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New Estimates of Capital Flight from African Countries, 1970 – 2022

PERI researchers Léonce Ndikumana and James Boyce document the staggering level of financial hemorrhage being experienced by African economies through capital flight. Over the 53-year period 1970-2022, the 30 countries covered by the report lost an estimated $2.7 trillion through capital flight, roughly equal to these countries’ total 2022 GDP. Natural resource-rich countries are particularly affected, with six of the top 10 countries with the highest amount of capital flight being oil exporters. To some extent, capital flight is one of mechanisms of the ‘resource curse’ in Africa.

Economic Policy After Shareholder Primacy

In Good Company, PERI researcher Lenore Palladino analyzes how, under the doctrine of “shareholder primacy,” corporations operate with short-term goals to deliver profits to shareholders. Palladino explains how corporations draw power from public charters. In return, companies are meant to innovate for the betterment of the society that supports them. In practice, that commitment to social well-being is neglected, with stock buybacks and top management bonuses prioritized instead. Palladino describes how modern corporations could play this intended role as a positive social actor, and offers tangible policy solutions that could make this alternative purpose a reality.

New Measures Identify Worst Polluting U.S. Corporations

PERI researchers Michael Ash and James Boyce, along with Rich Puchalsky, have produced new editions of the Greenhouse 100 Polluters, Suppliers and Coal Indexes and Toxic 100 Air and Water Polluters Index. These identify U.S. corporations that produce the largest shares of greenhouse gas emissions as well as air and water pollution. The Greenhouse 100 finds that the largest polluters include Vistra, Southern Company and Duke Energy. The top corporate air and water polluters include Standard Industries, Dow, and Exxon Mobil. The indexes include environmental justice indicators assessing impacts on low-income people and minorities.

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