Paragraph of the Day: Walter Williams on Poverty
The good professor nails it:
According to the “vicious cycle of poverty” vision, the only escape is foreign aid. The only way this theory of Third World poverty would have any credibility is if every country were poor. There’s no country that wasn’t at some time poor, including our own. If poverty is so vicious, how did today’s rich countries escape it?
I believe the list of countries that emerged from grinding poverty without applying capitalist principles and policies is very short — regardless of the presence or absence of foreign aid.
