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Who Benefits from Mining in Zambia?

PERI researcher Léonce Ndikumana and co-authors Dale Mudenda and Bilen Gurara examine why Zambia’s vast endowment of mineral resources has not delivered higher living standards for the vast majority of Zambians. This is while the sector is mostly dominated by foreign corporations. The authors review the history, industrial organization, and management of Zambia’s mining sector, and explore the respective impacts of ownership structures, the fiscal regime, exposure to external shocks, and the sector’s lack of transformational orientation. The paper includes proposals for achieving significantly greater benefits from mining to the Zambian people. 

Credit Market Discrimination against Black and Latino Households

Black and Latino households overall have a lot less wealth than white households. They also often have to resort to more costly and risky forms of debt than white households. Edwith Theogene and Christian Weller document that incidences of high-cost, high-risk consumer credit is higher among Black and Latino households than among white households. Loan denials, credit market discrimination and credit steering likely contribute to this pattern. This more widespread incidence of consumer credit among Black and Latino households is, in turn, a factor explaining the persistence of the racial wealth gap.

The Growth of “Private” U.S. Financial Markets

Over the past decade, “private” financial markets, which face little oversight by regulators, have grown to the point where they dominate financial activity. PERI researcher Lenore Palladino and Harrison Karlewicz describe the segments of the private market, including private equity firms and asset managers. The private markets have approximately tripled in size in the last decade to $26 trillion in gross assets, compared to $23 trillion for the U.S. commercial banking industry. This development introduces new systemic risks to the economy at large and for the institutional shareholders participating in these markets.

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