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Aiding and abetting

Zambian economist Dambisa Moyo talks to Prospect about why development is simple, good governance comes second to financial stability, and the credit crunch may be good for Africans

By ASH Smyth   July 2009

According to Dambisa Moyo, the policy of foreign aid to Africa constitutes “the single worst decision of modern developmental politics.” Since the establishment of the Bretton Woods institutions in the 1940s, approximately $1 trillion has been thrown at the problem of African development, during which time the continent as a whole has failed to progress. In the last 30 years, the worst economies have actually shrunk, and even as the torrent of aid reached its high-water mark the poverty rate was increasing six-fold.

Moyo, a former World Bank consultant and Goldman Sachs employee, made her argument in “Dead Aid” (Allen…

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