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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 exhibit the surprising undeniable fact that, opposite to the preferred belief of Africa being a drain at the monetary assets of the West, the continent is admittedly a web creditor to the remainder of the area. the level of capital flight from sub-Saharan Africa is notable: greater than $700 billion some time past 4 many years. yet Africa’s international resources stay inner most and hidden, whereas its international bills are public, owed by way of the folks of Africa via their governments.

Léonce Ndikumana and James ok. Boyce show the intimate hyperlinks among international loans and capital flight. Of the money borrowed via African governments in fresh many years, greater than part departed within the related yr, with a good portion of it polishing off 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 on hand for public well-being 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 group may still help in this effort.

A important booklet for an individual attracted 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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