By Gerald A. Epstein
Capital flight - the unrecorded export of capital from constructing international locations - usually represents an important fee for constructing nations. It additionally poses a puzzle for traditional financial conception, which might are expecting that poorer international locations be importers of capital as a result of its shortage. this case is frequently reversed, even though, with capital fleeing poorer nations for wealthier, capital-abundant locales. utilizing a standard technique for a suite of case experiences at the dimension, factors and results of capital flight in constructing nations, the individuals tackle the level of capital flight, its results, and what should be performed to opposite it. Case stories of Brazil, China, Chile, South Africa, Thailand, Turkey and the center East supply wealthy descriptions of the capital flight phenomena in a number of contexts. the amount incorporates a targeted description of capital flight estimation equipment, a bankruptcy surveying the impression of economic liberalization, and several other chapters on controls designed to resolve the capital flight challenge. the 1st e-book dedicated to the cautious calculation of capital flight and its historic and coverage context, this quantity may be of significant curiosity to scholars and students within the parts of foreign finance and monetary improvement.
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It’s simply common sense that if elected officials must spend more and more time fund-raising in order to get reelected, they will be spending more of their time with those people who are providing the needed additional funds, and they will feel, at the very least, more obligated to be open and considerate of these contributors’ stated needs and advice. This creates a bond between the elected official and the contributors—seemingly artificial or contrived, perhaps, but nonetheless real. There are only twenty-four hours in the day, and the more time one spends within smaller circles of people, the more those people will constitute one’s network, and networks play a critical role in influencing decision making.
The public and the media scrutinize lawmaker pay with a large magnifying glass but let pass without a glance certain boondoggle government-financed programs that cost hundreds of times more. We are too often penny wise and pound foolish. A pluralistic society is built on the very premise of divergent groups lobbying to have their voice heard, and in our system, the expression of that voice is constitutionally protected free speech. Yet, in practice, special-interest lobbying has become a cancer that threatens to silence all but the wealthy and powerful—the antithesis of democratic precepts.
These conference committees are thus very powerful, and appointments to them are highly coveted. Often, if there is no strong opposition, a single member of the majority of any given committee or subcommittee is all that is needed to at least advance a piece of legislation or line item in the budget, and for this reason it is important to identify at least one friendly member on these committees and enlist the member’s support early on. Although only one committed member is not enough for passage from the committee, other members of the same party will often go along with another member’s wishes if pushed, and, if enough members are supportive, this can ensure passage.