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US foreign aid to Africa does little to spur economic development in the region. Although the average per capita aid to Africa is nearly 32 dollars per year, the average annual growth rate for the region was a paltry .27 percent. The difficult reality is that America should not be funding a program that is an economic failure.
Doesn't this just show that randomly sending money doesn't spur economic growth?
Here's a quote from "Why Nations Fail: The Origins of Power, Prosperity, and Poverty"
- "As we spell out in our book, this is not to do with a vicious circle of poverty, waiting to be broken by foreign money. Poverty is instead created by economic institutions that systematically block the incentives and opportunities of poor people to make things better for themselves, their neighbors and their country."
I'd love to see a graph of other means of aid (not just donations) and how effective they have been in helping reduce poverty in Africa. Investment in community farming or medical supplies would be good examples.