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A review by amonum
Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa by Dambisa Moyo
4.0
7/10
Dead Aid is a provocative and controversial book that challenges the conventional wisdom on foreign aid and development in Africa. The Zambian-born author is an economist who worked at the World Bank and Goldman Sachs. She argues that aid has not only failed to reduce poverty and promote growth in Africa, but has actually made the continent worse off by creating dependency, corruption, and inefficiency.
Moyo presents a compelling case against aid, drawing on historical examples, empirical evidence, and logical arguments. She shows how aid has distorted the incentives of both donors and recipients, undermined the accountability of governments and institutions, and crowded out other sources of financing and investment. She also exposes the flaws and biases of the aid industry, which she claims is driven by self-interest, ideology, and ignorance.
Moyo does not deny that Africa faces serious challenges and needs assistance, but she proposes a different way of financing development that does not rely on aid or aid-related assistance. She suggests that Africa should tap into other sources of capital, such as trade, foreign direct investment, remittances, microfinance, and capital markets. She also advocates for reforms in governance, institutions, and policies that would enable Africa to attract and retain these alternative sources of funding.
Moyo's book is not without its limitations and criticisms. Some of her arguments are oversimplified, exaggerated, or inconsistent. For example, she blames aid for Africa's poor performance, but ignores other factors such as geography, history, culture, and external shocks. She also praises countries like China and India for their economic success without aid, but overlooks their social and environmental problems. Moreover, some of her proposals are unrealistic, impractical, or risky. For instance, she suggests that Africa should cut off all aid within five years, but does not address the potential consequences or challenges of such a drastic move.
This is a bold and provocative book that challenges us to rethink our assumptions and attitudes about aid and development not only in Africa but also in other places. It offers a fresh perspective and a new vision for how Africa can achieve economic growth and poverty reduction without reliance on foreign aid. It is a good-read for anyone interested in or concerned about Africa's future.
Dead Aid is a provocative and controversial book that challenges the conventional wisdom on foreign aid and development in Africa. The Zambian-born author is an economist who worked at the World Bank and Goldman Sachs. She argues that aid has not only failed to reduce poverty and promote growth in Africa, but has actually made the continent worse off by creating dependency, corruption, and inefficiency.
Moyo presents a compelling case against aid, drawing on historical examples, empirical evidence, and logical arguments. She shows how aid has distorted the incentives of both donors and recipients, undermined the accountability of governments and institutions, and crowded out other sources of financing and investment. She also exposes the flaws and biases of the aid industry, which she claims is driven by self-interest, ideology, and ignorance.
Moyo does not deny that Africa faces serious challenges and needs assistance, but she proposes a different way of financing development that does not rely on aid or aid-related assistance. She suggests that Africa should tap into other sources of capital, such as trade, foreign direct investment, remittances, microfinance, and capital markets. She also advocates for reforms in governance, institutions, and policies that would enable Africa to attract and retain these alternative sources of funding.
Moyo's book is not without its limitations and criticisms. Some of her arguments are oversimplified, exaggerated, or inconsistent. For example, she blames aid for Africa's poor performance, but ignores other factors such as geography, history, culture, and external shocks. She also praises countries like China and India for their economic success without aid, but overlooks their social and environmental problems. Moreover, some of her proposals are unrealistic, impractical, or risky. For instance, she suggests that Africa should cut off all aid within five years, but does not address the potential consequences or challenges of such a drastic move.
This is a bold and provocative book that challenges us to rethink our assumptions and attitudes about aid and development not only in Africa but also in other places. It offers a fresh perspective and a new vision for how Africa can achieve economic growth and poverty reduction without reliance on foreign aid. It is a good-read for anyone interested in or concerned about Africa's future.