Looting Africa: The Economics of Exploitation
| Author | : | |
| Rating | : | 4.98 (507 Votes) |
| Asin | : | 1842778110 |
| Format Type | : | paperback |
| Number of Pages | : | 192 Pages |
| Publish Date | : | 2013-10-02 |
| Language | : | English |
DESCRIPTION:
S. Sherman said Convincing, but politically simplistic. In Looting Africa, Patrick Bond basically updates Walter Rodney's How Europe Underdeveloped Africa. While Africa is often portrayed in global media as the hapless beneficiary of well intentioned aid and charitable campaigns, Bond emphasizes the many ways wealth is pulled out of the continent--through dividend and debt payments, unequal exchange, brain drains, and such. Aid is often a poisoned chalice that comes with demands that markets be opened to Western economic interests. The same is true of much ballyhooed debt relief. China's recent involvement in Africa is portrayed no more sympathetically. China cuts deals with expl. "Useful study of the pillaging of Africa" according to William Podmore. In 2005 the World Bank admitted that Africa is drained of wealth, through debt, phantom aid, capital flight, brain drain, unfair trade, export of primary products, and distorted investment. From 1980 to 2002, sub-Saharan Africa's debt rose from $61 billon to $206 billion, while it paid $255 billion in interest. Between 1970 and 1996, it also lost $285 billion in capital flight.In 2000, 80% of Africa's exports were its nations' resources, compared to Useful study of the pillaging of Africa In 2005 the World Bank admitted that Africa is drained of wealth, through debt, phantom aid, capital flight, brain drain, unfair trade, export of primary products, and distorted investment. From 1980 to 2002, sub-Saharan Africa's debt rose from $61 billon to $206 billion, while it paid $255 billion in interest. Between 1970 and 1996, it also lost $285 billion in capital flight.In 2000, 80% of Africa's exports were its nations' resources, compared to 31% for all developing countries. If nations stay stuck in the exporting commodities trap, they will not be able to develop industries and become self-reliant.Bond shows how the . 1% for all developing countries. If nations stay stuck in the exporting commodities trap, they will not be able to develop industries and become self-reliant.Bond shows how the . An attempt to further Marxist Socialism and blame the West If you want to waste hours reading pure Marxist reteric then read this book. Every person credited in the writing and research of the book is affiliated with Socialism of the Marx and Lenin forms of economics. Africa is today being exploited by Communist China and Cuba. The vast majority of rare earth minerals has been locked up by China over the past decade. Africa's present day condition is totally a result of the greedy African leadership that has been in power since the early 1960's. It is time to stop blaming the Western nations for the poverty of Africa.
He is the author of many acclaimed books on South Africa including Talk Left, Walk Right and Elite Transition.. Patrick Bond is senior professor at the University of KwaZulu-Natal in South Africa, where he has directed the Centre for Civil Society since 2004
'Patrick Bond's book provides a solid theoretical, empirical, and analytical framework showing and proving that the processes of looting the African continent, which started with the slave trade, have continued to this day'. Professor Issa Shivji, University of Dar es Salaam, Tanzania 'A brilliant analysis and timely expose of the rapacious forces ranged against Africans today.' John Pilger 'An important contribution to the political analysis of the continent, as viewed on the inside.' ComAfrica, Brazil 'This is a sophisticated book for a non-specialist audience, filled with rage at the self-serving drivel that passes for analysis of Africa in the mainstream and the deaths it is responsible for.' Ken Olende, Socialist Review
The central problems remain exploitative debt and financial relationships with the North, phantom aid, unfair trade, distorted investment and the continent's brain/skills drain. From Tony Blair's Africa Commission, the G7 finance ministers' debt relief, the Live 8 concerts, the Make Poverty History campaign and the G8 Gleneagles promises, to the United Nations 2005 summit and the Hong Kong WTO meeting, Africa's gains have been mainly limited to public relations. Moreover, capitalism in most African countries has witnessed the emergence of excessively powerful ruling elites with incomes derived from financial-parasitical accumulation. Despite the rhetoric, the people of Sub-Saharan Africa are become poorer. Without overstressing the "mistakes" of such elites, this book contextualises Africa's wealth outflow within a stagnant but volatile world economy.