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Globalization, Regulation and Geography: The Development of the Bahamas and the Cayman Islands Offshore Financial Centres

This Ph.D. thesis – completed in 1996 – used the development of the Bahamas and Cayman Offshore Financial Centres as a lens to understand the evolving relationship between globalization and sovereignty.

Chapter one asks: “what explains the emergence of these new places – offshore financial centres – on the map of international political economy?” Chapter two critically reviews the literature around the themes of globalization, regulation and geography. Chapter three is a “methodology” chapter. Chapter four begins to explore the development of the Bahamas and Cayman OFCs, examining the regulatory construction of place. Chapter five expands the focus to consider the relationship between the Bahamas and Cayman OFCs and how this relationship has affected their development. Chapter six explores the wider regulatory landscape, looking at the relationship of the Bahamas and Cayman OFCs with the USA and at their place within the regulatory framework for international banking provided by the Basle Committee. Chapter seven brings together some of the insights from earlier chapters and puts the “regulatory landscape” metaphor to work, moving towards an explanation for the development of OFCs and processes of financial globalization.

It is argued that the development of stateless monies, particularly since the late 1960s, produced an economic space of flows, increasingly divorced from the political space of states and the productive economy. The OFCs, through the practice of unbundling sovereignty, articulate the economic and political spaces of capitalism.

Author: Alan Hudson

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Focus on Corruption: How to secure the aims of decentralization in Peru by improving good governance at the regional level

Decentralization holds out the promise of improving democratic participation and public service delivery, but this can be undermined where week institutions allow corruption to flourish. In this joint policy analysis paper, the authors create an econometric model of corruption at the regional level in Peru to inform policy recommendations aimed at the Peruvian National Council of Decentralization and the Office of the Public Defender. The paper was awarded Most Outstanding Policy Analysis in 2005 at the MPA/ID program at Harvard Kennedy School.

Authors: Aaron Ausland and Alfonso Tolmos

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Focus on Corruption: How to secure the aims of decentralization in Peru by improving good governance at the regional level

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