On Jun 18, 2008, at 8:42 AM, Carrol Cox wrote:
Are there figures available on the net inflow/outflow of funds from
Africa? From Latin America?
Of course. U.S. stats are at
<http://bea.gov/international/di1usdbal.htm>.
Here are the reported profits of U.S. multinationals, in billions of
dollars, by place of origin for 2006. These are probably understated
for tax-dodging purposes, though it should give you some idea of the
magnitudes involved.
total $ 291.5
Canada 23.4
Europe 146.6
Latin Amer 50.4
Africa 5.5
Middle East 6.3
Asia 59.2
About 1/2 of the LatAm profits were from Caribbean tax and regulatory
shelters (like the Bahamas); about 45% of Asian profits came from
Japan, South Korea, and Singapore. So no more than $25 billion of
corporate profits came from poorer parts of the world - and of that
subset, far more came from Latin America than Africa.
For comparison, total domestic profits that year were $1.3 trillion,
and compensation of employees, $4.9 trillion.
I'm really open to hearing a counterargument, but I've never really
heard one.
Doug
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