X hits on this document

64 views

0 shares

0 downloads

0 comments

21 / 32

been the neocolonial nature of such flows. Essentially, the economies of the WAMZ

countries are still structurally colonial. Most of these countries are under the protective

umbrella of world capitalist powers that own investments in them and are interested in

controlling its resources and trade in their (colonial master’s) favour. Though politically

independent and not under the political autonomy of the colonial powers, the ruling class

is in conscious alliance with dominant expatriate capitalists for the exploitation of the

country’s resources and manpower to their mutual benefit. The economy in general,

stands to gain nothing from this unpleasant alliance, which often manifest in millions of

hard currencies stacked away in foreign banks. In this alliance internal policies are also

used to serve the interests of expatriates and this opens to these interests an avenue for

intervention in domestic affairs of the host countries. Sometimes, inter-ethnic conflicts

among the elites are exploited by the expatriates firms to increase their economic gains

and enjoy unparalleled monopoly (Toyo 1993).

Most African countries in general tend to be too eager to attract FDI. Citing a

UNECA report, Mwilima (2003) submits that “African governments have changed from

being generators of employment and spillovers for the local economy to governors of

state that promote competition and search for foreign capital to fill the resource gap”.

One reason for this change is the wholesale internalization of neo-liberal assumptions

promoted by the IMF and the World Bank. The other relates to the unpleasant alliance

mentioned earlier. The ruling elites are eager to serve the interest of their colonial partner

for selfish and non-patriotic reasons under the façade of pursuing national interest.

Moreover, there is no evidence to show that African countries in general really benefited

from

the

so-called

technological

transfer

and

diffusion

effect.

Instead,

local

20

Document info
Document views64
Page views64
Page last viewedSat Dec 03 05:08:31 UTC 2016
Pages32
Paragraphs1306
Words8354

Comments