Aug16th2005

Quote Of The Day

“I do not favor foreign aid, debt relief (which is simply another form of such aid), or other financial transfers to poor countries, in Africa or anywhere else. Countries that are not corrupt do not require foreign aid, and foreign aid to corrupt countries entrenches corruption by increasing the gains to corruption. Foreign aid to Zimbabwe, for example, will simply prop up dictator Mugabe. Foreign aid makes people in wealthy countries feel generous, but retards reform in those countries as well as in the donee countries”. –Richard Posner, Judge on the U.S. Court of Appeals for the Seventh Circuit, writing in the Becker-Posner blog about foreign aid and its benefits and costs

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