Poverty and Progress: Realities and Myths about Global Poverty
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The greatest reduction in mass poverty in human history has occurred during the current era of globalization. The world’s poor are now catching up with the rich at a rapid pace in terms of human well‐being. Deepak Lal will discuss how, despite those achievements, confusion about poor countries abounds: the World Bank exaggerates the extent of poverty; the benefits of new development fads including microfinance or randomized testing of projects, are vastly oversold; and discredited theories, such as the need for massive foreign aid to save Africa, have been resurrected. Marcus Noland will draw from his experience working in Asia, Africa, and the Middle East to comment on the book and its view that increased liberalization in the developing world is decreasing the influence of the West’s advocates of dirigisme.