The Bahamas represents how global capitalism can go very right, and very wrong, at exactly the same time. On Jan. 3, as Sam Bankman-Fried pleaded not guilty in New York on charges stemming from the collapse of one of the world’s largest cryptocurrency exchanges, the FTX debacle became, once again, a U.S. story. The Bahamian backdrop to the last days of FTX has faded into the background. But the torrid affair between what was once touted as the leading edge of financial technology, or fintech, and the Bahamas—a nation of 400,000 people, spread over some 700 islands, 50 miles or so offshore of Florida—is not merely incidental. It highlights the way in which the wider Caribbean region has repeatedly functioned as a Frankenstein laboratory of global capitalism. The Caribbean was the first region of the world to feel the full force of Western conquest and