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Crime, Law and Social Change

Volumn 24, Issue 2, 1995, Pages 79-150

From underworld to underground - Enterprise crime, "informal sector" business and the public policy response

(1) Naylor, R T a

a MCGILL UNIVERSITY (Canada)

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[No Author keywords available]

Indexed keywords

EID: 0039909102 PISSN: 09254994 EISSN: 15730751 Source Type: Journal
DOI: 10.1007/BF01298379 Document Type: Article

Times cited : (22)

References (189)

1
- 84934492441
- See especially the analysis by Edwin Stier and Peter Richards in their Strategic Decision Making in Organized Crime Control, in H. Edelhertz, Major Issue in Organized Crime Control, Washington: 1987, regarding the transition from simple predatory to more complex forms of crime. This theme has been developed by Peter Lupsha in, for example, his Organized Crime in William Geller ed., Local Government Police Management, 1991.

2
- 84934492442
- These complications were first noted in the immediate aftermath of the Prohibition era in the US by Walter Lippman in his now classic Underworld: Our Secret Servant, Forum, No. 55, 1931. See also Dwight Smith, Paragons, Pariahs and Pirates: A Spectrum-Based Theory of Enterprise, Crime and Delinquency, July, 1980.

3
- 84934492448
- To be sure, in practice the distinction between predatory and enterprise crimes can be blurry. Predatory crimes are often followed by enterprise crimes designed to unload the merchandise or launder the proceeds; and the commission of enterprise crimes sometimes takes place in an environment punctuated by force or fraud. However, the key difference remains that in enterprise crime the contract between the customer and the supplier of the basic commodity or service is essentially consensual.

4
- 84934492449
- This is examined in, among many other works, Stephen Fox, Blood and Power: Organized Crime in Twentieth Century America, New York: 1989.

5
- 84934492446
- See especially Alan Block and Frank Scarpitti, Poisoning for Profit: the mafia and Toxic Waste, New York: 1985.

6
- 84934492447
- A fascinating dissection of the role of tobacco in the incubation of major European arms and drug smuggling networks is in Pascal Auchlin and Frank Garbely, Contre-Enquête, Lausanne: 1990. On the role of cigarette smuggling in facilitating the penetration of the Latin American market by the US tobacco giants, see Phil Shephard, Transnational Corporations and the International Cigarette Industry, in Profits, Progress and Poverty, ed. R. Newfarmer, Notre Dame: 1989.

7
- 84934492454
- A survey of the impact of structural changes on the formal corporate sector can be found in Philip Mattera, Off the Books: the Rise of the Underground Economy, New York: 1985 and an in-depth analysis in Alejandro Portes, Manuel Castells, and Lauren Benton, The Informal Economy: Studies in Advanced and Less Developed Countries, Baltimore: 1989.

8
- 84934492457
- See especially Alan Block ed., The Business of Crime Boulder, Colorado 1991, specifically the introduction and documents regarding the resurgence of sweatshops in New York.

9
- 84934492451
- There have been actual efforts to “measure” the impact of crime on GNP. In 1986, for example, estimates for the US President's Commission on Organized Crime “calculated” the value of traditional mob activities (loansharking, gambling etc.) at $ 50 billion or 1.1% of GNP. (Fortune 10/11/86) Needless to say such figures should be taken, not just with a grain of salt, but with the whole shaker.

10
- 84934492453
- Some of these measurement exercises have employed direct survey techniques — with the obvious drawback that people engaged in illegal activity, if they have already gone to the bother of disguising their actions from the authorities, are hardly going to disclose them to an itinerant statistician waving a questionaire. Some of these exercises are based on extrapolations from the results of tax audits — which are not only partial but dependent on how effective the auditing process has been. And some have used indirect methods of massaging the existing (and flawed) data regarding national income in order to coax the underground economy into yielding its secrets, usually through heroic assumptions about the relationship between cash and bank account use. For a collection of some early work on these topics, one that abundantly reveals all these flaws, see Victor Tanzi (ed), The Underground Economy in the United States and Around the World, Washington: 1982.

11
- 84934492460
- The Economist, 14/8/93 Financial Times 16/9/93.

12
- 84934492462
- There is a large literature on this phenomenon. See, for example, Gregory Grossman The “Second Economy” of the USSR Problems of Communism Sept–Oct. 1977; Aaron Katsenelinboigen and Herbert Levine, Market and Plan, Plan and Market: the Soviet Case. American Economic Review Feb. 1977; Steven Sampson, The Second Economy of the Soviet Union and Eastern Europe. Annals of the American Academy of Arts and Sciences Sept. 1987; Luc Duhamel, Economic Criminality in the USSR. Revue d'Etudes Comparatives Est-Ouest Vol. XX, No. 3, Sept. 1989.

13
- 84934492469
- These themes are explained in more detail in R.T. Naylor, From Cold War to Crime War, forthcoming in Transnational Criminal Organizations.

14
- 84934492567
- India may have been the first coutry to take the problem seriously, and continues to produce most of the discussions of the “macroeconomic” impact of black market money. See, for example, Kamal Nayan Kubra, The Black Economy In India, New Delhi: 1982; Black Money, New Delhi: 1985; and India's Black Economy and Maldevelopment, New Delhi: 1986. Also Murari Ghosh, Black Money: the Case for India, Calcutta: 1979; Ram L. Chugh, Black Money and the Indian Economy, in J.S. Uppal (ed), India's Economic Problems, New Delhi: 1986; Ram Chugh and J.S. Uppal, Black Economy of India, New Delhi: 1986; D.R. Pendse, Black Money and Budgets, New Delhi: 1989. Also excellent is Mushtaq Khan's Potential Use of the Black Economy: A Case Study of Bearer Bond Schemes in Pakistan. Islamabad: 1989. Most of the Latin American studies have focussed on the micro side of the question —with the notable exception of those from Colombia where the social and economic impact of large inflows of drug money has been extensively investigated. See, for example, the work of Francisco Thoumi, Colombian Laws and Institutions: Money Dirtying, Money Laundering, and Narco-Businessmen's Behavior. Mimeo, California State University, Chico: September, 1989; Some Implications of the Underground Economy in Colombia. Journal of Interamerican Studies and World Affairs, Vol. 29 No. 2 1987; and his recent Political Economy and Illegal Drugs in Colombia, Boulder, Colorado: 1995.

15
- 84934492566
- The best known exponent of this view is Hernando De Soto. See his The Other Path: The Invisible Revolution in the Third World. New York: 1989. The work has been lauded by some as presaging an economic liberation of the region (Fortune 16/1/89) and panned by others as simple-minded free market propaganda. See the excellent general critique by Sheldon Anis and Jeffrey Franks, The Idea, Ideology and Economics of the Informal Sector: the Case of Peru. Grassroots Development Vol. 3, No. 1, 1989. The critique by R.G. Rossini and J.J. Thomas, The Size of the Informal Sector in Peru. World Development Vol. 18, No. 1, 1990 calls into question the statistical basis of much of the De Soto eulogy to the informal entrepreneur. The most striking thing about De Soto's work is that he managed to produce a massive study of informal activity in Peru, of all places, while essentially ignoring interconnections between the cocaine trade and the growth of the “legal” underground economy. The politest word to describe such a study is “naive”.

16
- 84934492569
- There is a huge literature arguing the pros and cons of this point. See, for example, Philip Harding and Richard Jenkins, The Myth of the Hidden Economy, Milton Keynes: 1989.

17
- 84934492568
- Financial Times 27/9/93; The Other Side of Mexico Oct. 1988; Latin America Weekly Report 19/4/90.

18
- 84934492563
- Wall Street Journal 30/12/88.

19
- 84934492562
- New York Times 27/8/90.

20
- 84934492565
- Financial Times 16/9/93.

21
- 84934492564
- Far Eastern Economic Review 18/6/92.

22
- 84934492559
- New Internationalist July 1987.

23
- 84934492570
- The Economist 5/12/88.

24
- 84934492571
- This is diagnosed very well by Donna Plotkin, The International Traders of Haiti: The Madam Sara. United Nations, Caribbean Development and Co-operation Committee, Economic Commission for Latin America and the Caribbean: 1989.

25
- 84934492587
- In 1987 the “missing” component was put at $ 136 billion (Wall Street Journal 5/2/87; Federal Reserve Bulletin March, 1987); in 1990 the estimate had risen to $ 180 billion (Wall Street Journal 4/10/90); a study based on 1992 data put the “unexplained” portion at 80% of the $ 300 billion in circulation. Case Sprenkle The Case of the Missing Currency. Journal of Economic Perspectives Vol. 7, No. 4, Fall 1993.

26
- 84934492586
- Financial Times 12/4/95.

27
- 84934492585
- Far Eastern Economic Review 30/3/95.

28
- 84934492584
- John Wilson, Physical Currency Movements and Capital Flows, in IMF, Background Papers: Report on the Measurement of International Capital Flows. Washington: 1992.

29
- 84934492583
- Timothy Green, The World of Gold Today. London: 1987.

30
- 84934492582
- Vietnam does not forbit the holding of gold, along with silver, platinum or diamonds, by private citizens, but it does require that such holdings be registered with the government so it can control their resale or export. (Far Eastern Economic Review 4/9/81) The $ 3 billion is the estimated value of unregistered gold holdings in 1995.

31
- 84934492581
- Economist Intelligence Unit Country Report No. 3, India 1991. The lowest reasonable estimate by 1994 was 6,500 tonnes.

32
- 84934492580
- Automobiles are a highly visible savings vehicle (no pun intended) and their use in Peru by peasants who are fearful of banks likely reflects the very low probability of effective state action in the wild and remote coca-growing regions. Interestingly enough, this is one way the cocaine economy increases government revenues since the municipal governments are heavily funded by taxes on automobiles. Edmundo Morales, Cocaine: White Gold Rush in Peru. Tucson: 1989, 102.

33
- 84934492590
- Colombia's narco-barons were especially fond of Colombian colonial era works, so much so that when, in 1984, the government briefly made a show of hunting down the most notorious traffickers, the market for the art collapsed. (Latin America Weekly Report 18/5/84).

34
- 84934492588
- Far Eastern Economic Review 29/9/88.

35
- 84934492589
- Far Eastern Economic Review 21/5/82.

36
- 84934492519
- Arkady Vaksberg, The Soviet Mafia. London: 1991, 123.

37
- 84934492518
- Far Eastern Economic Review 21/5/92.

38
- 84934492521
- See especially Pino Arlacchi, Mafia Business: the Mafia Ethic and the Spirit of Capitalism. Oxford: 1986.

39
- 84934492520
- On India's experiences, see Far Eastern Economic Review 6/2/81 and the references in Note 1, supra. On wartime experience in the US, the classic treatment is Marshall Clinard's The Black Market. New York: 1952.

40
- 84934492523
- Rensseler Lee, White Labyrinth: Cocaine and Political Power. New Brunswick, N.J. 1989, 4–5 et passim.

41
- 84934492522
- In 1988 a Colombian economist managed to compile a list of the investment preferences of the leading Medillin drug capos: real estate cattle ranches, commercial buildings and luxury condos, services and recreation. See Lee, White Labyrinth, 41–2.

42
- 84934492525
- AsiaWeek 27/7/94.

43
- 84934492526
- Globe and Mail 12/2/94.

44
- 84934492527
- Thoumi, Political Economy and Illegal Drugs. 161–2.

45
- 84934492528
- See, for example, the survey by Joel Houston in Business Review October, 1987.

46
- 84934492529
- Financial Times 13/10/87.

47
- 84934492543
- Globe and Mail 30/12/94.

48
- 84934492542
- Latin America Weekly Report 16/12/93.

49
- 84934492541
- Illustrated Weekly of India 18/7/92.

50
- 84934492540
- Far Eastern Economic Review 2/2/95.

51
- 84934492545
- Pino Arlacchi, Men of Dishonor. New York: 1883, 8.

52
- 84934492544
- Financial Times 12/10/82.

53
- 84934492546
- Far Eastern Economic Review 9/6/83.

54
- 84934492549
- Far Eastern Economic Review 19/3/87.

55
- 84934492550
- Alexander Yeats, On the Accuracy of Economic Observations: Do Sub-Saharan Trade Statistics Mean Anything? world Bank Economic Review Vol. 4, No. 2, 1990.

56
- 84934492547
- On the question of smuggling in sub-Sahara Africa and its impact on trade statistics, see Howard Shissel, Africa's Underground Economy. Africa Report Jan.-Feb. 1989.

57
- 84934492548
- For a good overview of Paraguay's role as a regional smuggling centre, see Christian Science Monitor 19/12/88.

58
- 84934492594
- These numbers can be derived from the IMF's annual direction of trade statistics year-books.

59
- 84934492595
- See IMF, Report on the World Current Account Discrepancy, Washington: 1987 and Final Report of the Working Party on the Measurement of International Capital Flows, Washington: 1992.

60
- 84934492592
- Money laundering Alert Dec. 1993.

61
- 84934492593
- On this point see Naylor, Hot Money passim.

62
- 84934492591
- On this point, see especially A.G. Anderson, The Business of Organized Crime, Stanford: 1979 and Peter Reuter, The Organization of Illegal Markets, Washington: 1985.

63
- 84934490987
- The literature on “informal finance” is voluminous. That dealing with the seedier aspects is less so. One of the earliest serious investigations of the loan shark business was by Lawrence Kaplan and Salvatore Matteis, The Economics of Loansharking. American Journal of Economics and Sociology, No. 3 July 1968. See also New York State Commission of Investigations, The Loan Shark Racket reprinted in Alan Block (ed), Perspectives on Organizing Crime, Netherlands: 1991. See also August Bequai, Organized Crime: The Fifth Estate, Lexington: 1979. The role of the pawnshop has been investigated thoroughly in several papers by John Caskey. See Pawnbroking in America: the Economics of a Forgotten Credit Market in Money Credit and Banking Vol. 23, No. 1 Feb. 1991 and Pawnshops: the Consumer's Last Resort (with Brian Zikmund) in Economic Review March/April 1990. For their role in developing countries see F.J.A. Bouman and R. Houtman, Pawnbroking as an Instrument of Rural Banking in the Third World. Economic Development and Cultural Change, 1988.

64
- 84934490990
- See, for example, C. Geertz, The Rotating Credit Association in Economic Development and Social Change Vol. 10, No. 3, 1962.

65
- 84934490989
- An interesting discussion of this is in S.K. Ghosh, former Inspector General of the Police in Orissa State, The Indian Mafia, New Delhi: 1991.

66
- 84934490995
- Euromoney November 1994, 51.

67
- 84934490992
- Such protection, though effective, can be expensive. In 1988 a courier for the big Brazilian money exchange houses was robbed on his way to the airport in Rio. Although the police arrested the thief and recovered the money, they deducted a $ 1 million service fee before giving it back. (Information on the Brazillian parallel financial market from Paulo Bilizerkjian.)

68
- 84934490998
- See Morales, Cocaine: White Gold Rush in Peru, Pp. 99–108; and Michael Melvin and Jerry Ladman, Coca Dollars and the Dollarization of South America, Journal of Money, Credit and Banking Vol. 23, No. 4, 1991.

69
- 84934490996
- Far Eastern Economic Review 26/4/82, 21/5/82, 22/10/82; Wall Street Journal 4/6/82; Financial Times 9/8/82; New York Times 11/7/82.

70
- 84934491002
- Far Eastern Economic Review 11/4/85, 29/10/87, 25/1/90; The Economist 19/3/88, 18/7/92, 5/11/93; Financial Times 1/1/95. One interesting and unusual source of funds for the Taiwan black market is the flight of money from Hong Kong. Since the two lack an extradition treaty and Taiwan has a long tradition of granting virtually instant citizenship, bank fraud artists and police sergeants from the vice squads on the run from Hong Kong could routinely find sanctuary in Taiwan, where, needless to say, their money was equally welcome. (Far Eastern Economic Review 28/4/88.)

71
- 84934491045
- Le Hebdo 18/5/89.

72
- 84934491043
- Wall Street Journal 25/7/88.

73
- 84934491041
- Globe and Mail 5/1/88.

74
- 84934491038
- Wall Street Journal 25/7/88.

75
- 84934491056
- Khan, Potential Use of the Black Economy, 21.

76
- 84934491054
- For the real reasons behind the Swiss bank secrecy laws — namely the attempt to protect rich French tax evaders from criminal investigations launched by France's centre-left coalition government in the early 1930s and to stop the flight of money from Swiss banks

77
- 84934491052
- See Robert Cumby and Richard Levich, On the Definition and Magnitude of Recent Capital Flight in D. Lessard and J. Williamson, Capital Flight and Third World Debt, Washington: 1987.

78
- 84934491049
- Far Eastern Economic Review 26/3/92.

79
- 84934491048
- Cambio 26 19/12/88; Financial Times 17/1/89, 6/7/89.

80
- 84934491047
- Arab Finance July 82; Foreign Exchange July–Aug 82; The Banker Aug 82; Middle East Economic Digest 25/6/82, 23/7/82, 6/8/82 and Special Report Aug 82.

81
- 84934491021
- Financial Times 24/9/83.

82
- 84934491016
- Wall Street Journal 20/8/93.

83
- 84934491014
- Financial Times 8/12/92.

84
- 84934491020
- Sudan Update 4/6/91.

85
- 84934491017
- Far Eastern Economic Review 6/2/81; Pendse, Black Money and Budgets, p. 16.

86
- 84934491032
- Financial Times 25/4/84; Africa Now 25/4/84; Globe and Mail 24/4/84; New York Times 26/4/84; Le Monde 25/4/84; Africa Confidential 6/6/84.

87
- 84934491029
- Middle East Times 10/9/91.

88
- 84934491037
- Time 8/6/92; Newsweek 8/6/92.

89
- 84934491035
- Middle East Reporter 20/2/93; Middle East International 14/4/93; Washington Post 6/5/93; Financial Times 28/5/93.

90
- 84934491024
- New York Times 20/9/91.

91
- 84934491186
- Pendse, Black Money and Budgets, 50.

92
- 84934491187
- Chugh and Uppal, Black Economy, 118.

93
- 84934491182
- Vaksberg, Soviet Mafia Pp. 233–4; Washington Post 2,5/10/89.

94
- 84934491183
- Globe and Mail 8/1/90.

95
- 84934491184
- Financial Times 25/1/91, 1/2/91; Wall Street Journal 28/1/91; New York Times 23,25/1/91; Business Week 4/2/91.

96
- 84934491185
- New York Times 1/6/95.

97
- 84934491178
- Far Eastern Economic Review 1/12/93.

98
- 84934491179
- Globe and Mail 4/12/89.

99
- 84934491180
- Interestingly, this is not a new phenomenon. Before the Revolution French kings used to have to turn to Geneva bankers to borrow back the money wealthy French tax evaders had hidden there. (Faith, Safety in Numbers, Pp. 20–22).

100
- 84934491181
- Lee, Cocaine Mafia. Society Jan.Feb. 1990, 58.

101
- 84934491197
- See especially the study of this phenomenon by Khan, Potential Use of the Black Economy.

102
- 84934491195
- See Khan, Potential Use, 55. The issue dates were 1958, 1969, 1973 and 1985.

103
- 84934491196
- There is a massive academic literature on tax evasion turned out by economists. Like most things economists do, it should be regarded with considerably skepticism. See for example Frank Cowell, Cheating the Government: the Economics of Tax Evasion, New York: 1990 Edgar L. Feige, The Underground Economies: Tax Evasion and Information Distortion, New York: 1989.

104
- 84934491193
- The Economist 14/8/93.

105
- 84934491194
- Wall Street Journal 19/11/84.

106
- 84934491191
- There is a useful survey of some of the relevant issues by Louis Ferman, Stuart Henry and Michele Hoyman, Issues and Prospects for the Study of Informal Economies Annals of the American Academy of Political and Social Science Sept. 1987. An interesting dissection of the great US “tax revolt” of the late 1970s is by Robert Kuttner, The Revolt of the Haves, New York: 1980.

107
- 84934491192
- See, for example, Constantine Vaitsos, Intercountry Income Distribution and Transnational Enterprises, Oxford: 1974.

108
- 84934491189
- Money Laundering Alert May 1994.

109
- 84934491190
- See especially Ruth Benn (ed), War Tax Resistance, 4th ed., Philadelphia: 1992.

110
- 84934491188
- Middle East International 6/10/89.

111
- 84934491210
- Christian Science Monitor 18/1/88.

112
- 84934491211
- World Press Review Jan. 1995, 16.

113
- 84934491212
- Globe and Mail 17/5/95.

114
- 84934491213
- Pakistan and Gulf Economist 12/9/87.

115
- 84934491214
- See Peter Stella, Do Tax Amnesties Work? Finance & Development Dec. 89, and Eliot Uchitelle, The Usefulness of Tax Amnesty Programs in Selected Countries. Federal Reserve Bank of New York Review Vol. 14 Autumn 1989.

116
- 84934491217
- Financial Times 17/9/88, 19/4/89. Nineteen million was also the sum France got from an amnesty in 1986 in which 3,000 people chose to participate. And long series of amnesties in both Indian and Pakistan produced minimal results.

117
- 84934491218
- Far Eastern Economic Review 26/3/92, 1/12/93.

118
- 84934491219
- Thoumi, Political Economy and Illegal Drugs, 53.

119
- 84934491200
- Commersant 5/5/93.

120
- 84934491202
- The Times 2/9/91.

121
- 84934491198
- Financial Times 11/9/92.

122
- 84934491232
- Financial Times 2/8/94.

123
- 84934491233
- Globe and Mail 4/4/95.

124
- 84934491230
- World Press Review Jan. 1995.

125
- 84934491231
- Financial Times 10/12/91. Peru also adopted the probable income approach, using computer models that crosscheck the income reported on tax returns against four major categories of expenditure: new cars, property, yachts and foreign holdings.

126
- 84934491236
- Wall Street Journal 8/1/92.

127
- 84934491237
- World Press Review March, 1992.

128
- 84934491234
- When the Greek government also sought to end the long term exemption (legal in this case) accorded to farmers, the result was an even more serious strike, this one blocking roads and effectively bringing North-South commerce to a standstill. Financial Times 13/12/94, 20/3/95; Globe and Mail 1/4/95.

129
- 84934491235
- Financial Times 29/11/84. The Italian government also tried to crack down on retail sales tax evasion, with virtually no success. To eliminate phony sales reporting, in had ordered all retailers to record all transactions on special government-issued and stamped fiscal receipt-forms. The only result was a booming market in stolen and counterfeit receiptforms. It then insisted that retailers install tamper-proof electronic cash registers, to which the responded by merely ringing up less than the total transaction and skimming the rest.

130
- 84934491224
- Far Eastern Economic Review 20/4/95.

131
- 84934491221
- An excellent discussion of the effects of capital flight is in Miguel Rodriguez, Consequences of Capital Flight for Latin American Debtor Countries and Rudiger Dornbusch Comment in Lessard and Williamson, Capital Flight and Third World Debt.

132
- 84934491220
- Times 30/1/90; Middle East Times 13/8/91.

133
- 84934491153
- Financial Times 8/9/87.

134
- 84934491151
- Middle East Times 15/5/90.

135
- 84934491158
- Financial Times 15/5/95.

136
- 84934491156
- Financial Times 7/7/84.

137
- 84934491147
- I am indebted to David Epstein for these observations.

138
- 84934491145
- See the survey by Francisco Thoumi, The Size of the Illegal Drugs Industry in Colombia North-South Agenda Papers Vol. 3, July 1993.

139
- 84934491150
- Latin America Weekly Report 17/12/92, 4/2/93; Robert Grosse, Colombia's Black Market in Foreign Exchange. World Development Vol. 20, No. 8, 1992.

140
- 84934491149
- Money Laudering Alert July, 1993.

141
- 84934491141
- Latin America Weekly Report 6/9/91.

142
- 84934491142
- There is an interesting account in Robert Grosse, Peru's Black Market in Foreign Exchange. Journal of InterAmerican Studies and World Affairs, 1991. See also Morales, Cocaine, 108-9. A similar mechanism, though more decentralized, was at work in Bolivia. (Wall Street Journal 17/2/83, 13/8/85.)

143
- 84934491143
- Financial Times 3/8/88; Le Hebdo 9/8/89; Middle East Times 23/2/92.

144
- 84934491171
- Thoumi, Political Economy and Illegal Drugs, 198.

145
- 84934491170
- Cited in A. Henman et al., Big Deal: the Politics of the Illicit Drugs Business. London: 1985, 83.

146
- 84934491169
- Toronto Star 27/10/85.

147
- 84934491168
- Latin America Weekly Report 31/1/81.

148
- 84934491167
- Financial Times 8/12/87.

149
- 84934491166
- Peter Schweizer, Victory: the Reagan Administrations Strategy that Hastened the Collapse of the Soviet Union. New York: 1994, provides some interesting hints about the covert support payments to Solidarity, though it states that most moved electronically through the accounts of cooperating corporations.

150
- 84934491165
- Herald Tribune 6/8/85; Christian Science Monitor 30/11/87; Wall Street Journal 5/2/87.

151
- 84934491163
- Wall Street Journal 9/7/93; New York Times 16/8/93.

152
- 84934491164
- France was also the pioneer of the “gold bond”, introduced in 1952 when the government tried to use them to mop up the war-time and immediate post-war accumulation of underground savings. As black market gold continued to pile up in France, throughout the early 1980s there were demands for the government to try again with an amnesty bond issue directed at both the underground gold hordes and the contents of rich Frenchmen's Swiss bank accounts. The hope was that, with the days of expected large capital gains from holding gold well past, the interest on state securities would prove more attractive. (Le Monde 20/4/84.)

153
- 84934491161
- Illustrated Weekly of India 10/1/88.

154
- 84934491162
- Illustrated Weekly of India 10/11/74; Far Eastern Economic Review 29/12/88.

155
- 84934491173
- These parallel banking systems of India and Pakistan, while not actually created by the British imperial authorities, were encouraged and legitimized by them. Smugglers of money and goods were not only given carte blanche to operate, but the British even set up institutions (in Madagascar) to assist them during the second world war, in exchange for their role in conveying money covertly to British agents in German and Japanese occupied areas and in informing on both Axis spies and Indian pro-independence militants. When the British left India, they took the recores with them, bequeathing to the struggling new administration a sophisticated apparatus for smuggling money and goods just at a time when India was attempting to create a new, more autarchic economic structure with tight exchange controls.

156
- 84934491172
- For an excellent description of the process see Timothy Green, The World of Gold. London: 1970. Though there were some modifications and refinements, the process remained essentially the same until very recent changes in Indian import restrictions.

157
- 84934491175
- India Today 31/3/92.

158
- 84934491174
- Economic and Political Weekly 28/3/92; India Today 15/3/93.

159
- 84934491177
- Illustrated Weekly of India March 8–14/93.

160
- 84934491176
- Egyptian Gazette 1/2/93.

161
- 84934491506
- Wall Street Journal 24/3/92. Senator John Kerry thundered that the State Bank of Pakistan was as guilty of drug trafficking “as any street corner pusher”.

162
- 84934491508
- Lee, Cocaine Mafia. Society, 1990, 56. Saurez-Gomez at one point sent a letter to Ronald Reagan offering to turn himself in provided his son, arrested in Miami on drug charges, was released and the US agreed to pay off the Bolivian foreign debt. (Alain Delpirou and Alain Labrousse, Coca Coke. Paris: 1986, 148).

163
- 84934491509
- Latin American Weekly Report 20/7/84.

164
- 84934491511
- Financial Times 4/7/94.

165
- 84934491497
- Far Eastern Economic Review 21/5/92.

166
- 84934491499
- James Knapp, Mutual Legal Assistance Treaties as a Way to Pierce Bank Secrecy. Case Western Reserve Journal of International Law Vol. 20–405, 1988.

167
- 84934491502
- Delwin Roy, The Hidden Economy of Egypt. Middle East Studies Vol. 28, No. 4, Oct. 1992.

168
- 84934491503
- On this point see Seagrave, The Marcos Dynasty, 166–7 et passim.

169
- 84934491487
- Far Eastern Economic Review 1/11/90.

170
- 84934491484
- Financial Times 8/1/88.

171
- 84934491483
- Far Eastern Economic Review 1/12/83; Financial Times 21/3/90.

172
- 84934491476
- Nor was the land border any better policed. It was normal for most of the Customs patrol vehicles to be out of order. See Robert Klitgaard, Tropical Gangsters. New York: 1990, 118.

173
- 84934491473
- Far Eastern Economic Review 19/3/92.

174
- 84934491472
- Far Eastern Economic Review 19/3/92.

175
- 84934491469
- Wall Street Journal 24/8/88.

176
- 84934491481
- An account of the incident is in Naylor, Hot Money and the Politics of Debt, 242-4.

177
- 84934491480
- South March, 1987.

178
- 84934491478
- The court also refused to pass judgement of the “prerequisites of an emperor” or to “serve as referee between dictators”. (Wall Street Journal 12/2/86).

179
- 84934491465
- This process is well analysed by Mark Hulbert, Interlock. New York: 1982.

180
- 84934491462
- Republic of the Philippines versus Ferdinand Marcos et al., US District Court, Case No. CIV 86-3859 MRP (Gx).

181
- 84934491468
- South March 1987; Wall Street Journal 11/2/87.

182
- 84934491466
- Financial Times 16/8/93, 1/9/95; Globe and Mail 16/8/93.

183
- 84934491452
- Far Eastern Economic Review 25/6/87.

184
- 84934491449
- Thoumi, Political Economy and Illegal Drugs, 85. This has been true not just of Colombia but of many countries-Pakistan, Lebanon, Bolivia, Burma, the Sudan, and Zaire, to name but a few.

185
- 84934491456
- Thoumi, Political Economy and Illegal Drugs, 213.

186
- 84934491453
- Pendse, Black Money, 74.

187
- 84934491459
- Black Money for Gold. Reuters 14/9/93. As critics were quick to point out, the reality was that the state had already borne most of the risk and expense of exploration, and the real effect would have been to allow tax evaders and other holders of black money to step into the production stages just the profits start to flow.

188
- 84934491458
- The only way such a policy could really work would be if complete demonetization were followed, not by the circulation of a new currency, but the creation of a complete national electronic funds system based on debit cards — a change so extreme no country has seriously comtemplated it. For an interesting analysis, see David Warwick, Reducing Crime by Eliminating Cash. National Council on Crime and Delinquency, Rutgers: 1993.

189
- 84934491446
- An interesting examination of the unique American form of institutionalized political corruption through Political Action Committees is by Phillip Stern, The Best Congress Money Can Buy. New York: 1988.

* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.