IN PRAISE OF TAX HAVENS
Jersey, Channel Islands. Americans know of the state of New Jersey, but few know that it was named after the island of Jersey, which is located in the English Channel about 14 miles off the coast of France.
This small island, about two-thirds the size of Washington, D.C. with only 100,000 people, is today home to one of the world's largest financial centers.
Jersey has a higher per-capita income than America, and roughly twice the per-capita income of Britain and France. The globe is dotted with relatively small, prosperous places that have become rich without the benefit of natural resources.
What have they -- Jersey and the island next door, Guernsey, along with Bermuda, Cayman, Singapore, Hong Kong, and even larger places like Switzerland -- done right, leaving many of their larger and more richly endowed neighbors plodding along in their economic dust?

