New Evidence of Africa’s Systematic Looting
NOVANEWS
New Evidence of Africa’s Systematic Looting, From an Increasingly Schizophrenic World Bank
By Prof. Patrick Bond
Featured image: Nchanga copper mine, Zambia (Source: Wikimedia Commons)
A brand new World Bank report, The Changing Wealth of Nations 2018, offers evidence of how much poorer Africa is becoming thanks to rampant minerals, oil and gas extraction. Yet Bank policies and practices remain oriented to enforcing foreign loan repayments and transnational corporate (TNC) profit repatriation, thus maintaining the looting.
Central to its “natural capital accounting,” the Bank uses an “Adjusted Net Savings” (ANS) measure for changes in economic, ecological and educational wealth. This is surely preferable to “Gross National Income” (GNI, a minor variant of Gross Dom...