Recently, I came across an article by Jagdish Bhagwati, a renowned economist at Columbia University. After reading the article I was in a doubtful state of mind.
His main proposal to combat poverty in Africa was “If it is hard to think of aid being spent productively in Africa, why not spend elsewhere for Africa?”
He was of the view that Africa would not be able to absorb the aid efficiently. So it would be profitable and more pertinent to spend the aid for Africa in Developed countries itself, by conducting research for development of new vaccines and cures for crippling diseases afflicting African nations. I call this proposal strange. Because then Africa for ever after be dependent on these rich nations.
This would further widen the disparities in Income between developing and developed countries. It is a wise plot aimed at reducing aid to developing nations.
He goes further to state that he is against those like Jeffrey Sachs who insists that the aid ought to be spent in Africa itself.
It wouldn’t be difficult to predict the outcome. The rich nations would not have to hesitantly part with the aid, instead they would be able to invest in within their geographical territories itself.