The Offshore Nation

Widely practiced by many Fortune 500 companies, global outsourcing has become one of the key strategic imperatives for successful enterprises. Often referred to as offshore outsourcing, services globalization is the next step in the evolution of global trade and capitalism. Top organizations are performing, buying, selling, and transforming services at an incredibly quick pace. Written by outsourcing and global services experts Atul and Avinash Vashistha, The Offshore Nation presents a comprehensive, balanced view of the rapid growth of outsourcing and its expanding role in corporate strategy, providing a roadmap for business leaders and upper-level managers to plan their own strategies. Drawing upon their vast experience as consultants to Fortune 1000, multinational corporations, the authors help you determine what role offshore services should play in your company, how to integrate the strategy into your overall corporate identity, and successfully manage the initiative on an enterprise-wide level. This practical, strategy-packed guide outlines the "big picture" of outsourcing, breaking down its different components and examining its impact on world and local economies and employment shifts. Covering outsourcing in many different countries and a variety of services--from IT, telecom, and customer service to accounting--the authors reveal best practices and step-by-step, proven methods for: Building a sound globalization strategy Identifying the processes that are mature enough to send offshore Choosing the right business model for globalizing IT, back office, and other services Attracting and retaining customers Effectively managing your suppliers Chock-full of valuable insights and tactical advice, The Offshore Nation is the authoritative primer for global outsourcing, helping companies to minimize the risks and maximize their return on investment.

The atlas of contemporary capitalism is curious indeed. A desperately poor and civil-war-wracked nation, Liberia, is the world's shipping superpower; the Cayman Islands the fifth-largest financial center in the world; land-locked Zurich a venerable "offshore" banking center. Indeed, it is estimated that half of the global stock of money passes through tax havens. The logic of the offshore world, where millionaires and corporations roam in search of financial advantage, is slippery. It challenges many conventional assumptions about power and economics.In the single most comprehensive account of the offshore economy, Ronen Palan investigates the legal spaces, unregulated and yet maintained and supported by the state system, that have emerged for purposes of international finance, tax havens, export processing zones, flags of convenience, and e-commerce. The offshore economy had its beginnings in the late nineteenth century, saw early development after the First World War, and metastasized in the 1970s. Palan believes that a rapidly expanding offshore economy is now producing a new market in sovereignty; states have discovered that their rights to write law may be used as a commercial asset. This commercialization of sovereignty, he asserts, undermines the legitimacy of the nation-state and supports a form of nomadic capitalism.

NATIONAL BOOK AWARD NOMINEE • A wildly original, cross-country novel that subverts a long tradition of family narratives and casts new light on the mythologies—national, individual, and collective—that drive and define us. On the day of their estranged father’s wedding, half sisters Cheyenne and Livy set off to claim their inheritance. It’s been years since the two have seen each other. Cheyenne is newly back in Seattle, crashing with Livy after a failed marriage and a series of personal and professional dead ends. Livy works refinishing boats, her resentment against her freeloading sister growing as she tamps down dreams of fishing off the coast of Alaska. But the promise of a shot at financial security brings the two together to claim what’s theirs. Except, instead of money, what their father gives them is information—a name—which forces them to come to grips with a long-held family secret. In the face of their new reality, the sisters and their adopted brother each set out on journeys that will test their faith in one another, as well as their definitions of freedom. Moving from Seattle’s underground to the docks of the Far North, from the hideaways of the southern swamps to the storied reaches of the Great Offshore Grounds, Vanessa Veselka spins a tale with boundless verve, linguistic vitality, and undeniable tenderness.

We are well aware of the rise of the 1% as the rapid growth of economic inequality has put the majority of the world’s wealth in the pockets of fewer and fewer. One much-discussed solution to this imbalance is to significantly increase the rate at which we tax the wealthy. But with an enormous amount of the world’s wealth hidden in tax havens—in countries like Switzerland, Luxembourg, and the Cayman Islands—this wealth cannot be fully accounted for and taxed fairly. No one, from economists to bankers to politicians, has been able to quantify exactly how much of the world’s assets are currently hidden—until now. Gabriel Zucman is the first economist to offer reliable insight into the actual extent of the world’s money held in tax havens. And it’s staggering. In The Hidden Wealth of Nations, Zucman offers an inventive and sophisticated approach to quantifying how big the problem is, how tax havens work and are organized, and how we can begin to approach a solution. His research reveals that tax havens are a quickly growing danger to the world economy. In the past five years, the amount of wealth in tax havens has increased over 25%—there has never been as much money held offshore as there is today. This hidden wealth accounts for at least $7.6 trillion, equivalent to 8% of the global financial assets of households. Fighting the notion that any attempts to vanquish tax havens are futile, since some countries will always offer more advantageous tax rates than others, as well the counter-argument that since the financial crisis tax havens have disappeared, Zucman shows how both sides are actually very wrong. In The Hidden Wealth of Nations he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the enormity of the secret wealth can we begin to estimate the kind of actions that would force tax havens to give up their practices. Zucman’s work has quickly become the gold standard for quantifying the amount of the world’s assets held in havens. In this concise book, he lays out in approachable language how the international banking system works and the dangerous extent to which the large-scale evasion of taxes is undermining the global market as a whole. If we are to find a way to solve the problem of increasing inequality, The Hidden Wealth of Nations is essential reading.

The Government has a target that, by 2020, 15 per cent of the UK's energy will come from renewable sources and forecasts, to 2020, that investment of around GBP8 billion will be needed to connect the offshore sites to the onshore grid. This report examines the new model for using competition to license the transmission of electricity from offshore wind farms to the onshore network. The licensing model has already delivered benefits and has the potential to deliver more. There were good levels of interest in the first four licences, with competition holding down prices in these deals which were for assets worth a total of GBP254 million. In establishing this new market, however, the Authority guaranteed the licensees a 20-year inflation-proof income. This may help to attract interest from long-term investors but it also protects licensees and generators of offshore electricity from reductions in usage of the transmission assets and leaves consumers with long-term inflation risk. In addition, transaction costs have been high and the extent of savings from the new arrangements is not clear cut.Further work is also needed to establish robust benchmarks to ensure the amounts paid for transmission construction costs are not excessive. For the initial four competitions, costs of debt were 2.1 per cent to 2.2 per cent above the relevant rates offered by 15-year UK gilt yields which represents a competitive deal. But the NAO highlights the scope for improving financing costs and notes that there is no provision for claw-back in the event of refinancing gains.