Burns, Michael and McConvill, James (2011) An Unstoppable Force: The Offshore World in a Modern Global Economy. Hastings Business Law Journal, 7 (2). pp. 205-221. ISSN 1554-849X (print), 1554-8503 (online)

Abstract

The purpose of this article is to show that OFCs are far from being “bad” or a threat to the healthy, effective functioning of the world economy. Indeed, there is a rich tapestry of reasons why OFCs are used, as well as reasons that show why OFCs are both fundamentally important and central to the transactions that are driving global business. The examples given in this article in relation to securitization, mutual funds, and joint ventures all highlight the depth and extent of this phenomenon. In a modern, sophisticated world economy that continues to change and evolve, it is crucial that the world properly understands how OFCs are utilized in practice and realizes the important benefits that OFCs offer to *221 businesses and nations across the globe. OFCs are not about tax scams, shadow banking, or shady individuals. OFCs touch upon every type of business, and upon every type of transaction, in every part of the world. That is not going to change any time soon. Indeed, OFCs are an unstoppable force.

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