Offshore is not just about secrecy or taxation. It forces us to reflect on the nature of knowledge, truth and expertise. Accounting and Finance are massive disciplines taught in business schools all over the world, with thousands of academics conducting research, writing textbooks and teaching. Whole professions are shaped and nurtured by this knowledge base and expertise. At this time of huge public interest, it would be interesting to ask whether offshore tax havens are covered in mainstream economics, finance and accounting teaching and research.
Unfortunately, the answer is: virtually nowhere. In fact, tax minimisation is actually encouraged by economics and finance theory. Panama is as much a result of unethical theory, as it is of corporate misconduct.
With a few notable exceptions, the Business Academy has forgotten its public duty to challenge and question malpractice, and to critique injustice and inequality everywhere. Its research and teaching has been captured by private selfish interests. (more...)