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Description
A Farewell to Alms: A Brief Economic History of the World
By Gregory Clark. 2007. Princeton University Press. Pp. 420, $29.95 hardcover.
Developed countries have given $2.3 trillion dollars in foreign aid to less developed countries over the past five decades. What have we gotten in return? No one is quite sure. A new book says the recipients, especially countries in sub-Saharan Africa, actually are worse off because of aid. It is a must-read book for business economists involved in international affairs.
A Farewell to Alms, by Gregory Clark (an economic historian at the University of California, Davis) is creating quite a stir in economic development circles because (1) his general theory is both ingenious and easy to understand, (2) it is backed by a breathtaking array of evidence, and (3) it is very politically incorrect.
The central idea was first proposed by the 19th century demographer Thomas Malthus, who believed that the vast majority of human beings would always live at the subsistence level. The reason: the population would always adjust to the available food supply. Suppose there is a... |
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