Privatizing Development Aid
While eliminating extreme poverty is undoubtedly an urgent moral imperative, official development aid – which often suffers from poor allocation and inefficient delivery – may not be the best way to achieve it. Indeed, there is a strong case for involving the private sector in development assistance.
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LONDON – Much has changed about official development assistance (ODA) over the last 50 years. Since it originated during the Cold War, when members of the OECD’s Development Assistance Committee spent roughly $60 billion annually (an amount that the Soviet Union undoubtedly matched), recipient countries have been called “backward,” “developing,” “southern,” and, lately, “emerging.”