THE exodus of a large number of multinational companies (MNCs) over the past two years should have raised red flags among policymakers and the IMF. Instead, it has been met with a business-as-usual approach. Despite the glib explanation of how ‘global capital allocation decisions’ were the main factor behind the high-profile exits, three associated facts point clearly to deeper issues closer to home. The first is the sheer number of companies choosing to exit, in conjunction with the wide range