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It comprises an extraordinarily powerful and flexible set of tools that can reliably assess a thicket of information to determine the effect of any one factor, or even the whole effect. In fact, much of the book parallels the experience of modern data scientists. The underlying principles are the same, however, at least when it comes to analyzing society. The real message, however, is not in the details, but in the overarching picture: the tools of economics and, in our minds, data science can be used to identify unexpected patterns in real-world occurrences, but scientists are still needed to interpret these results.

With these tenets in hand, scientists are much better equipped to understand and explain what their data is trying to tell them. Online Data Science Degree Blog. And it thrives in periods of political upheaval when financial entrepreneurs show just how how creatively opportunistic they are. We witnessed it in our own way back in the transitional s when smart, and sometimes not so smart, operators made killings and even set up empires which endure today. However, our flirtation with rogue economics pales in comparison to the outcomes of the collapse of the Eastern Bloc.

Napoleoni argues, for instance, that there is an almost perfect correlation linking the spread of democracy and the rise of slavery, and that this is as true today as it has been throughout history. The collapse of the Berlin Wall dramatically boosted the globalised sex industry, for example. Piracy, in all its forms, is everywhere on the rise.

Rogue Economics - Loretta Napoleoni - - Allen & Unwin - Australia

And money laundering, "a multibillion-dollar industry involving banks and financial institutions", is booming. Community Reviews.

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  • Economics: A Rogue Profession.
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This book touched on a wide range of subjects, so it'd be most useful as: -An introduction to the rogue economy and how it's interweaved with legal goods and services. Similar books that tackle individual issues in greater detail: -McMafia by Mischa Glenny, on organised crime -Knockoff by Tim Philips, on counterfeit goods -The Bottom Billion by Paul Collier, on global poverty -The World Food Problem by Howard Leathers, on aid efficacy -Gar This book touched on a wide range of subjects, so it'd be most useful as: -An introduction to the rogue economy and how it's interweaved with legal goods and services.

It resembles a nineteenth-century American gold-rush town, hence the name.

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Tucked behind a stretch of road nicknamed Arizona Highway, which runs near the Croatian border, the market has been nicknamed the Walmart of Serbia because it was constructed with the support of American troops at the end of the Balkan civil war. Hollywood blockbusters, such as Risky Business and Pretty Woman, project an entirely fictional image of prostitution.

To offset the trade surplus, China runs a capital account deficit with America, i. America has welcomed such a strategy to keep consumers and voters happy and the economy afloat. Often, bank managers alert developers and buyers, who are their clients, of a forthcoming foreclosure so that these can approach the owner and purchase the property before it is auctioned off by the bank. What makes their wealth soar are not sudden jumps of the share prices held in their portfolios, but rising fees received for their work.

The law was designed to protect the profits of British plantation owners across the empire, from the West Indies to Africa and India. They could maintain British residency and move their domicile, i. Therefore they were taxed only on the income they brought back to England while the rest was tax free. The identical principle is today applied to new billionaires residing in London.

By moving to the UK, people can avoid taxation in their own country on billions of dollars. Only Americans cannot benefit from this law, because the US taxes its citizens on global income. In and , for example, the economic rise of China created an unprecedented commodities boom. Against this background, hedge funds have speculated heavily in the commodity markets, pushing prices even higher. The main entry came through offshore facilities and shell banks located in the West Indies.

Its financial section drastically reduced money laundering inside the US and in dollars. For example, US banks and register banks can no longer do business with offshore shell banks. In addition, the Patriot Act gave American monetary authorities the right to monitor dollar transactions throughout the world. Today, it is a criminal offence for a US bank or a US-registered foreign bank not to alert the authorities of suspicious transactions in dollars anywhere in the world.

These dirty businesses simply shifted to Europe, where the newly unified European currency offered organisations already involved in money laundering unexpected opportunities for groth. In addition, local land registers cannot communicate with each other across borders; therefore it is impossible to verify if somebody has bought properties in different jurisdictions. In , members of the Bulgarian elite began developing joint ventures with Bulgarian state enterprises and fictitious foreign firms located offshore.

To fund these partnerships, they borrowed money from Bulgarian state banks, that was then moved offshore. The first displacements were felt in Taiwan, the next were in other neighbourhoods, such as in Mongolia and Kyrgyzstan. More than covers disappeared during on month in Chicago. YSL, Estee Lauder, and Clinique, for colluding in maintaining high prices to the detriment of consumers. Discounts are fixed by the cartel, and if shops grant higher reductions, they cease to have access to products.

Lure the migrants to Europe.

Rogue Economics: Capitalism's New Reality

Chinese-based organisations supervise the transcontinental shipment of people, while locally based Chinese groups manage the transit points of the human merchandise to the countries of destination. Today, Moscow and Malta serve as the most popular transhipment points. After a few weeks, however, these immigrants can be fired and forced to work, often for the same employer, in the black market.

In other cases, they reach Europe with regular passports and tourist visas, which are confiscated by the traffickers at the border. Without regular documents, immigrants must work in the black market to survive. In , the Dutch company Soil and Crop improvements patented teff, a cereal from Ethiopia, and all the derivatives of its flower. Teff is the main staple grain of 80 million Ethiopians. Cosmetics multinationals have skilfully registered many African enzymes, microorganisms, and fungi as their own new beauty products.

Most of the victims come from developing countries, where counterfeit medicines are regularly consumed. The gold industry is totally unregulated and relies on trading companies scattered around the world. Miners in East Congo sell their gold to negociants, small traders who constantly mingle in the mines. The negociants bring the gold to Ituri, a major gold market controlled by Congolese war lords.

From Ituri, a fleet of smugglers carry the gold to Uganda. Children and adolescents from even poorer neighbouring countries, such as Mali, trek all the way to cocoa plantations to earn a subsistence salary. Millions of people depend for their sustenance on this parasitic rogue economy. The alternative could impoverish them further, if it does not put them at risk of death. To eradicate the problem, one must also attack the root causes, a task that only local governments can accomplish.

Action Aid suggests that the impact of the banana price war fought in the UK since has halved hourly wages of plantation workers in Costa Rica, which supplies one out of every four bananas consumed in the UK and Ireland. Workers now earn 33p an hour and are under such pressure to produce that they cannot afford to take time off when planes spray pesticides on the crops.

Globalization and 'Rogue' Economics

Japanese Tobacco International owns the rights to sell several brands of Western cigarettes outside the West, and is one of the fastest growing companies in the world. The company also own Kraft Foods. Legitimate auction sites, such as eBay, host 30 million annually in the trade for goods that exist only in synthetic worlds. Estimates from the Chinese government set the number of video-game users at 24 million. About one in four Chinese Internet users is a player.

The volume of the illegal business has grown so vast and the laundering techniques are so advanced that wholesalers find it impossible to verify the origin of the coins. Online casinos use E-currencies were created to avoid this traceability. The most popular e-currencies are Paypal, Neteller and E-Gold.

Unlike Paypal, E-Gold allows account holders to maintain their anonymity. E-Gold is a digital gold currency issued by e-gold Ltd, a company incorporated in Nevis, Lesser Antilles, an offshore facility. It allows people to send specified weights of gold to other e-gold accounts. Only the ownership changes while the gold in the treasury grade vault stays put. Members use credit cards and electronic currencies to purchase Linden dollars.

Speculation in Linden dollars is very popular among traders. Gangs of Russian Mafiosi supply half the cod purchased as lawful in traditional British fish markets, such as Hull and Grimsby. Russian-owned trawlers operating from the northern port of Muransk, ignoring strict quotas on fishing of cod, red fish and halibut.

From this port, an estimated , tons of cod is poached from the North Sea, above annual ton quota established by the UK and Norway. The fleets avoid tracking by renting or leasing vessels for a very short time and reflagging them. Flag hopping confuses surveillance authorities.

Even when they are caught, coast guards have trouble identifying the owners of vessels because they hide behind shell companies and offshore ventures. According to the UN Environmental Programme, the annual production of e-waste ranges from 20 to 50 million tons. Recyclable refuse heads for India and China, while the non-recyclable refuse ends up in Africa. Male fish exposed to such effluent produce a protein called vitellogenin, usually present only in females. A farm generally has around 10 nets, each containing 15, and 80, fish each. Antibiotics, antifoulants, and sea-lice treatments are among the pollutants that escape into the sea.

Production of a pound of salmon requires 5 pounds of oily fishes, such as sand eel, sardines, and herring.

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Riba, the charging of interest by moneylenders, is prohibited. Gharar, or speculation in any form, is condemned. Money is not supposed to be used a commodity in itself to create more money. Sukuks, or Islamic bonds, are linked to real investments. View 2 comments. View 1 comment. Dec 06, Natali rated it it was ok.

ACU 1297 Freakonomics Rogue Economist Documentary

Napoleoni posits that "rogue economics has resurfaced because the world is experiencing a profound transformation, perhaps the biggest in history. In pages, she discusses the manifestation of rogue economics in Eastern European prostitution, the Italian mafia, Post-Wall Berlin, communist China, virtual worlds, fishing and pirates, and the world of sports.