Walter Williams and Aid to Africa

I first found out about Walter Williams a few years ago and he and we have built an occasional email correspondence. He’s a great guy and a fantastic economist. Williams is a professor at George Mason University. Here he is, “black by popular demand,” as he is wont to say.

excerpt from “Aid to Africa”

Let’s examine the “vicious cycle of poverty” myth and whether foreign aid is a necessary ingredient for economic development. The U.S., Britain, France, Canada and most other countries were once poor. Andrew Bernstein of the Ayn Rand Institute wrote in an article titled “Capitalism Is the Cure for Africa’s Problems” that pre-industrial Europe was vastly poorer than contemporary Africa.

A relatively well-off country, like France, experienced several famines between the 15th and 18th centuries as well as plagues and diseases that sometimes killed hundreds of thousands. In France, life expectancy was 20 years, in Ireland it was 19 years, and in early 18th-century London, more than 74 percent of the children died before reaching age 5.

Beginning in the late 18th century, there was a dramatic economic turnabout in Europe. How in the world did these once poor and backward countries break the “vicious cycle of poverty” and become wealthy, without what today’s development experts say is absolutely necessary for economic growth, foreign aid handouts, World Bank and International Monetary Fund loans, and billions of dollars of debt forgiveness?

Related Posts Plugin for WordPress, Blogger...
  • G Failure

    If we don’t have concerts to raise awareness of the poverty in Africa then what will C-list celebrities and rock stars do with all their free time?

  • tratcliff

    They could go on the Surreal World I think. Speaking of Surreal World, last week I ran into Jerri from Survivor in Los Angeles at my hotel. I forgot to post about it! . She wasn’t wearing that.

  • penis enlargement

    Magna-RX Penis Pills is absolutely the easiest and fastest doctor-recommended way to satisfy your lover like never before!

  • penis enlargement

    nice one

  • trapp1


  • provillus

    Provillus for Women aggressively seeds your scalp to create the optimum environment for new, healthy hairs. It supplies the proper nutrition to bring dead hair follicles back to life or prevent hair loss from occurring!

  • http://22f5c4bc811cf369237d78fdb5d44b82com 22f5c4bc811cf369237d78fdb5d44b82
  • Drug Treatment Center

    6/2/2007 12:48:50 AM
    Drug Treatment Center

  • http:[email protected] Daniel R

    Great post mate.

Welcome to STUCK IN CUSTOMS Welcome to my travel photography blog!
Enjoy the daily photos, tips, tutorials & more!
Newsletter Sign Up
The Most Beautiful Newsletter Ever!

  • © 2004 - 2016, SIC Media, LLC. All Rights Reserved.