Tax Havens

Tax Havens

Author: BBC World Service June 17, 2017 Duration: 9:13

The economist Gabriel Zucman is the inventor of an ingenious way to estimate the amount of wealth hidden in the offshore banking system. In theory, if you add up the assets and liabilities reported by every global financial centre, the books should balance. But they don’t. Each individual centre tends to report more liabilities than assets. Zucman crunched the numbers and found that, globally, total liabilities were eight percent higher than total assets. That suggests at least eight percent of the world’s wealth is illegally unreported. Other methods have come up with even higher estimates. As Tim Harford explains, that makes the tax haven a very significant feature of the modern economy.

Editors: Richard Knight and Richard Vadon Producer: Ben Crighton

(Image: Huts along tropical beach, Credit: DonLand/Shutterstock)


Behind every price tag, spreadsheet, and market fluctuation lies a human story of curiosity, accident, and sometimes sheer stubbornness. In 50 Things That Made the Modern Economy, the BBC World Service presents a journey through the seemingly ordinary objects and concepts that quietly built the world we live in. Host Tim Harford goes far beyond dry economic theory, digging into the surprising origins of things like the plow, the bar code, or the limited liability company. Each episode unpacks how a single invention or idea rippled out, reshaping work, society, and global power structures in ways we rarely stop to consider. You’ll hear how the humble receipt fueled commerce, how the shipping container erased distances, and how double-entry bookkeeping enabled empires. This isn't just a history lesson; it's a series of detective stories that connect the dots between a tangible thing and the abstract forces that govern our daily lives. The podcast makes the invisible architecture of our world visible and compelling, revealing the economic fingerprints on everything from your smartphone to your supermarket shelf. Harford’s engaging storytelling transforms complex topics into accessible and genuinely fascinating narratives, reminding us that the modern economy wasn't built by abstract forces alone, but by concrete things dreamed up by people. Tune in to understand not just how the economy works, but how it came to be.
Author: Language: English Episodes: 100

50 Things That Made the Modern Economy
Podcast Episodes
Glasses [not-audio_url] [/not-audio_url]

Duration: 10:27
Spectacles have been around for centuries, and have a huge impact on many people's quality of life. So why is it estimated that more than two billion people aren't aware that they need them? Tim Harford considers the dif…
Vickrey turnstile [not-audio_url] [/not-audio_url]

Duration: 9:44
In 1952, economist William Vickrey devised an innovative system of turnstiles to help solve a major problem on New York’s subway network. It never became a reality, but, as Tim Harford explains, the idea behind it has ha…
GPS [not-audio_url] [/not-audio_url]

Duration: 9:58
How dependent is the world on GPS - and what would happen if it stopped working? Tim Harford explains why it's not just our ability to navigate that would be affected.
Bonsack machine [not-audio_url] [/not-audio_url]

Duration: 9:35
In 1881, James Bonsack developed a machine that made it far easier to mass-produce cigarettes. But at the time, other tobacco products were much more popular – so manufacturers had to find new ways of getting people’s at…
Prohibition [not-audio_url] [/not-audio_url]

Duration: 10:07
When the US outlawed the manufacture and sale of alcoholic beverages, it inadvertently created one of the most successful black markets in the world. Tim Harford considers how much it costs to make something illegal, and…
Interface Message Processor [not-audio_url] [/not-audio_url]

Duration: 10:20
Arpanet was a computer network developed in the 1960s that paved the way for today's internet. At its heart was the Interface Message Processor: a massive, heavily armoured box containing the technology that made it poss…
Canned food [not-audio_url] [/not-audio_url]

Duration: 9:57
Developed for the military, dodging bureaucracy and fuelled by venture capital: canned food blazed a trail many of today's biggest tech innovations have followed. Tim Harford reveals the surprising lessons and cautionary…
Interchangeable parts [not-audio_url] [/not-audio_url]

Duration: 10:30
Tim Harford tells the story of how Honoré Blanc, a gun-maker in 18th-century France, transformed the way the world manufactures things - but couldn't benefit from his own innovations.
Oil [not-audio_url] [/not-audio_url]

Duration: 8:59
The price of oil is arguably the most important in the world economy. How did we become so dependent - and are we ever likely to wean ourselves off it?
Chatbot [not-audio_url] [/not-audio_url]

Duration: 10:03
It's claimed that some computers can now pass the Turing test: convincing people that they are human. Tim Harford asks how important that distinction is, and what it means for the future of human interaction.