In 1967 Colonel #Gaddafi inherited one of the poorest nations in #Africa however, by the time he was assassinated in 2011, Gaddafi had used the 3 stages of true African #liberation to turn #Libya into Africa’s wealthiest nation. Libya had the highest GDP per capita and life expectancy on the continent. Less people lived below the poverty line than in the Netherlands.
Gaddafi practiced the redistribution stage of liberation by nationalizing #oil wealth to sustain progressive social welfare programs for all Libyans. Prior to Colonel Gaddafi, King Idris let Standard Oil essentially write Libya ‘s petroleum laws. Mr. Gaddafi put an end to all of that. Money from oil proceeds was deposited directly into every Libyan citizen’s bank account. Under Gaddafi’s rule, Libyans enjoyed not only free #healthcare and free education, but also free electricity and interest-free loans.
Gaddafi’s greatest crime, in the eyes of NATO, was his desire to put the interests of local labour above foreign capital by rejecting #IMF & #WorldBank neoliberal policies. In fact, in August 2011, President #Obama confiscated $30 billion from Libya’s Central Bank, which Gaddafi had earmarked for the establishment of the #African IMF and African Central Bank.
Gaddafi was assassinated by the West at a time when he was embarking on a continental mineral refinement program that would have dramatically shifted the economic balance between Africa and the West.
Financial imperialism involves Western capitals using the IMF and World Bank to overburden African economies with debt and force their governments to enact neoliberal, counter-developmental policies, such as #privatization #austerity & structural adjustment that put the interests of foreign capital over #local labour.
The World Bank and IMF control most African currencies, determine macro-economic policy, and national budgets. The indebted African State is thus left with just its judicial functions and above all, the maintenance of internal public order. In reality its economic system & thus its political policy is directed from outside.
According to a recent UN Africa Progress Report, Africa loses 63 billion each year by tax evasion alone