The Looting Machine Warlords, Oligarchs, Corporations, Smugglers, and the Theft of Africas Wealth - Tom Burgis
Language: EnglishKeywords:
Africa
Business & Economics
History
Industries
International Relations
Natural Resource Extraction
Political Science
Trade & Tariffs
Shared by:Guest
Written by
Read by Grover Gardner
Format: FLAC
Unabridged
The trade in oil, gas, gems, metals and rare earth minerals wreaks havoc in Africa. During the years when Brazil, India, China and the other “emerging markets” have transformed their economies, Africa’s resource states remained tethered to the bottom of the industrial supply chain. While Africa accounts for about 30 per cent of the world’s reserves of hydrocarbons and minerals and 14 per cent of the world’s population, its share of global manufacturing stood in 2011 exactly where it stood in 2000: at 1 percent.
In his first book, The Looting Machine, Tom Burgis exposes the truth about the African development miracle: for the resource states, it’s a mirage. The oil, copper, diamonds, gold and coltan deposits attract a global network of traders, bankers, corporate extractors and investors who combine with venal political cabals to loot the states’ value. And the vagaries of resource-dependent economies could pitch Africa’s new middle class back into destitution just as quickly as they climbed out of it. The ground beneath their feet is as precarious as a Congolese mine shaft; their prosperity could spill away like crude from a busted pipeline.
This catastrophic social disintegration is not merely a continuation of Africa’s past as a colonial victim. The looting now is accelerating as never before. As global demand for Africa’s resources rises, a handful of Africans are becoming legitimately rich but the vast majority, like the continent as a whole, is being fleeced. Outsiders tend to think of Africa as a great drain of philanthropy. But look more closely at the resource industry and the relationship between Africa and the rest of the world looks rather different. In 2010, fuel and mineral exports from Africa were worth 333 billion, more than seven times the value of the aid that went in the opposite direction. But who received the money? For every Frenchwoman who dies in childbirth, 100 die in Niger alone, the former French colony whose uranium fuels France’s nuclear reactors. In petro-states like Angola three-quarters of government revenue comes from oil. The government is not funded by the people, and as result it is not beholden to them. A score of African countries whose economies depend on resources are rentier states; their people are largely serfs. The resource curse is not merely some unfortunate economic phenomenon, the product of an intangible force. What is happening in Africa’s resource states is systematic looting. Like its victims, its beneficiaries have names.
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| Creation Date: | Sat, 27 Oct 2018 17:49:49 -0400 |
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This post has 6 comments with rating of 5/5
October 27th, 2018
*yawn* IF African countries are “destitute”, they only have themselves to blame…where were they investing their money given them by wealthier first world countries. Where did they prospect? Did they use any of the money from companies, banks and the IMF to finance the discovery, recovery and manufacturing of various resources? Or did they just sit there with their hands out waiting for money to drop out of the sky?
Does anyone consider that the warlords and various ‘leaders’ are utterly corrupt? Why didn’t someone from their own country deal with and depose corrupt leaders? You also have various factions of is lam kidnapping, raping and killing but they say they’d stop - for a price…and lie. And continue. This is just another in a long line of left-leaning twaddle.
October 28th, 2018
Incredible book. I recommend it to anyone who wants to understand how natural resources have corrupted post-colonial Africa.
October 28th, 2018
@spaniel1
republicans show up in the strangest of places to find information they can distort and fit into their delusional narrative of the world. Facts don’t seem to be of any importance to Republicans.
October 28th, 2018
@aristolochene I know right people like spaniel1 just really piss me off they think they know better but they don’t.
good book by the way
October 28th, 2018
More victimhood narrative . Africa has the highest concentration of corrupt individuals, official and non-official in the world. To blame it all on one characteristic is sheer half-truth. Otherwise, explain how African descendants succeed and bloom and enrich themselves and humanity, everywhere else in the world, except in Africa!
February 14th, 2020
Please seed this fine piece of ###
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