Transfers from the Periphery to the Centre, from Labour to Capital
8 January 2004 by Eric Toussaint
Public opinion is convinced that the North is trying to help the South. Yet François Mitterrand declared in Naples at the G7 Summit in July 1994, “Despite the considerable amounts spent on bilateral and multilateral aid, the flow of
capital from Africa towards the highly industrialised countries is greater than that which flows towards the
developing countries.”
In fact there is a massive transfer of the social surplus created by salaried workers and small producers in the
South towards the ruling classes of industrialised and Third World countries. This chapter begins with a general
overview of the different forms of transfer from the South to the North. Transfers from salaried workers and small
producers in the South towards the capitalists in North and South alike will be included, as will the losses of
potential income in hard currency suffered by the South because of the protectionist policies of the North. Finally,
money sent to the developing countries by migrants and certain aspects of official development aid will be dealt
with ...
is a historian and political scientist who completed his Ph.D. at the universities of Paris VIII and Liège, is the spokesperson of the CADTM International, and sits on the Scientific Council of ATTAC France.
He is the author of Debt System (Haymarket books, Chicago, 2019), Bankocracy (2015); The Life and Crimes of an Exemplary Man (2014); Glance in the Rear View Mirror. Neoliberal Ideology From its Origins to the Present, Haymarket books, Chicago, 2012 (see here), etc.
See his bibliography: https://en.wikipedia.org/wiki/%C3%89ric_Toussaint
He co-authored World debt figures 2015 with Pierre Gottiniaux, Daniel Munevar and Antonio Sanabria (2015); and with Damien Millet Debt, the IMF, and the World Bank: Sixty Questions, Sixty Answers, Monthly Review Books, New York, 2010. He was the scientific coordinator of the Greek Truth Commission on Public Debt from April 2015 to November 2015.
Other articles in English by Eric Toussaint (544)
Version 2.0: The North’s New Debt Trap for the South
Evolution of the external debt of developing countries between 2000 and 201919 January, by Eric Toussaint , Milan Rivié
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In memory of Patrice Lumumba, assassinated on 17 January 1961
17 January, by Eric Toussaint
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“Exceptional circumstances can help indebted States”
14 January, by Eric Toussaint
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11 questions / 11 answers about the new global debt crisis and how it can be radically reduced
29 December 2020, by Eric Toussaint , Olivier Bonfond , Mats Lucia Bayer
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Climate and environmental crisis: Sorcerer’s apprentices at the World Bank and the IMF
23 December 2020, by Eric Toussaint
A new trap of indebtedness of the South to the North - Part 3
Developing Countries caught in the vice-like grip of indebtedness1 December 2020, by Eric Toussaint , Milan Rivié
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Report on the International Situation and the activities of CADTM International since May 2020
1 December 2020, by Eric Toussaint , CADTM International , Jean Nanga , Christine Vanden Daelen , Sushovan Dhar , Maria Elena Saludas , Omar Aziki , Rémi Vilain
A new trap of indebtedness of the South to the North - Part 2
Threats over the external debt of Developing Countries27 November 2020, by Eric Toussaint , Milan Rivié
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A country is entitled to refuse to repay a debt
26 November 2020, by Eric Toussaint , Revista Mugica
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Europe and the Pandemic
9 November 2020, by Eric Toussaint , Manoel Barbeitos
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