| | Townhall.com :: Columns :: Foreign "Aid" by Thomas Sowell - Mar 29, 2002 (Site not responding. Last check: 2007-10-07) |
 | | In fact, a case can be made that it was precisely the cutbacks in American economic aid to Taiwan and South Korea in the 1960s which forced these countries to get their own acts together and institute the reforms which led to their economic rise. |
 | | Moreover, foreign aid can be spent on whatever is politically expedient, such as a grand plaza with government buildings or a showy new sports stadium, and much of the donated money can simply disappear into the Swiss bank accounts of Third World politicians. |
 | | Investors who are lending their own money are a lot more hard-nosed about the practicalities of proposals to use it, and are far less likely to "forgive" loans afterwards, much less continue to make new loans when the old ones are unpaid. |
| www.townhall.com /columnists/thomassowell/ts20020329.shtml (880 words) |