This study notes the neo-colonial role that Western governments and international organizations have in promoting economic models that fuel poverty.
Underdeveloped, or overexploitated? Against the narrative that Western aid “helps” poverty in Africa, a new study shows that the pillaging of Africa by Western economic interests is still the major source of poverty. A coalition of UK and African-based development campaign groups published research on Wednesday that indicates that Africa has an annual financial deficit of over US$40 billion in capital leaving the continent each year, the Guardian reported.
The research claims that approximately US$203 billion flowed out of the country in 2015 in the form of repatriated profits of multinational corporations, money moved into tax havens, and costs imposed by climate change adaptations. This massive outflow of capital from the historically colonized continent far exceeds that which flows into it, which according…
View original post 520 more words