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

ISBN-10: 1848134584

ISBN-13: 9781848134584

ISBN-10: 1848134592

ISBN-13: 9781848134591

In Africa's Odious accounts, Boyce and Ndikumana show the stunning 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 internet creditor to the remainder of the area. the level of capital flight from sub-Saharan Africa is awesome: greater than $700 billion some time past 4 many years. yet Africa’s overseas resources stay deepest and hidden, whereas its overseas bills are public, owed by means of the folks of Africa via their governments.

Léonce Ndikumana and James ok. Boyce demonstrate the intimate hyperlinks among international loans and capital flight. Of the cash borrowed by means of African governments in contemporary a long time, greater than part departed within the similar yr, with a good portion of it finishing up in deepest money owed 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 wellbeing and fitness and different wishes. Controversially, the authors argue that African governments may still repudiate those ‘odious money owed’ from which their humans derived no gain, and that the overseas neighborhood may still help in this effort.

A important ebook for somebody drawn 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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