Wealthy sending their wealth offshore

Wednesday, 01 June 2011 09:37

This is an oft-heard complaint at the moment but what does it mean? What exactly has moved offshore? Truckloads of their money, in bundles of 50 notes? Containers filled with furniture? Houses, dismantled and put onto low-loaders?

None of the above of course. And that is the trouble with economics as presently discussed and commented on. It does not look at actual physical objects and the real movements and transformations they undergo. The subject is so abstracted that we have all been able to lose sight of these underlying realities.

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