Foreign Aid and Development: Lessons Learnt and Directions For The Future (Routledge Studies in Development Economics)

Foreign Aid and Development: Lessons Learnt and Directions For The Future (Routledge Studies in Development Economics)

Language: English

Pages: 520

ISBN: 0415233631

Format: PDF / Kindle (mobi) / ePub

Peter Hjertholm, Editorial Assistant

Aid has worked in the past but can be made to work better in the future. In this important new book, leading economists and political scientists, including experienced aid practitioners, re-examine foreign aid. The evolution of development doctrine over the past fifty years is critically investigated, and conventional wisdom and current practice is challenged. As well as offering important new research material, the book opens up new directions for future practice and policy. It will be of vital interest to those working in economics, politics and development studies, as well as to governmental and aid professionals.

.net [UK] (February 2015)

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well as efforts to increase the purchasing power of the intended beneficiaries. • Food commodities for food transfers should be, to the extent possible, imported commercially. If, for political reasons, the aid is tied to donor-country commodities, a foreign currency facility could be made available, whereby foreign currency is put at the disposal of the public or private sector in recipient countries which can then import food and/or agricultural inputs commercially from the donor country. •

requisite resource-reallocation, classical development economists assume that the resource reallocation process is hampered by rigidities, which are both technological and institutional in nature. Investment lumpiness, inadequate infrastructure, imperfect foresight, and missing markets impede smooth resource transfers between sectors in response to individual profit maximisation and provide the bases for classical, structuralist approaches to economic development. Technological external economies

GOVERNMENT IN ECONOMIC DEVELOPMENT In view of the critical importance of governments to economic development, the current loss of autonomy imposed by the institutions of the current global financial system is scary. For it is evident from the above analysis, that the process of successful long-term economic development entails systematically changing dynamic interactions between institutional change, technological progress, structural change in the economy’s production profile, and international

Bank and the IMF, particularly the former, a preeminence they had not enjoyed before (hence the expression the ‘Washington consensus’). The World Bank is without a doubt the most important development institution, leading both policy dialogue and increasingly the research agenda. Economic crisis in the West and changes in government also led some donors—again Britain is an example —to be more open about their intention to use their aid programme for their own commercial benefit (apparently not

throughout the 1980s and, in the African case, into the early 1990s was abysmal. The 1980s were coined ‘the lost decade’ for Latin America. For subSaharan Africa, the 1980s were simply disastrous in economic terms. Second, in the early 1990s, the world was at least perceived to be completely devoid of successful TC projects on which future efforts could be modelled. As a member of the team researching the book co-ordinated by Berg, the author spent months asking for examples of successful TC

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