The UK has cut its foreign aid budget to help pay for the domestic costs of COVId-19. Is that a bit of a callous move? That’s a rhetorical question, but there’s a more meaningful question on today’s podcast – is there a better way of managing foreign aid. Steve Keen has worked with agencies dealing with foreign aid, and discusses the failings of the process with Phil Dobbie. Corruption is one issue with the recipient nations, whilst the donor countries often choose destinations that look after their own vested interests. But John Maynard Keynes had an idea that would have made foreign aid more of an automatic process. It’s just America won’t like it very much.
December 12, 2020