Criticism 1 — Aid does not bring about economic growth At the end of chapter 3 — Aid is not working, Moyo starts to outline her basic criticism of Aid — This basic criticism being that aid has not effectively promote economic growth in Africa — Over 1 trillion dollars has been pumped into Africa over the past 60 years and there is little to show for it. In fact, according to Moyo, aid is malignant, it is the problem! He manufactures around nets a week. He employs 10 people, who each have to support upwards of 15 relatives. However hard they work, they cannot make enough nets to combat the malaria-carrying mosquito.
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Many have called upon President Obama to uphold his campaign commitment to double foreign assistance. Although we can all agree that ending poverty is an urgent necessity, there appears to be increasing disagreement about the best way to achieve that goal.
Born and raised in Lusaka, Zambia, Moyo has spent the past eight years at Goldman Sachs as head of economic research and strategy for sub-Saharan Africa, and before that as a consultant at the World Bank. Kennedy School of Government, she is more than qualified to tackle this subject.
To remedy this, Moyo presents a road map for Africa to wean itself of aid over the next five years and offers a menu of alternative means of financing development. Sub-Saharan Africa remains the poorest region in the world, where literacy, health, and other social indicators have plummeted since the s.
Pulling us through a quick history of aid, Moyo covers the many ways its intent and structure have been influenced by world events. So what does Moyo propose we do?
These new financing mechanisms should include increased trade particularly among African nations and with emerging markets like China, India, and Brazil , foreign direct investment, entrance into international capital markets, and increased domestic savings through remittances and microfinance. The end goal is to phase reliance on aid down to 5 percent or less within five years.
Sound impossible? This political will, Moyo argues, must be rallied by Western activists, for they are the only ones with the ability and the incentive to drive change.
Moyo expands the boundaries of the development conversation—one that has become both more vibrant and more nuanced in recent months. Those of us rethinking aid can all agree that the time has come for deeper and more direct involvement of Africans in setting their own development course. The second-best time is now.
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