Glenn Hubbard says giving more money to mid-size businesses like this Ethiopian shoe company will do more to help poor Africans than our current aid model.
Glenn Hubbard says giving more money to mid-size businesses like this Ethiopian shoe company will do more to help poor Africans than our current aid model.
On today's Planet Money:
The world's governments have given a trillion dollars to developing nations since WWII, and yet in some countries, particularly in Africa, the economic situation is just as bad or worse than it's ever been.
Columbia economist and former economic adviser to the Bush administration, Glenn Hubbard, says it's time to change the way we give aid to Africa. Hubbard, co-author of The Aid Trap: Hard Truths About Ending Poverty, advocates a modern day Marshall Plan, which would give money directly to local business instead of government.
Bonus Reading: Doing business indicators from the IFC.
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