The False Promise of Aid to Africa

From Ian Vásquez, director of the Project on Global Economic Liberty at the Cato Institute:

The delusion that rich countries can pull poor countries out of poverty if they so choose is on public display as the month of July begins. Bob Geldof organized rock concerts in cities around the world to push that idea, while the G8 meeting in Scotland largely focused on debt relief and massive increases in foreign aid to save the world's poor.