Read e-book online Africa's Odious Debts: How Foreign Loans and Capital Flight PDF

By Léonce Ndikumana,James K. Boyce

ISBN-10: 1848134584

ISBN-13: 9781848134584

ISBN-10: 1848134592

ISBN-13: 9781848134591

In Africa's Odious accounts, Boyce and Ndikumana exhibit the surprising incontrovertible 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 outstanding: greater than $700 billion long ago 4 many years. yet Africa’s overseas resources stay deepest and hidden, whereas its international bills are public, owed through the folks of Africa via their governments.

Léonce Ndikumana and James okay. Boyce demonstrate the intimate hyperlinks among international loans and capital flight. Of the cash borrowed through African governments in fresh many years, greater than part departed within the related yr, with a good portion of it finishing up in inner most 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 well-being and different wishes. Controversially, the authors argue that African governments may still repudiate those ‘odious bills’ from which their humans derived no gain, and that the overseas neighborhood may still help in this effort.

A very important ebook for an individual attracted to Africa, its destiny and its courting 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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