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Review
“Moyo is right to raise her voice, and she should be heard if African nations and other poor countries are to move in the right direction.†―Jagdish Bhagwati, Foreign Affairs“Moyo presents a refreshing view.†―Lisa Miller, Newsweek“A tightly argued brief . . . Vivid.†―Matthew Rees, The Wall Street Journal“An incendiary new book . . . Here is a refreshing voice . . . What makes Dead Aid so powerful is that it's a double-barrelled shotgun of a book. With the first barrel, Moyo demolishes all the most cherished myths about aid being a good thing. But with the second, crucially, she goes on to explain what the West could be doing instead.†―Christopher Hart, The Daily Mail“Dambisa Moyo is to aid what Ayaan Hirsi Ali is to Islam. Here is an African woman, articulate, smart, glamorous, delivering a message of brazen political incorrectness: cut aid to Africa. Aid, she argues, has not merely failed to work; it has compounded Africa's problems. Moyo cannot be dismissed as a crank . . . She catalogues evidence, both statistical and anecdotal . . . The core of her argument is that there is a better alternative [and it deserves] to be taken seriously.†―Paul Collier, The Independent“The wisdom contained here--if absorbed by African and global policymakers--will turn this chronically depressed continent into an inspiring miracle of dazzling economic growth.†―STEVE FORBES, President and Chief Executive Officer of Forbes and Editor-in-Chief of Forbes magazine“Dambisa Moyo makes a compelling case for a new approach in Africa. Her message is that Africa's time is now. It is time for Africans to assume full control over their economic and political destiny. Africans should grasp the many means and opportunities available to them for improving the quality of life. Dambisa is hard--perhaps too hard--on the role of aid. But her central point is indisputable. The determination of Africans, and genuine partnership between Africa and the rest of the world, is the basis for growth and development.†―KOFI ANNAN, former Secretary-General of the United Nations“Dead Aid is an important book . . . at the very least, [it] provides a first step towards changing how America, and the world, thinks about how to help Africa.†―Heather Wilhelm, Real Clear World“Dead Aid is a wonderfully liberating book.†―Doug Bandow, The Washington Times“[Moyo's] book offers an analytical, researched approach to restoring life and sufficiency in this developing continent. Dead Aid calls for a new way of thinking . . . After unraveling the myth created by many policymakers and celebrities that Africa simply needs more charity, Moyo poses a series of hopeful alternatives . . . Moyo speaks with both cultural and academic authority, unpacking the full nature of poverty and its regional impact. She unveils the sobering reality that $1 trillion in financial aid has not helped, but rather hindered African economies and their ability to grow into sustainable markets. This book offers a fresh insight into the plight of poverty and a vision for developmental change--the kind of change that could help millions.†―Curt Devine, Relevant“Dambisa Moyo's book Dead Aid is a timely book which brings forth what we have been thinking about Western aid, but did not dare to speak out . . . Moyo has shown brilliantly that Western aid, governmental or non-governmental, couldn't help Africa in regard to transforming to a better form of social organization, by which innovation and technological development become possible . . . Moyo shows the strong correlation between increasing aid dependency, corruption and the nature of government structures in many African countries . . . In general Moyo's book is a very challenging book, and addresses our problems. It confronts those aid gurus, like Prof. Jeffrey Sachs, who manipulate the African leaders with their neo-liberal agendas. It is a very good starting point for further discussion, and can contribute to eliminating confusing ideas.†―Fekadu Bekele, Merkato Blog, Nazret.com“A radical, counterintuitive solution to the continent's economic problems . . . [Moyo] is unequivocal, not to mention convincing.†―Jason Zasky, Failure Magazine“The evidence assessing the impact of aid on economic growth (or the lack thereof) is comprehensive and convincing.†―Apoorva Shah, Hoover Institution, Stanford University“Moyo's indictment of the past 50 years of aid-giving is compelling . . . [She] has written a well-informed book, and her passionate commitment to improving Africa's fortunes drips from every page.†―Jonathan Wright, Geographical
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About the Author
Dambisa Moyo is the author of How the West Was Lost. Born and raised in Lusaka, Zambia, Moyo completed a Ph.D. in economics at Oxford University and holds a master's from Harvard University's John F. Kennedy School of Government. She worked for the World Bank as a consultant, and also worked at Goldman Sachs for eight years. In 2009, Time magazine named her one of the "100 most influential people in the world." Her writing frequently appears in publications including the Financial Times, The Economist, and The Wall Street Journal.
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Product details
Paperback: 208 pages
Publisher: Farrar, Straus and Giroux; Reprint edition (March 2, 2010)
Language: English
ISBN-10: 0374532125
ISBN-13: 978-0374532123
Product Dimensions:
5.4 x 0.5 x 8.1 inches
Shipping Weight: 6.4 ounces (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
205 customer reviews
Amazon Best Sellers Rank:
#33,529 in Books (See Top 100 in Books)
This is a must-read.Granted, Moyo is doubtless receiving more press simply because she is a black African female giving a fairly conservative opinion of aid. Others have been saying this same thing for a long time, but it's often disregarded as an excuse for saving money or keeping help from the poor.I live and work in Haiti, and this is completely as applicable to this country as it is to Africa, although the Chinese influence doesn't apply here.I recommend this for all aid workers, and really anyone connected with emerging (or not) economies. Aid is a bad thing!Of course, Moyo doesn't go quite that far, but I certainly do. She bases her findings on well documented data, and arranges it in quite an easy-to-read volume. I'm looking forward to more works by her.
Thought provoking!As always, a thoroughly researched book with an air of authority that could only come from an African talking about affairs related to... Africa.Dambisa argues that in studying the data it becomes obvious that aid, especially without an end date , does not improve any economy and never will .In fact it has the opposite effect by promoting corruption, a lack of accountability and political wars by those jostling to be the atop of the funnel for free money.She argues that a better way is for African governments to pursue funding from the Capital markets, drop inefficient trade barriers between each other in the continent, stimulate intra trade as the West and Europe are not our friends, see China for the friend it is and develop infrastructure.These all require obtaining credit ratings, fiscal discipline, attempts at good governance etc. When you squander aid money, more will come next year. When you squander money obtained from issuing bonds and world investors, good luck getting more for another decade. This is the essence of this book.You can feel how close to her heart writing this book is because , while currently a little outdated, she has noted that for too long the debate around how to fix the problems in Africa has been dominated by white Non-african males.Time well invested...
Great book. I can't write my opinions without creating conflict with a bunch of aid industry people who would argue 'til the cows come home. We have decades of history to make the case that this author does, though, and when you look back at aid's track record, it speaks for itself when you ignore the cherry-picked metrics used by the aid industry and look at the big picture. I've already said too much. Just read the book. It's quick, it's well-written, it's easy to understand if you have a modicum of understanding of finance.
Waste of money, ironically.Previous 1 star reviews fairly sums up book. I add my astonishment at Dr. Moyo's harry potter like sequels/prequels apparently being embraced by public. After 'Dead Aid' I felt that magnificent education had been hijacked by an opportunist "flimflam man (woman)". And worse for it having "validated?" such tired doublespeak for so many. Are we really this gullible?
Considered and critical view of foreign aid (to Africa) and why such aid must stop as it is applied today. Ms. Moyo has examined why foreign aid does not work, has not worked, and will not work in the future to alleviate poverty in Africa. The book is written for lay persons such as myself but it is replete with cases studies and references sufficient enough for any academic. This should be read by anyone in government aid and anyone considering trying to help the poor. The book offers hope for the future and it lays out a clear and simple plan of action. I wish Ms Moyo was in the US State Department instead of the career bureaucrats there now who have wasted billions of US aid dollars only to make things worse for those who need help the most.
Dambisa Moyo's masterpiece is an economic blueprint intended to serve as a paradigm for weaning Africa off the debilitating aid-dependency syndrome that has kept the continent in perpetual economic stagnancy for decades. Using dependable statistics, Moyo argues that government-to-government or bilateral aid (which should be distinguished from charity-based aid) to Africa undermines the ability of Africans to conceptualize their own best economic and political policies. As she puts it: "The net result of aid-dependency is that instead of having a functioning Africa, managed by Africans, for Africans, what is left is one where outsiders attempt to map its destiny and call the shots."(66) Foreign aid does not only undermine economic growth, it keeps recipient countries in a state of endemic poverty. It is itself an underlying cause of social unrest and possibly even civil war.Moyo notes that the "prospect of seizing power and gaining access to unlimited aid wealth is irresistible."(59) To buttress her argument, she refers to Grossman (1992) who contends that the underlying purpose of rebellion is the capture of the state for financial advantage, and that aid makes such conflict more likely. In the past fifty years, Moyo observes, over US$1trillion in development-related aid has been transferred from the rich countries of the West to Africa. Yet, aid has helped make the poor poorer; economic growth slower.According to Moyo, the notion that foreign aid can alleviate systemic poverty, and has done so in Africa is tantamount to a myth. Millions in Africa, she notes, are poorer today on account of aid dependency. Indeed, aid has been and continues to be, an unmitigated political and economic and humanitarian disaster for Africa. Aid is not benign--it is malignant. In short, aid is not part of the solution; it is the problem. And here is how. Aid breeds corruption in Africa. If the world has one picture of the African continent, it is one of corrupt statesmen. With very few exceptions, African leaders have crowned themselves in gold, seized land, handed over state businesses to relatives and friends, diverted billions of aid-money to foreign bank accounts, and generally treated their countries like giant personalized cash dispensers. According to Transparency International, Mobutu Sese Seko of erstwhile Zaire is estimated to have looted the State to the tune of US$5billion.Roughly the same amount was stolen from Nigeria by President Sani Abacha and placed in Swiss private banks. The list of corrupt practices in Africa is endless. However, the point about corruption in Africa is not that it exists; the point is that foreign aid is one of its greatest aides. Aid creates a vicious cycle of dependency in Africa; a cycle that chokes off desperately needed investment, instills a culture of kleptomania, and facilitates rampant and systematic corruption, all with deleterious consequences for economic growth. It is this cycle, Moyo posits, that "perpetuates underdevelopment, and guarantees economic failure in the poorest aid-dependent countries" (49).Aid creates a fertile ground for rent-seeking, that is, the use of governmental authority to take and make money without trade or production of wealth. Because foreign aid is fungible--easily stolen, redirected and extracted-- it facilitates corruption. At a very basic level, an example of this is where a government official with access to aid money set aside for public welfare takes the money for his own personal use. Examples are legion in Africa. Foreign aid programs, which tend to lack accountability, and check and balances, act as substitutes for tax revenues.The tax receipts that aid releases are then diverted to unproductive and often wasteful purposes rather than the productive public expenditure (education, health infrastructure, etc) for which they were ostensibly intended. Moyo points out that in "Uganda, for example, aid-fueled corruption in the 1990s was thought to be so rampant that only 20 cents of every US$1 of government spending on education reached the targeted local primary school."(53)Strangely enough, Larry Diamond (2004) observes, Western aid agencies, notably the International Monetary Fund and the World Bank, continue to give aid to African states, with notorious authoritarian and corrupt governments. His list includes Cameroon, Egypt, Zimbabwe, Gabon, Angola, Eritrea, Guinea and Mauritania. Africa is the region that receives the largest amount of foreign aid, receiving more per capita in official development assistance than any other region of the world.Yet her social infrastructure is in a state of utter decrepitude! Moyo notes that any large influx of money into an economy, however robust, has the potential to create serious problems. With the relentless flow of unmitigated, substantial aid money to Africa, these problems are magnified, especially in economies that are, by their very nature, poorly managed, weak and susceptible to outside influence, over which domestic policymakers have little or no control. Moyo contends that increases in foreign aid are correlated with declining domestic savings rates. As she puts it, "As foreign aid comes in, domestic savings decline; that is, investment falls."(61) She further observes that with all the tempting aid monies on offer, which are notoriously fungible, the relatively few people who have access to it, spend it on consumer goods instead of saving the cash. As savings decline, local banks have less money to lend for domestic investment.Worse still, foreign aid has an equally damaging crowding-out effect: although aid is meant to encourage private investment by providing loan guarantees, subsidizing investment risks and supporting co-financing arrangements with private investors, in practice it discourages the inflow of such high-quality foreign monies. Moyo points out that empirical research has shown that higher aid-induced consumption leads to an environment where much more money is chasing fewer goods."(61) This almost invariably leads to price rises--inflation.Over and above, aid chokes off the export sector. This phenomenon is known as the Dutch disease, as its effects were first observed when natural gas revenues flooded the Netherlands in the 1960s, devastating the Dutch export sector and increasing unemployment. Moyo argues that aid inflows have adverse effects on overall competitiveness, export sector (usually in the form of decline in the share of those in the manufacturing sector and ultimately growth).In the oddest turn of events, the fact that aid reduces competitiveness, and thus the trading sector's ability to generate foreign-exchange earnings, makes countries even more dependent on aid, leaving them exposed to all the negative consequences of aid-dependency. In countries with weak financial systems, additional foreign resources do not translate into growth of stronger financially dependent industries. So if foreign aid harbors such adverse effects for African economies why are donors bent on doling it out? And why aren't recipients sagacious enough to put an end to the lethal cycle of aid? Moyo's Dead Aid model provides solid answers to these intriguing questions. She notes that "Africa is addicted to aid. For the past sixty years, she says, Africa has been fed aid. Like any addict, Africa needs and depends on its regular fix, finding it hard, if not impossible to contemplate existence in an aid-less world."(75) Her book provides an antidote, a road map for riding Africa of aid dependency.Arguing that the aid program in Africa has not worked precisely because it was never conceived with the intention of promoting the economic development of Africa, she proposes alternatives to foreign aid. She notes that like the challenges faced by someone addicted to drugs, the withdrawal is bound to be painful. Nonetheless, if implemented in the most efficient way, the solutions offered in Dead Aid will help to dramatically reduce Africa's reliance on aid money.Moyo cites Botswana as an example of an economic success story in Africa. Botswana began with a high ratio of aid to GDP but used the aid wisely to provide important public goods that helped support good policies and sound governance and laid the foundation for robust economic growth for the country.She says this stratagem can be replicated all over Africa. Her alternatives to aid, predicated on transparency and accountability, would provide the life-blood through which Africa's social capital and economies will grow. Her Dead Aid strategy leaves room for modest amounts of aid to be part of Africa's development financing strategy. Systematic aid will be a component of her Dead Aid Model, but only insofar as its presence decreases as other financing alternatives take hold. The ultimate goal, as far as Moyo is concerned, is an aid-free Africa. In a nutshell, Dead Aid proposes radical solutions to the pressing economic problems of our time. It offers a new model for financing development in Africa's poorest countries, one that offers economic growth, promises to significantly reduce endemic poverty, and most importantly, does not rely on aid. Though Moyo is not the first economic pundit to take Western aid donors to task, never has the case against aid been made with such rigor and conviction. She does not pull her punches."In a perfect world," she writes, "what poor countries at the lowest rungs of economic development need is not a multi-party democracy, but in fact a decisive benevolent dictator to push through the reforms required to get the economy moving."(xi) Her most radical proposal comes in the form of a rhetorical question: "What if," she asks, "one by one, African countries each received a phone call...telling them that in exactly five years the aid taps would be shut off permanently?"(xi)
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