Although in the contemporary world of globalization, international organizations and institutions blur boundaries between nations and the existence of state sovereignty is frequently questioned, these concepts can still be regarded as points of departure in international politics. Moreover, in spite of the fact that state, sovereignty and nation are fictional concepts, which were designed to draw up a comprehensible picture of the international arena, they can still be considered the most basic and key notions in international relations theory. However, even though they have not been eroded, they have been loosing their original significance and stability and are being redefined by the overwhelming presence of capitalism. The presence of the offshore phenomenon is constantly reaffirming the force of capital with no regard to boundaries. In this essay the relationships between sovereignty, the nation and the offshore world will be explored and analyzed through looking at how offshore finance forms (erodes, redefines or strengthens) the notion of sovereignty and how it affects or transforms the nation as such.
[...] This type of regulatory realm (or rather non-regulatory) attracts a significant percentage of financial activity and capital flow in the global economy, it actually dominates international financial transactions, thus as Hewson asserts when we speak about the study of finance, we speak about the study of offshore market[6]. However, if we try to define the offshore world, it is crucial to notice where the real “playground' of offshore really lies. Above the tax havens, there is another level of these financial transactions, where they actually take place are the traditional financial centres like London, New York and Tokyo. [...]
[...] Vol 25 Available at www.jstor.com [accessed 2008 Apr 8]. Hudson, A. (2000) Offshoreness, Globalization and Sovereignty: A Postmodern Geo-Political Economy?. Transactions of the Institute of British Geographers. Vol 25 Available at www.jstor.com [accessed 2008 Apr 8]. Palan,Ronen. Offshore and the Structural Enablement of Sovereignty. In: Hampton, M.P., Abbott, J.P. editors. Offshore Finance Centers and Tax Havens. p.18. Palan,Ronen. Offshore and the Structural Enablement of Sovereignty. In: Hampton, M.P., Abbott, J.P. editors. Offshore Finance Centers and Tax Havens. p.22 Palan, R. (2002) Tax Havens and the Commercialization of State [...]
[...] After having examined the issue from the point of view of the offshore states and state sovereignty, I will now focus on the onshore state, nation and democracy. The problematic of offshore from the point of view of the onshore states lies in the fact that as a result of these individuals and multinational corporations shifting legal residence to offshore and this way avoiding tax payments to their nation, these states have to deal with a huge fall-out of revenues or as Hampton puts it they bleed of vital revenue from their nation-state. [...]
[...] (2002) Tax Havens and the Commercialization of State Sovereignty. International Organization. Vol Available at www.jstor.com [accessed Apr Palan, R.(1998) Trying to Have Your Cake and Eating It: How and Why the State System Created Offshore. International Studies Quarterly. Vol.42 Available at www.jstor.com [accessed 2008 Apr Sikka, P. The Role of Offshore Financial Centres in Globalization. Available at http://www.essex.ac.uk/AFM/research/working_papers/WP03-02.pdf [accessed 2008 Apr 11] Tax Justice Network at http://www.taxjustice.net/cms/front_content.php?idcat=103 Palan,Ronen. Offshore and the Structural Enablement of Sovereignty. In: Hampton, M.P., Abbott, J.P. editors. Offshore Finance Centers and Tax Havens. [...]
[...] The Re-emergence of Global Finance. Hampshire: Palgrave Macmillan.2006 Palan,Ronen. Offshore and the Structural Enablement of Sovereignty. In: Hampton, M.P., Abbott, J.P. editors. Offshore Finance Centers and Tax Havens. p.18-43. Picciotto,S. Offshore: The State as Legal Fiction. In: Hampton, M.P., Abbott, J.P. editors. Offshore Finance Centers and Tax Havens. p.43-80. Electronic Resources Cohen, S. (2005) The State and the Challenge of New Actors. Available at http://www.diplomatie.gouv.fr/fr/IMG/pdf/0204-Cohen-GB.pdf [accessed 2008 Apr 10 ] Christensen, J. (2007 May)Dirty Money Flows Distort Our Economy and Corrupt Democracy. [...]
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