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 ...

Eric Toussaint

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 Greece 2015: there was an alternative. London: Resistance Books / IIRE / CADTM, 2020 , 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, etc.
See his bibliography:
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.

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