The summer 2009 edition of the Stanford Social Innovation Review is up now online. This season’s publication includes a review by Jane Wales, our CEO & President, of the much publicized book by Dambisa Moyo, Dead Aid: Why Aid is not Working and How there is a Better Way for Africa. Read an excerpt from the article below:
“As the global financial crisis unfolds, those least responsible– our world’s poor – will be most affected. Many have called upon President Obama to uphold his campaign commitment to double foreign assistance. But Dambisa Moyo’s book, Dead Aid, challenges us to think again. 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. With a Ph.D. in economics from Oxford University and a master’s from Harvard University’s John F. Kennedy School of Government, she is more than qualified to tackle this subject.
In Dead Aid, Moyo comes out guns blazing against the aid industry – calling it not just ineffective, but also “malignant”. Despite more than $1 trillion in development aid given to Africa in the past 50 years, she argues that aid has failed to deliver sustainable economic growth and poverty reduction – and has actually made the continent worse-off. To remedy this, Moyo presents a road map for Africa to wean itself off of aid over the next five years and offers a menu of alternative means of financing development…”
Read the full article here on SSIR’s website. There is also a colorful debate going on at The Huffington Post between economists Jeffrey Sachs and William Easterly related to their thoughts on Moyo’s book, and on aid more generally.