The End of Poverty: Economic Possibilities for Our Time
by Jeffrey Sachs
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Book Summary Information
Author: Jeffrey SachsEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2006-02-28
ISBN: 0143036580
Number of pages: 416
Publisher: Penguin (Non-Classics)
Product features:
- Paperback in colors of white, green and black.
Book Reviews of The End of Poverty: Economic Possibilities for Our Time
Book Review: A disappointment
Summary: 2 Stars
Jeff Sachs is a very brilliant economist. It is hard, almost impossible, to believe he is responsible for this book.
The whole book is bad, but I will deal with the introduction first. In it, Prof. Sachs details (1) a drippy thank-you to Angelina Jolie; (2) an assortment of quotes from Bono, the famous lead singer of U2. Dread crept through my belly. If I wanted to read People Magazine circa 2004, I would not have bought this (admittedly corny) book. Some real information please / please / a-please please? Sorry, that's a Paula Abdul reference, enjoy it Dr. Sachs.
Sachs is a star-struck would-be rock star himself. He doesn't seem to have the element of self-doubt, when he is about to say things that will ruin his reputation. While the book will pander to insiders in the glamorous (and white, but not particularly effective or informed) "aid community," that only suggests future doom for the subjects of this effort. I wouldn't call "free money" aid experimental, becuase the experimental results are already clear: it doesn't work. So, this book's proposed mechanism and other fantasies aren't credible. Besides, it's not the type of development that made Sachs famous. He is totally new to this.
Sach's practical intuitions are no better than the average person. He is wrong according to many Africa experts such as Dr. Moyo. Foreign aid on a soverign basis tends to build armies and private jets for African leaders -- not filter down to the AIDS children. Most foreign aid is directed at the intelligensia working in the well-compensated Western "aid community," and their stooges who ruin the African continent. If this book is the best we can do, we should stay far away from Africa and quit harming them.
Sach's book is built on an admirable foundation -- that we should help African children be rid of malaria and AIDS. This can be done. We should do it.
His personal experience leads him to believe that dictators and corrupt ministers will lie down and be friendly to the market, as occurred in well-educated Eastern Europe and Asia. Unfortunately, this is ludicrous using the method described, while it may be attractive in theory. African governments are a huge problem. G2G aid makes the problem worse, ensuring it will be impossible to do real business (supporting real growth) in Africa.
Sachs gives insufficient credit to the rule of law and stable institutions. These are the bedrock of global trade and prosperity. Business needs law and order. Africa's problems go deeper than just malaria and aids. So must the "solutions."
The Aid-to-Trade transition has never actually worked in real life. Money can buy medicine -- but it can't weave a functioning economy out of whole cloth. This is a poisonous myth. Africans need investment and factories, so they can become the next Taiwan. Let them buy their own medicine, like everybody else does. This is the only proven way.
Africa is seeing the most hope in years from an unlikely source -- Chinese investment. Yes, the Africans actually want to do business, and China is EMPLOYING them. Gee, we never thought of that? How about it, Dr. Sachs? Employment? Instead of throwing a sandwich and some pills at them?
I don't want to call Sachs a "dandy," because he is a well known genius. But geniuses can be wrong. Sachs' central theme in this book is dead wrong and there's no way around it.
The best thing we could do for Africa is a privileged tax position for their exports, and quit feeding their parasite governments. Thanks for reading.
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