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Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent
In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa’s fo ...more
Paperback, 152 pages
Published October 1st 2011 by Zed Books
(first published September 27th 2011)
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Otherwise intelligent commentators on the economics of development are at a loss when dealing with the problems of sub-Sahara Africa. William Easterly, professor of economics at NYU, Co-Director of NYU’s Development Research Institute and constant thorn in the side of the egregious Jeffrey Sachs seems to miss the point when he writes that the power of democracy and free markets, implemented by "homegrown political, economic, and social reformers and entrepreneurs" (in other words a new and as ye ...more
Debt is a massive, if not the largest, problem afflicting the less developed world. It suffocatingly constrains their abilities, and for the most part - as this book shows - the debt is not used for socially beneficial purposes. Instead it is used to by a very small elitist minority, who fund their own shopping sprees at the expense of their impoverished populace, as well as posterity.