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Live 8 - G8: doing what we can in an imperfect world : Comments
By Nicholas Gruen, published 7/7/2005Nicholas Gruen argues we need to dig deeper to help alleviate poverty in the Third World.
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To set the record straight...Sending aid to africa has made things worse, not better. All the aid has really done is further decimate the african economy, causing rampant inflation that has destroyed local agricultural and textile markets. (And that is when the aid actually gets there as opposed to be intercepted by corrupt officials.
See this article in the LA Times for more info
http://www.latimes.com/news/columnists/la-oe-boot7jul07,1,1010818.column?ctrack=1&cset=true
I am also amazed that Nicholas ignores the large private donations that come out of the US every year (Totally 60 Billion dollars) which actually push the US aid contributions .68%, very close to the gold star figure of .71% that Sachs plucks out of the air.
Given the history of the last 100 years, it is quite clear that a democratic/republic society with a capitalistic economy is the best way to fight poverty. Throwing money at it has quite clearly failed and only made the third world's plight so much worse.