...William Easterly's new book.

Easterly, economics professor at New York University and formerly a senior research economist at the World Bank, argues that foreign aid is neither necessary nor sufficient to raise living standards in developing countries. It is not necessary because several countries have been able to raise standards without a big aid-financed push--Korea is an obvious example. And it is far from sufficient because many countries have remained mired in poverty despite receiving substantial foreign aid. "The typical country in Africa," Easterly writes, "received more than 15 percent of its income from foreign donors in...

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