Ha-Joon Chang writes that structure reform of the entire financial system is needed to solve the U.S. debt crisis. One of such reform is the need to regulate tax havens, which “not only depriven governments of tax revenues but also make financial regulations more difficult.” Change writes, “we could have eliminated or significantly weakened tax havens by simply declaring that all transactions with companies registered in countries/territories that do not meet the minimum regulatory standards are illegal.”
Article was originally published in The Guardian on 8/8/2011.
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