Spiderweb Capitalism

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In 2015, the Panama Papers leak revealed 11.5 million documents linking over 140 wealthy individuals across 50 countries to offshore companies in 21 tax havens. Despite extensive investigations, understanding of the networks facilitating illicit activities remains limited. The focus on high-profile theft cases obscures the everyday operations of those conducting transactions across borders. This work examines the subtle flow of money through offshore shell corporations, the backbone of global capital. The author explores emerging markets in Vietnam and Myanmar, traveling over 350,000 miles and interviewing 300 individuals involved in capital movement, including wealth managers, executives, and lawyers. These subjects are vital in the circulation of concealed capital in global markets. Utilizing this research, the author introduces the concept of spiderweb capitalism, characterized by a complex network of subsidiaries across multiple jurisdictions that are difficult to quantify. The work argues that legal and illegal activities are interconnected within this framework, offering insights into how financial elites navigate and shape markets in the contemporary global economy.