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 A leading economist explains how society can end poverty September 28, 2006
Rolf Dobelli (Luzern Switzerland)
13 out of 15 found this review helpful
This is an excellent book by one of today's most prominent development economists. Jeffrey D. Sachs has been at the forefront of the most significant economic turnarounds - for better or worse - of the past quarter century. He helped end hyperinflation in Bolivia, advised Poland on its emergence from communism, and counseled Russia, China and Africa. On the basis of his extensive research and experience, he concludes that conventional economic solutions ignore some of the key factors responsible for poverty. Borrowing a page from physicians' diagnostic procedures, he shows how noneconomic factors can have economic implications. Along the way, he exposes the lamentable hypocrisy of the developed world and the institutions allegedly working for the development of the poor world. As an adviser to the leadership of the United Nations, Sachs believes that organization should be strengthened. He is not a dispassionate economist and doesn't pretend to be. He has a plausible case to make and he presses it hard, maybe now and then too hard, in this effort to convince the prosperous that effective help for the impoverished is practical, at least under some circumstances. We believe his well informed, heartfelt book belongs on the reading list of anyone who hopes the world can become a better place.
Towards Economic Growth in Africa October 18, 2005
Coert Visser (Driebergen Netherlands)
8 out of 9 found this review helpful
Jeffrey Sachs has written a great book containing a great invitation. During the past two centuries, the biggest part of the world has seen a great economic growth. The one big exception is Africa. Africa is held by extreme poverty, disease and high debts. This difference between Africa and the rest of the world is not primarily caused by exploitation by rich countries (although that has happened to some extent). The difference is not primarily caused by a transfer of wealth from one region to another. Instead, there is a general increase in the world's income and some parts have hardly been able to taken part in this increase. Technology has been the most important driving force between the structural growth in the rich parts of the world. In some parts the geographical, demographic, economical and political circumstances were so unfortunate that real grow has not come off the ground.
The challenge is to help these extreme poor countries to start climbing the development ladder. When that happens a positive spiral of endogenous growth emerges. Once economic development lifts off it usually becomes a self propelling process. This seems to be happening in Asia now. Asia has known extreme poverty for a long time but now the economic climb has started (even in countries like Bangladesh which was once seen as a hopeless case). Problems are now too overwhelming for some African countries to get on their feet by themselves. The international community needs to help. The help needs to be more than it is now but still a tiny fraction of our wealth will be enough.
The book is great because it not only raises attention to this great problem but it also provides a very constructive perspective for solving it. I admire the author for not becoming too cynical and accusative. Instead, he remains factual and constructive and concrete throughout the book. On a detailed level, I have a slight doubt about the comparison Sachs makes between economics and medical practise. What I do believe is that different countries need tailored approaches because of their unique circumstances. Roughly, I think Sachs argues his case well and I believe his general conclusions to be roughly true. This book should contain many source of ideas for political leaders throughout the world.
Coert Visser
Profound, visionary, with achievable goals November 22, 2005
Serghiou Const (Nicosia, Cyprus)
22 out of 27 found this review helpful
In the first two chapters fascinating information is revealed about wealth creation and the resulting global wealth inequality in just two centuries. In 1820 the per capita income in USA was only threefold higher than in Africa namely 1,200 versus 400 dollars that is then the whole humanity was poor. To-day the per capita income in USA is 25fold higher than Africa. It is also a myth that this was the result of exploitation of the rich western countries of their former colonies though the author readily acknowledges that such exploitation occurred. The true engines of wealth creation are science and technology, division of labour and trade. Wealth creation is a no zero sum game that is one country does not get rich at the expense of another, all countries can escape from the poverty trap.The author cites the evolution of wealth in parallel to the evolution of technology and industrialization with the resulting urbanization. It all started in mid-eighteenth hundred century that is around 1750 with the invention of steam and its application in the textile industry and the steam boats. Then around 1850 the rapid mobility of people, merchandise and information with the invention of rail trains and telegraph. And around the end of the nineteenth century and beginning of the twentieth of the internal combustion engine and electricity and the exploitation of fossil fuels as a source of energy. Also he attributes credit to German Chemistry for the techniques of extracting nitrogen from the atmosphere to make fertilizers and thereby increase crop yields. The rest of the book is stimulating and articulates the thesis of the author that with International Aid, extreme poverty which he defines as people earning one dollar or less per day and now afflicting 1.3 billion of humanity or roughly one fifth can be eliminated by the year 2025. This cannot be achieved on their own because these people are caught in a poverty trap in that they earn so little so they do not have the basic needs to survive much less to save and invest in things like infrastructure, health, education and research and development. He computes that this can be effected if rich countries invest in Overseas Development Assistance 0.7 percent of their Gross Domestic Product. The current assistance by USA is just 0.15 percent. In the process he gives fascinating statistics. In one table he gives the Gross Domestic Product (GDP) of four Sub-Saharan countries and specifically Botswana, Nigeria, Senegal and Uganda which collectively have 161,000,000 inhabitants with a collective GDP of 57 billion dollars which he compares with the collective income of the 400 richest American individuals who possess 69 billion dollars. The comparison is staggering. The fascination and beauty of the book is that professor Sachs who incidentally at the age of 28 had a tenured faculty position at Harvard having been employed there at the age of 25 is that he relates his story drawing on his personal experience as Economic Advisor in several develoing countries and specifically in Bolivia in Latin America, in ex Socialist countries and specifiacally Poland and Russia, in Far Eastern counties and specifically India and China and several African su-Saharan countries which are the world's poorest having 40 percent of their 800 million population living in extreme povery and in addition afflicted by debilitating diseases like HIV/AIDS, Malaria and Sleeping Sickness.
Changing the world - how it can be done April 13, 2005
23 out of 32 found this review helpful
This is a masterly overview of the whole subject of how the world could be changed. It combines history, economics and politics to give a wide overview of how things have gone wrong. Jeff Sachs must be one of the most knowledgable economists of our time, and explains in the most compelling and readable way. It is impossible to not be moved by the many moving examples of real life stories, yet this book is full of hope. He is convinced that we can change the world, if only the will can be found. A real must-read book.
The most inspiring book I've ever read October 3, 2005
9 out of 12 found this review helpful
Jeffrey Sachs is one of the most influential, experienced and successful development economists of our time and the relentless energy behind this book is testament to the conviction of his assertions. This book provides the most positive, pragmatic and realistic solutions for poverty reduction of any material I have ever read. I urge everyone to read this book!
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