L1.5 - Hungry Dragon Flashcards
How much were the finance projects worth in Angola?
$465 million of finance projects since 2000
Includes the Luanda Railways and electricity distribution lines
Who is Immanuel Wallerstein?
American post-colonial sociologist
Critiqued global capitalism
He believed that there was no ‘third world’ - just ‘one world connected by a complex network of economic exchange relationships’
What are the benefits of international relations?
African debt has been written off by China
The deal is Chinese companies should be contracted to do the building work, but African countries have to supply the raw materials
But African countries are also bartering with China (it knows they need their resources)
How many barrels of oil per day does Angola need for China?
10,000 barrels of oil per day
What are the costs of international relations?
Private companies lose out
The new Chinese goods often aren’t very food
Led to riots in Zambia when anti-Chinese opposition politician ‘lost’ an election
The value of clothing/textiles has fallen, which leads to job losses
Why do private companies lose out due to international relations?
They can’t compete with the Chinese, and do not have the resources to build a road/power station
What percentage has the value of textiles/clothing fallen by?
17%
What are the implications of international relations?
Unconditional trade - ignoring human rights abuse, dictators staying in power
Poverty is ignored; whilst Western companies expect change, China just provides money
There is more money for Africa in extracting raw materials
Who is China’s 2nd biggest trading partner?
Angola
Why are French and Portuguese companies shut out by Angola now?
They no longer need Western support
How many teachers and how many doctors have been sent to Africa?
600 teachers and 15,000 doctors have been sent to Africa
How much did it cost to rebuild the infrastructure?
$1bn credit to rebuild infrastructure
How many Chinese state companies are working in Africa?
650 Chinese (state) companies are working in Africa
Who is Africa’s 3rd largest trading partner?
Africa (behind USA and France)
What has China flooded the market with?
Cheap goods which destroys local industries
