Paul Collier writes:
The loot-seeking elites that control parts of Africa illicitly send capital out of the region to the tune of $20 to $28bn per year. Illicit money flows are hard to quantify, but this is the new estimate by Raymond Baker of the NGO Global Financial Integrity, the most careful and ingenious study to date. Capital flight of this magnitude is roughly equivalent to the entire aid inflow to the region, so closing it would generate a similar resource transfer to doubling aid. One side-effect of the financial crisis is that aid commitments will be at the front of the queue for spending cuts. For example, in the vice-presidential debate it was the only Democratic spending pledge that Joe Biden suggested might be rethought...[continue reading]
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