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Fall 2009
ISSN 0890-913X
Volume 25, Number 1

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

Art Carden, Rhodes College
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/jpe/index.php?action=ajax&rs=GDMgetPage&rsargs[]=Fall2009 8.pdf&rsargs[]=0
TheJournalofPrivateEnterprise25(1),2009,105-123CantBuyMeGrowth:OnForeignAidandEconomicChangeArtCarden*RhodesCollegeAbstractEvidencesuggeststhatforeignaiddoesnotpromoteeconomicgrowth.Institutionsthatpromoteentrepreneurshipdopromotegrowth.Understandingwheretheseinstitutionscomefromisparamounttosuccess.Thisessayanalyzesandsummarizestheoryandevidenceregardingtherelationshipbetweenaidandeconomicgrowth.JELCodes:O1,O2,O4Keywords:Economicgrowth;Foreignaid;Institutions;PropertyrightsIdontcaretoomuchformoney,formoneycantbuymelove.TheBeatles,CantBuyMeLoveCanForeignAidBuyGrowth?”WilliamEasterly,JournalofEconomicPerspectives(2003)I.IntroductionDoespersistentpovertyinthedevelopingworldexpressinadequatemoralfiberorpoliticalwillonthepartofdevelopedcountries,orisitcausedbysomethingdeeper?Ithasbeencontendedthatpovertyisamoralorpoliticalfailingonthepartofdonorcountries:poorcountriesarepoorbecauserichcountriesdonotcare,ortheyarepoorbecauserichcountrieslackthepoliticalwillpowertomobilizeresourcesonthepoorsbehalf.Inoneview,povertyinthedevelopingworldexistsandpersistsbecauseofinsufficientaideffortsonthepartofrich,industrializedcountries;thus,thesolutiontoeconomicdevelopmentistobringunrighteouswould-bedonorstorepentanceandtomakeforeignaidmorepoliticallysalable.Intheotherview,theproblemrunsmuchdeeperthanasimplelackof*Thispaperreceivedthirdprizeinthe2007GarveyFellowshipEssayContestsponsoredbytheIndependentInstitute.Participantsatthe2008AssociationofPrivateEnterpriseEducationmeetingsprovidedusefulcomments.105
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