CAPITALISM’S ACHILLES HEEL
Dirty Money and How to Renew the Free-Market System
RAYMOND W. BAKER
John Wiley & Sons, Inc.
Additional praise for Capitalism’s Achilles Heel
“Capitalism’s Achilles Heel is an incredibly thought-provoking book, written for the business executive, the economist, the philosopher, the politician, and the human rights activist, all in one. Author Raymond Baker clearly articulates the superiority of the capitalist system to raise standards of living and reduce global poverty. However, as he so aptly describes in very thorough research, it is not the criminal element that hurts the world’s poor as much as it is the intelligent and the well-off in the myriad ways we ﬁnd to take advantage of weak and often corrupt countries. Our ability to be notionally legal but ethically and morally bankrupt is destroying capitalism, and Capitalism’s Achilles Heel provides concrete advice on how to turn the tide, starting with those in leadership in both business and government.” —Sherron S. Watkins, former Enron Corporation Vice President and one of the trio of whistle-blowers named Time magazine’s 2002 Persons of the Year “Raymond Baker pictures a world of vast corruption, much of it accepted as standard procedure. Gathering his own evidence, he makes a compelling case, and he argues persuasively that if we could rein in the corrupting inﬂuences, free markets would work much better and we’d all be better off, rich and poor alike. He believes in change within the system. A fascinating book, an enjoyable read, and a lot to think about. I have quite a list of business and banking friends to whom I’m sending copies.” —John Whitehead, former Co-Chairman of Goldman Sachs, former Deputy Secretary of State, former Chairman of the Brookings Institution, Chairman of the Lower Manhattan Development Corporation “An engrossing account of a huge global issue, offering extraordinary insights for the professional and a study of human nature for all. With riveting case studies drawn from the real world, Raymond Baker successfully addresses the opposing aspects of legality and illegality, honesty and dishonesty, and the line between good and evil in a capitalist world.” —Ray Kendall, Q.P.M., former Secretary General of Interpol “This book is a challenge to western governments. Financial stability, justice between rich and poor, and the progress of democracy all demand
concerted actions to reduce opportunities for generating and hiding dirty money. Capitalism’s Achilles Heel reveals the unacceptable public and private face of how governments are failing to deal with this critical issue. Here is the trigger for them to act.” —Lord Daniel Brennan, Queens Counsel, former Chairman of the Bar of England and Wales “This book, with its uncompromising documentation, is especially welcome. Shameless money laundering through the great international banks, tolerated by both international agencies and national banking supervisors, not only supports crime and terrorism but cripples both governmental and private efforts to give hope and opportunity to the wretched billions condemned to desperate poverty. Raymond Baker’s remedies, including tight deﬁnitions of money laundering and publicity to multinational tax returns, would make a real difference if governments had the guts to impose them.” —Martin Mayer, author, The Bankers, The Fed, and more than 30 other books “We have sophisticated and convincing models of how capitalist economies work. Raymond Baker shows how thoroughly these models miss the reality of globalized commerce and ﬁnance. Capitalism’s Achilles Heel analyzes the pervasive corruption of governments, banks, and corporations in vivid detail and shows how it facilitates the international trade in women, drugs, and nuclear technologies and how it supports terrorism, crime, and the persistence of extreme poverty. This book is essential reading for those who want to understand what our world is really like, and why.”...
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