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 (522)
- Time For A Renewed Anti-Debt Movement
1 June, by Eric Toussaint , Beverly Keene , Lidy B. Nacpil , Dorothy Guerrero
- The DiEM25 Plan to Confront the Covid-19 Crisis in Europe
27 May, by Eric Toussaint , Olivier Bonfond , Eva Betavatzi
- The World Bank and the IMF in Indonesia: an emblematic interference
13 May, by Eric Toussaint
- The World Bank’s support of the dictatorship in Turkey (1980-1983)
24 April, by Eric Toussaint
- “Suspend external debts and apply tax to the wealthy”, is it possible to face the health crisis?
22 April, by Eric Toussaint
- Covid-19: Likely financial conflagrations to come
21 April, by Eric Toussaint
- Covid-19: stage assessment on the multidimensional crisis and alternative approaches
19 April, by Eric Toussaint
- Covid-19 on a debt assault
17 April, by Eric Toussaint , Christophe Koessler
- The World Bank and the Philippines
17 April, by Eric Toussaint
- World Bank and IMF support to dictatorships
9 April, by Eric Toussaint
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