Extracting Profit: Imperialism, Neoliberalism and the New Scramble for Africa
A piercing historical explanation of poverty and inequality in African societies today and the social impact of resource-driven growth, Extracting Profit explains why Africa, in the first decade and a half of the twenty-first century, has undergone an economic boom. Rising global prices in oil and minerals have produced a scramble for Africa’s natural resources, led by investment from U.S., European and Chinese companies, and joined by emerging economies from around the globe. African economies have reached new heights, even outpacing rates of growth seen in much of the rest of the world. Examined through the lens of case studies of the oil fields of the Niger River Delta, the Chad-Cameroon Pipeline and the East African infrastructure boom, this period of ‘Africa rising’ did not lead to the creation of jobs, but has instead fuelled the extraction of natural resources, profits accruing to global capital, and an increasingly wealthy African ruling class.