE CONSEQUENCES OF LEVYING TAX— A BRIEF HISTORY  124
OF GHOSTS AND ICEBERGS— THE CONSEQUENCES OF LOST TAX  126
TAX AS A FORCE FOR GOOD  130
AID AND DEBT  133
DEVELOPMENT AND HUMAN RIGHTS: MORE AWKWARD THAN INTIMATE  134
PARTNERING WITH THE PRIVATE SECTOR  138
GETTING THE MIX RIGHT  140
DOES “NEW” AID WORK?  141
SCOURGES 146
6. Cheating  149
CONSEQUENCES  149
DECEIT AND SUBVERSION  151
ILLICIT FINANCE  153
TAX EVASION  156
TAX FREE  156
TAX SPORT  158
MISAPPROPRIATION  160
QUESTIONS OF IMPUNITY  162
REGULATORY CAPTURE  165
LEGAL SMOKE SCREENS  166
DENIAL IN FINANCE  169
DENIAL IN HUMAN RIGHTS  170