Faulty Band-Aid (Why foreign aid doesn’t work)

Hosannas are being sung to the rocker Bono and G-8 leaders in praise of the recently announced agreement to relieve developing countries — mostly African — of more than $40 billion in debt.

The Christian Science Monitor calls it “a victory for the world’s poorest continent.” World Bank President Paul Wolfowitz declares it to be “a very important, successful outcome.” U.S. Treasury Secretary John Snow boasts that it’s “an achievement of historic proportions.” And according to Larry Elliott of The Guardian, it’s “a once-in-a-generation opportunity.”

But it won’t work.


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