Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent (African Arguments)
"Africa's Odious Debtsis a path-breaking book that should be read by every student, professional and policymaker concerned with the causes of the region's underdevelopment. In a masterful, easily comprehendible and professionally thorough manner, the authors demolish the myth that African countries have received large net capital flows. In a detailed empirical presentation, they show quite the contrary: capital outflow from the poorest countries in the world, to the richest. This book should radically alter thinking and policy." -John Weeks, Professor Emeritus, School of Oriental and African Studies, University of London "Ndikumana and Boyce present a coruscating analysis of the deleterious impact of crushing debt and capital flight on poor African countries that are ironically among the largest recipients of foreign aid. Eminently readable, it is a fascinating study on how absolute power corrupts absolutely beyond the tethers of human conscience." - Dev Kar, Lead Economist,Global Financial Integrity"This is probably the most important book on Africa in recent years; it is vital reading for everyone with an interest in African affairs. The story of Africa's revolving door of inflowing debts and outflowing capital is one with catastrophic consequences for the ordinary people of Africa. Léonce Ndikumana and James Boyce have put in many years of legwork to explore the dimensions of this scandal, and the data they marshal shows, conclusively, how Africa has become a net creditor to the rest of the world, while remaining shackled to poverty by outstanding odious debts. Much can be done to free African countries from this appalling burden, and the authors are right to identify strengthening transparency, curtailing money laundering, repudiating odious debt and recovering stolen wealth as top priorities. Enraging, enlightening and encouraging in equal measure, this book combines passion and research excellence: a genuine tour de force." - John Christensen, Director,Tax Justice Network