Title
Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent (African Arguments),Used
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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 subSaharan Africa is remarkable: more than $700 billion in the past four decades. But Africa's foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments.Lonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debtservice payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these 'odious debts' from which their people derived no benefit, and that the international community should assist in this effort.A vital book for anyone interested in Africa, its future and its relationship with the West.
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- Q: What is the main focus of 'Africa's Odious Debts'? A: 'Africa's Odious Debts' focuses on the relationship between foreign loans and capital flight in Africa, arguing that the continent is a net creditor rather than a financial drain on the West.
- Q: Who are the authors of this book? A: The book is authored by Léonce Ndikumana and James K. Boyce.
- Q: How does capital flight impact African economies? A: Capital flight has drained over $700 billion from sub-Saharan Africa over four decades, significantly affecting public resources and services.
- Q: What do the authors suggest about odious debts? A: The authors argue that African governments should repudiate odious debts that have not benefited their people and seek assistance from the international community in this effort.
- Q: What type of book is 'Africa's Odious Debts' considered? A: 'Africa's Odious Debts' is considered a vital academic and analytical book for those interested in African economic conditions and international relations.
- Q: What is the condition of the book being sold? A: The book is listed as a 'Used Book in Good Condition'.
- Q: When was 'Africa's Odious Debts' published? A: 'Africa's Odious Debts' was published on October 1, 2011.
- Q: What is the page count of the book? A: The book contains 152 pages.
- Q: What binding type does the book have? A: The book is available in paperback binding.
- Q: What category does this book fall under? A: 'Africa's Odious Debts' falls under the category of Economic Conditions.