State capture is a worldwide occurrence meant to benefit a few elite, says academic
International economist and analyst Daniel Kaufmann details how some countries experience state capture in the oil‚ mining and financial sectors
The state-capture phenomenon manifests itself in different countries and has a devastating impact on affected countries. It is also shaped in a way that is meant to benefit a few elite. Testifying at the Zondo commission of inquiry on Wednesday‚ international economist and analyst Daniel Kaufmann detailed how some countries experience state capture in the oil‚ mining and financial sectors, while in some it is drug traffickers involved in illicit trade that have substantial influence on governments. Despite differing in its manifestation‚ the consequences of state capture are all devastating for economies‚ said the Chilean academic. Kaufmann said it didn’t matter what form the capture takes‚ at its heart it is designed to “shape the rules of the games for the benefit of the few elite”. Among the arms of the state that are targets for capture are‚ among others‚ the president‚ cabinet‚ judiciary and councilors. But Kaufmann said the relationships between the “captor” and the “captured”...