12 April 2009

Dead Aid ~ Dambisa Moyo on Investing in Africa

Thanks to MIT colleague Anjali Sastry for pointing out Charlie Rose's interview of Dambisa Moyo. Moyo's the author of Dead Aid which argues that the more than $1 trillion in development-related aid transferred from rich countries to Africa over the past 5 decades has not worked and that there's a better way going forward...
"...drawing a sharp contrast between African countries that have rejected the aid route and prospered and others that have become aid-dependent and seen poverty increase, Moyo illuminates the way in which overreliance on aid has trapped developing nations in a vicious circle of aid dependency, corruption, market distortion, and further poverty, leaving them with nothing but the “need” for more aid. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Moyo offers a bold new road map for financing development of the world’s poorest countries that guarantees economic growth and a significant decline in poverty -- without reliance on foreign aid or aid-related assistance."
Rose interviewed Moyo and then Acumen's Jacqueline Novogratz... Be sure also to read Moyo's piece in the WSJournal Why Foreign Aid Is Hurting Africa.

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