Free capital movement drains franc-zone resources to the rest of the world.
Evidence
When key economic sectors are under the control of foreign capital, as is the case in most countries in the franc zone, the free movement of capital acts as a mechanism for draining African resources towards the rest of the world: a licence to loot. This phenomenon is particularly noticeable in the countries most endowed with natural resources: the Ivory Coast, Cameroon, Congo, Gabon and Equatorial Guinea. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 313
Categorization
- XREF: Directly evokes the colonial ‘economie de traite’ the author tied to earlier chapters. — connects to: Free trade agreements would doubly penalize franc zone producers.
Related
- Free trade agreements would doubly penalize franc zone producers. (similarity 0.88)
- The colonial vertical-integration trade model persists despite reoriented trading partners (similarity 0.80)
- The colonial export economy locked the freed colony into sugar and coffee production. (similarity 0.80)
- The colonial resource grab morphed into a neoliberal regime that maintained extraction mechanisms (similarity 0.79)
- France federated its West African colonies to decentralize rule and rationalize economic development (similarity 0.78)