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Africa's Odious Debts How Foreign Loans and Capital Flight Bled a Continent

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ISBN-10: 1848134592

ISBN-13: 9781848134591

Edition: 2011

Authors: James K. Boyce, L�once Ndikumana

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Description:

The latest title in the hugely successful African Arguments series, Africa's Odious Debtreveals that, contrary to the popular perception of Africa being a drain on the financial resources of the developed world, more money destined for the West leaves the continent than it actually receives. The extent of capital flight from sub-Saharan Africa is remarkable: $420 billion in the period 1970-2004 -- this hemorrhaging of capital being substantialy fueled by borrowing from international creditors. It also shows the hidden counterparts of Africa's external debts are the external assets built through such capital flight. The crucial difference being that whereas the debts are owed by the African people through their governments, these assets are strictly private, held by wealthy and politically well-connected individuals. Connecting these dots, the authors make a convincing and forcefully argued case for selective repudiation of Africa's "odious debts": external debts incurred by kleptocratic regimes without the consent of their people, from which the people derived no economic benefit. This is a vital book for anyone interested in Africa, its future and its relationship with the West
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Book details

Copyright year: 2011
Publisher: Zed Books, Limited
Publication date: 10/13/2011
Binding: Paperback
Pages: 152
Size: 5.00" wide x 7.75" long x 0.50" tall
Weight: 0.396
Language: English

Figures and tables
Photographs
Abbreviations
Acknowledgements
Map
Introduction
Tales from the shadows of international finance
Measuring African capital flight
The revolving door
The human costs
The way forward
Tables
Senior policy seminar on capital flight in sub-Saharan Africa
Notes
Bibliography
Index