Africa: New evidence of ongoing corporate looting
Publisher: Climate & Capitalism
Date Written: 05/02/2018
Year Published: 2018
Resource Type: Article
Cx Number: CX21995
A World Bank report indicates a massive depletion of Africa's natural wealth by transnational corporations (TNC). There are two ways to address TNC capture of African wealth: bottom-up through direct action that blocks extraction, or top-down through significant reform.
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 Domestic Product), which fails to consider depletion of non-renewable natural resources and pollution (not to mention unpaid women's and community work).