Foreign Aid: A noble act of non-creative destruction

“Poor people in poor countries are poor because they have low incomes; they have low incomes because they produce very little value; they produce very little value because they are restricted from doing so by kleptocractic, corrupt, tyrannical, and destructive governments, most of which have been (and I add, still are) recipients of huge sums of foreign aid” – Tom Palmer, Senior Fellow CATO Institute

While the idea of providing monetary and financial incentives to facilitate the economic growth of undeveloped regions seems noble, there are distinct fallacies and unplanned destructive effects from that proposal.

Read more: http://communities.washingtontimes.com/neighborhood/liberating-afri...

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Comment by Georges Guillaume GAMBADATOUN on June 21, 2013 at 5:31am

Great analysis!

What can we do as young to empower our own development?

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