The people of South Africa, and the African National Congress-led government, have made extraordinary social and economic advances since ending apartheid and beginning the transition to democracy in 1994. But the country still faces severe problems of mass unemployment, underemployment and poverty. This study, sponsored by the United Nations Development Program, presents a detailed economic program designed to produce major reductions in unemployment and poverty, and a general spreading of economic well-being, and to achieve these ends in a manner that is sustainable over a longer-term framework. The 'employment-targeted' program developed here builds from standard policy tools and initiatives already undertaken by the government in the areas of macroeconomic policy, development banking and large-scale credit subsidies, labor-intensive public investments, and social welfare expenditures. The authors introduce these measures alongside specific proposals in the areas of fiscal budgetary control, inflation control and exchange rate management. Students and scholars of development economics will find this analysis of South Africa's economy, and the authors' plan for stimulating job growth, of great interest.

There is a general consensus in the scholarly literature that the post-colonial state in Africa has failed. Some states (Liberia, Rwanda, Sierra Leone, Somalia) have collapsed. Various arguments have been proffered to explain this dynamics of African state failure and collapse. However, the literature on state reconstitution is inchoate and minimal. This edited volume focuses on prescriptions for reconstituting the post-colonial state in Africa. Essays on nine African states (Burundi, the Democratic Republic of the Congo, Ethiopia, Kenya, Nigeria, Sierra Leone, Somalia, South Africa, and Uganda) are preceded by an introduction to the political economy of the African state.

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 sub-Saharan 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. Leonce 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, debt-service 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.

On the Trail of Capital Flight from Africa investigates the dynamics of capital flight from Angola, Cote d'Ivoire, and South Africa, countries that have witnessed large-scale illicit financial outflows in recent decades. Quantitative, qualitative, and institutional analysis for each country is used to examine the modus operandi of capital flight; that is, the 'who', 'how', and 'where' dimensions of the phenomenon. 'Who' refers to major domestic and foreign players; 'how' refers to mechanisms of capital acquisition, transfer, and concealment; and 'where' refers to the destinations of capital flight and the transactions involved. The evidence reveals a complex network of actors and enablers involved in orchestrating and facilitating capital flight and the accumulation of private wealth in offshore secrecy jurisdictions. This underscores the reality that capital flight is a global phenomenon, and that measures to curtail it are a shared responsibility for Africa and the global community. Addressing the problem of capital flight and related issues such as trade misinvoicing, money laundering, tax evasion, and theft of public assets by political and economic elites will require national and global efforts with a high level of coordination.

This edited collection provides the most comprehensive thematic analysis of capital flight from Africa, covering economic and institutional aspects, as well as domestic and global dimensions. It is organized in three parts. The first part discusses the importance of capital flight in the context of the development policy discourse at national and international level. This part takes stock of the existing evidence on the nature, causes, and consequences of capital flight. It provides the most recent data on the magnitude of capital flight from 39 African countries, and a detailed analysis of the impact of capital flight on economic development in general and on poverty reduction in particular. The second part examines economic factors and impacts of capital flight. It presents analysis of capital flight in a flow of funds context, the impact of capital flight on macroeconomic outcomes with a focus on growth, and the linkages between capital flight and monetary policy, financial liberalization, and the global financial system. The third part explores the domestic and international institutional environment and its relevance for capital flight and stolen asset recovery. It discusses the role of governance, tax evasion, and secrecy jurisdictions in driving capital flight. The last part of the book offers suggestions for strategies to address the problem of capital flight from African countries.

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 sub-Saharan 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. Leonce 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, debt-service 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.

This edited collection provides the most comprehensive thematic analysis of capital flight from Africa, covering economic and institutional aspects, as well as domestic and global dimensions. It is organized in three parts. The first part discusses the importance of capital flight in the context of the development policy discourse at national and international level. This part takes stock of the existing evidence on the nature, causes, and consequences of capital flight. It provides the most recent data on the magnitude of capital flight from 39 African countries, and a detailed analysis of the impact of capital flight on economic development in general and on poverty reduction in particular. The second part examines economic factors and impacts of capital flight. It presents analysis of capital flight in a flow of funds context, the impact of capital flight on macroeconomic outcomes with a focus on growth, and the linkages between capital flight and monetary policy, financial liberalization, and the global financial system. The third part explores the domestic and international institutional environment and its relevance for capital flight and stolen asset recovery. It discusses the role of governance, tax evasion, and secrecy jurisdictions in driving capital flight. The last part of the book offers suggestions for strategies to address the problem of capital flight from African countries.

"Un ouvrage d'avant-garde qui devrait etre lu par tous soucieux de l'Afrique. D'une maniere magistrale, mais facilement comprehensible et approfondie, les auteurs demolissent le mythe selon lequel les pays africains ont recu d'importants flux nets de capitaux etrangers. Ce livre devrait modifier radicalement la pensee et la politique." - John Weeks, Professeur emerite, SOAS, Universite de Londres, Royaume-Uni. "C'est probablement le livre le plus important sur l'Afrique de ces dernieres annees, une lecture capitale pour quiconque a un interet dans les affaires africaines... Enrageant, eclairant et encourageant dans une egale mesure, ce livre conjugue passion et excellence en recherche: un reel tour de force." - John Christensen, Directeur, Tax Justice Network, Etats-Unis. Dans La dette odieuse de l'Afrique, Leonce Ndikumana et James K. Boyce revelent le fait choquant que, contrairement a la perception populaire comme quoi l'Afrique ponctionne les ressources financieres de l'Occident, le continent est en fait un creancier net du reste du monde. Au cours des quatre dernieres decennies, plus de 700 milliards de dollars ont fui les pays africains. Toutefois, les actifs de l'Afrique detenus a l'etranger sont prives et caches, tandis que ses dettes exterieures sont publiques, dus par les peuples africains a travers leurs gouvernements. Ndikumana et Boyce montrent les liens intimes entre les prets etrangers et la fuite des capitaux. Plus de la moitie de l'argent emprunte par les gouvernements africains dans les dernieres decennies a fui dans la meme annee, une partie importante etant deposee dans des comptes prives dans les memes banques qui ont fourni les prets. Entre temps, le service de la dette continue a drainer les ressources rares de l'Afrique, reduisant ainsi les fonds disponibles pour la sante publique et d'autres besoins de base. De facon provocatrice, les auteurs proposent que les gouvernements africains devraient repudier ces "dettes odieuses" dont leur peuple n'a tire aucun avantage, et que la communaute internationale devrait aider dans cet effort. Un livre indispensable pour quiconque s'interesse a l'Afrique, son avenir et ses relations avec du monde.