Abstract

The literature on Global Wealth Chains (GWC) has analysed how value is captured across different segments of offshore financial sector activities. A division of labour has emerged, with financial centres in North America, Europe and East Asia capturing most value out of GWCs while other tax havens remain stuck in low-value GWC segments or in positions of dependency on larger financial centres. This paper analyses how one prominent tax haven (Mauritius) established its position in the GWC while being stuck in low-value GWC segments. The paper analyses both how offshore strategies transformed the country’s political economy but also how such strategies shape contemporary vulnerabilities. In the 1980s, with the Mauritian economy in dire need of foreign exchange, the government adopted an offshore strategy. Mauritius’ offshore growth has contributed to a vast inflow of foreign exchange for an otherwise import-dependent economy. Offshore has also contributed to social and economic benefits for segments of the population. However, the vulnerabilities and detrimental effects of this strategy are now increasingly visible. As Mauritius’ example shows, when countries are locked into low-value GWC segments, tax haven strategies may only be a short-term band-aid, substituting one form of dependency (commodity dependence) for another (offshore finance).

摘要

有关全球财富链 (GWC) 的文献分析了如何在离岸金融部门活动的不同部分获取价值。分工已经出现，北美、欧洲和东亚的金融中心从 GWC 中获取了大部分价值，而其他避税天堂仍然停留在低价值的 GWC 部分或依赖较大金融中心的位置。本文分析了一个著名的避税天堂（毛里求斯）如何在陷入低价值 GWC 细分市场的同时确立其在 GWC 中的地位。本文分析了离岸战略如何改变国家的政治经济，以及这些战略如何塑造当代的脆弱性。20世纪80年代，毛里求斯经济急需外汇，政府采取离岸战略。毛里求斯的离岸增长为依赖进口的经济体带来了大量外汇流入。离岸也为部分人口带来了社会和经济利益。然而，这种策略的弱点和不利影响现在越来越明显。正如毛里求斯的例子所示，当国家被锁定在低价值的 GWC 部分时，避税天堂战略可能只是一个短期的创可贴，用一种形式的依赖（商品依赖）代替另一种形式的依赖（离岸金融）。