Thanked Times in Posts Salamona Foreign Aid is the assistance given by different countries to a community or a state in times of severe occurrences. It aims on making affected segments able to stand on their feet in quandary. Its proper allocation and distribution makes it more significant or demolishes its skin in the eyes of a keen observer. In so far as its relevancy to pakistan is concerned,let me vent out my intrinsic feelings at the risk of offending my fellows,that Aid garnered and procured in times of dire need here in pakistan is utilized for personal interests rather than collective well being.
Yet the Nobel Peace Prize was awarded to a for-profit microloan bank and its founder, an apparent vindication of the ideas of Peter T. Bauer, Henry Hazlitt, Deepak Lal, and others. Emergence from poverty requires effort, firmly established property rights, and productive investment.
While in some regions we find people dying of starvation, in others the concern about consumption becoming too high to be sustainable is taping shape. These sharp differences have prompted some populists and ideologists to blame the rich for the misery of the poor and to ask for international redistributions of wealth.
It is easier to find opulent societies guilty of having plundered underdeveloped communities than to explain why some people can prosper and other cannot.
Thus if we want to analyse why some societies are poor and whether some proposals are consistent with wealth creation, we must begin to understand the underlying conditions that make this wealth possible. Therefore our essay will be organised in four sections.
The first one is devoted to the definition of wealth, its foundation and its economic sources.
Afterwards, we will study which are the implications of globalization on the sources of wealth. Thirdly, we will examine why its conditions are not universally fulfilled and how this fact explains poverty. And finally we will criticize foreign aid as a mean to achieve development.
Human being act purposely to achieve ends.
A human being needs means to fill the gap between his current state of affairs and his desired state of affairs. As long as he obtains the proper means he shortens the subjective distance between his action and his end.
We can thus say that an individual is richer than another if he is closer to fulfilling his ends, and this will depend on the quantity and the quality of his means. This may appear a very simple definition, but we can extract some important corollaries which distinguish it from other definitions of wealth, avoiding popular misinterpretations.
First of all, wealth is directly related to individual ends.
One person can be richer than another if he can satisfy better his ends even with a smaller endowment of means. This does not mean that men without ends are the richest, but that one cannot consider that the size of the wealth is equal to the size of the endowment of properties.
People with hard-to-realize ends need by definition more means to achieve them and thus one should not consider necessarily this greater abundance as a sign of higher wealth.
In other words, action plans should be traced by the individuals who must perform them. Obtaining the same good can represent little wealth to some and too much too costly to be obtained to another.
Secondly, one should not only consider the direct means that satisfy the ends, but also the entire production process that enables the achievement of those direct means.
Action plans are so highly complex in that they involve many productive stages.
Consumption goods are just the final stage and thus all previous stages that allow individuals to produce consumption goods are also considered wealth. Therefore, capital must be included in our definition. But if we recall the previous point, we can understand that it must be capital designed through individual plans: Forcing capital accumulation or capital consumption means banning the achievement of the most valued ends and thus the destruction of wealth.
Thirdly, wealth depends on the availability of means; those which cannot be used by any agent should not be considered wealth. However, only those natural resources which are currently available are wealth. We cannot still extract those minerals and that makes them useless. Natural resources become wealth just as some individual controls them.
This is in fact related to our previous remark. We have to consider wealth as the whole chain of our plans:Foreign Aid Anna-Louise Weston Year 12 Foreign aid is a noun meaning the economic, technical, or military aid given by one nation to another, for purposes of relief and rehabilitation, for economic stabilization, or for mutual defines.
“Is foreign aid the solution to global poverty?” A United Nations report called for a doubling of foreign aid to poor countries as the means to reduce poverty. Yet the Nobel Peace Prize was awarded to a for-profit microloan bank and its founder, an apparent vindication of the ideas of Peter T.
Bauer, Henry Hazlitt, Deepak Lal, and others. Foreign Aid Anna-Louise Weston Year 12 Foreign aid is a noun meaning the economic, technical, or military aid given by one nation to another, for purposes of relief and rehabilitation, for economic stabilization, or for mutual defines.
Oct 15, · Haq's Musings: Foreign Aid to Pakistan: Blessing or Curse? This year's Nobel Prize winning economist Angus Deaton of Princeton University considers foreign aid to developing nations a curse like the oft-mentioned resource curse of energy and mineral-rich nations of Africa and the Middle East.
Deaton has studied poverty in India and Africa and spent many decades working at the World . Foreign Aid Blessing or Curse: Evidence from Pakistan Created Date: Z. The Pakistan Development Review 3 (Autumn ) pp. – Foreign Aid—Blessing or Curse: Evidence from Pakistan MUHAMMAD ARSHAD KHAN and AYAZ AHMED* The role of foreign aid in promoting economic growth is a debatable issue and remains unsettled at .