We are all aware of the extreme hunger and poverty that afflict the world's poor. We hear the facts, see the images on television, buy the T-shirt and are moved as individuals and governments to dig deep into our pockets. Yet what happens to all this aid? Why after 50 years and $2.3 trillion are the[...]
Since the end of World War II, economists have tried to figure out how poor countries in the tropics could attain standards of living approaching those of countries in Europe and North America. Attempted remedies have included providing foreign aid, investing in machines, fostering education, contro[...]