Clearly the globalization of finance has provided opportunities for OFCs to emerge. From a sociological perspective it is argued, however, that closer analysis demands respect for their diversity and even idiosyncrasy. Analytical concepts are offered to situate this diversity and to develop a more reflexive understanding of the processes through which the system of OFCs continues to develop. We arrive at a distinctive approach for theorizing OFCs under conditions of globalization.
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Matthew Donaghy (2003) studied this question.