Download e-book for kindle: Africa's Odious Debts: How Foreign Loans and Capital Flight by Léonce Ndikumana,James K. Boyce

By Léonce Ndikumana,James K. Boyce

In Africa's Odious money owed, Boyce and Ndikumana display the stunning undeniable fact that, opposite to the preferred conception of Africa being a drain at the monetary assets of the West, the continent is basically a web creditor to the remainder of the area. the level of capital flight from sub-Saharan Africa is striking: greater than $700 billion some time past 4 many years. yet Africa’s overseas resources stay deepest and hidden, whereas its international money owed are public, owed through the folks of Africa via their governments.

Léonce Ndikumana and James ok. Boyce exhibit the intimate hyperlinks among overseas loans and capital flight. Of the money borrowed by means of African governments in contemporary a long time, greater than part departed within the related 12 months, with a good portion of it finishing up in deepest debts on the very banks that supplied the loans within the first position. in the meantime, debt-service funds proceed to empty scarce assets from Africa, slicing into cash to be had for public overall healthiness and different wishes. Controversially, the authors argue that African governments should still repudiate those ‘odious money owed’ from which their humans derived no profit, and that the overseas neighborhood may still help in this effort.

A very important e-book for someone drawn to Africa, its destiny and its dating with the West.

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Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent (African Arguments) by Léonce Ndikumana,James K. Boyce


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