One legacy – the re-colonisation of Africa
But politically conscious Africans are calling it the “Recolonisation of Africa” act, and warn that it will only increase the plunder of this rich continent by corporate pirates.
While 80% of world trade takes place in ‘value chains’ linked to transnationals, this power-base allows Multinationals to trade-off labour and environmental standards with the need for more profitability. They have the flexibility to move anywhere in the world, holding countries to ransom whose neoliberal economic-policy prescription relies upon foreign investment, as dictated by the imperialism of the IMF who in turn execute their will through conditionality of loan payments and the subsequent debt. The World Trade Organisation and regional trade blocks such as the EU are also central to this process, since it is clear that trade agreements (geared in the interests of corporations by lobbying through groups such as the ‘European Roundtable of Industrialists’) are facilitating the supremacy of multinational capital over national sovereignty and the encroachment of financial capital in national economies of the South.
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