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Fall 2009

ISSN 0890-913X

Volume 25, Number 1

Categories: Economics | Fall 2009

Can’t Buy Me Growth: On Foreign Aid and Economic Change

Art Carden, Samford University and American Institute for Economic Research

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TheJournalofPrivateEnterprise25(1),2009,105-123Can’tBuyMeGrowth:OnForeignAidandEconomicChangeArtCarden*RhodesCollegeAbstractEvidencesuggeststhatforeignaiddoesnotpromoteeconomicgrowth.Institutionsthatpromoteentrepreneurshipdopromotegrowth.Understandingwheretheseinstitutionscomefromisparamounttosuccess.Thisessayanalyzesandsummarizestheoryandevidenceregardingtherelationshipbetweenaidandeconomicgrowth.JELCodes:O1,O2,O4Keywords:Economicgrowth;Foreignaid;Institutions;PropertyrightsIdon’tcaretoomuchformoney,formoneycan’tbuymelove.TheBeatles,“Can’tBuyMeLove”“CanForeignAidBuyGrowth?”WilliamEasterly,JournalofEconomicPerspectives(2003)I.IntroductionDoespersistentpovertyinthedevelopingworldexpressinadequatemoralfiberorpoliticalwillonthepartofdevelopedcountries,orisitcausedbysomethingdeeper?Ithasbeencontendedthatpovertyisamoralorpoliticalfailingonthepartofdonorcountries:poorcountriesarepoorbecauserichcountriesdonotcare,ortheyarepoorbecauserichcountrieslackthepoliticalwillpowertomobilizeresourcesonthepoor’sbehalf.Inoneview,povertyinthedevelopingworldexistsandpersistsbecauseofinsufficientaideffortsonthepartofrich,industrializedcountries;thus,thesolutiontoeconomicdevelopmentistobringunrighteouswould-bedonorstorepentanceandtomakeforeignaidmorepoliticallysalable.Intheotherview,theproblemrunsmuchdeeperthanasimplelackof*Thispaperreceivedthirdprizeinthe2007GarveyFellowshipEssayContestsponsoredbytheIndependentInstitute.Participantsatthe2008AssociationofPrivateEnterpriseEducationmeetingsprovidedusefulcomments.105

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Metadata [hide]

Title	Can’t Buy Me Growth: On Foreign Aid and Economic Change
Authors/Creators:	Art Carden, Samford University and American Institute for Economic Research
Year:	2009
Volume:	25
Number:	1
Pages:	105 - 123
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Economic Development, Foreign aid, Foreign Capital, Institutions, Property Rights, Economic Freedom, Poverty

Citation:
Carden, Art / 2009. "Can’t Buy Me Growth: On Foreign Aid and Economic Change." The Journal of Private Enterprise, 25(1): 105-123.