Sunday, January 23, 2011

Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa

A well-written book describing why Africa, despite billions of dollars in aid, remains the poorest continent on the globe.

Over the past 60 years at least $1 trillion in aid was sent to Africa - yet, calls for even more grow steadily louder. Moyo - a native of Zambia, contends that evidence demonstrates that this aid has made the poor poorer. Real per-capita income today is lower than it was in the 1970s. In other words, aid is not part of the solution, it is part of the problem.

The most interesting criticism of this book comes from those who agree with Ms. Moyo's assessment that aid is wasted by mis-management and corruption but refute her assertion that aid is, in itself, harming Africa. Her critics insist that aid is the answer and that more is needed - it simply must be implemented more efficiently. Ms. Moyo expertly refutes these claims.

Dambisa Moyo was born and raised in Lusaka, Zambia. Her mother is chairwoman of the Indo-Zambia Bank. Her father, the son of a South African mine worker, runs Integrity Foundation, an anti-corruption organization. Moyo is the former Head of Economic Research and Strategy for Sub-Saharan Africa at Goldman Sachs in London, where she worked for eight years. Moyo has also worked at the World Bank in D.C., where she was a co-author of its annual World Development Report.