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We look at the rising tide of global contraband - specifically, the smuggling of tobacco. It's estimated some 50 billion dollars of the stuff is carried across borders and sold, tax-free, every year around the world. That is a cost to governments and it also poses a health risk to consumers. But at what point do you stop blaming the criminals and the law-enforcers, and when do you start blaming governments themselves for imposing such high taxes on tobacco?

We hear from Austin Rowan, adviser to the EU Office de Lute Anti-Fraude (OLAF) which co-ordinates the European Commission's fight against the illicit trade, and we hear from one celebrated free-market economist, Arthur Laffer, who says that it's time to take a fresh look at the rich world's high-tax policies on tobacco. Also in the programme, we hear from our South America business correspondent, Katy Watson, about the economic debate affecting Brazil, ahead of next month's presidential elections.