Capital Flight Archives - ROAPE
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Capital Flight Tag

Nataliya Mykhalchenko reviews a book that describes the devastating impact of tax havens and capital flight for Africa. The book details the intricate relationship between capital flight, global corporations, bank secrecy and the elites, i.e. the power-accumulation nexus. As a proportion of total wealth, Africa is the most afflicted continent in the world. For example, elites on the continent hold approximately USD 500 billion in financial wealth offshore, roughly 30% of total financial wealth held by Africans....

In a robust defence of his arguments, John Smith continues to challenge David Harvey’s understanding of global capitalism and imperialism. Many important changes have shaken the world in the last thirty years, but imperialist Europe and North America continue to drain wealth from Latin America and Africa, as well as from parts of Asia. Yet China’s growing challenge to imperialist domination and the spread of global capitalist depression means that we no longer live in a post-World War II world, we live in a pre-World War III world. Harvey’s compass on these developments remains profoundly faulty. ...