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Showing posts with the label "net resource transfers"

Imperialist Realities vs. the Myths of David Harvey

In 2015, researchers based in Brazil, India, Nigeria, Norway and the USA published  Financial flows and tax havens: combining to limit the lives of billions of people , which they fairly claim to be “the most comprehensive analysis of global financial flows impacting developing countries compiled to date.” Their report calculates ‘net resource transfers’ (NRT) between developed and developing countries, combining licit and illicit inflows and outflows—from development aid and remittances of wages to net trade receipts, debt servicing, new loans, FDI and portfolio investment and repatriated profits, along with capital flight and other forms of financial chicanery and outright theft. They found that in 2012, the most recent year for which they could obtain data, what they call ‘developing and emerging countries’ (which of course includes China) lost $2.0 trillion in net transfers to rich countries, equivalent to 8% of emerging nations’ GDP in that year—four times larger than the averag