Dambisa Moyo - Dambisa Moyo was born and raised in Zambia, Southern Africa. She completed a PhD in Economics at Oxford University and holds a Master's from Harvard University. She completed a Bachelor's degree in Chemistry and MBA in Finance at the American University in Washington D.C.
She worked at Goldman Sachs for 8 years in the debt capital markets, hedge fund coverage and in global macroeconomics teams. Previously, she worked at the World Bank in Washington D.C. Dambisa is a member of the Boards of Lundin Petroleum and SAB Miller.
Moyo is a Patron for Absolute Return for Kids (ARK), a hedge fund supported children's charity. She serves on the Boards of the Lundin for Africa Foundation and Room to Read, an educational charity.
Moyo argues for more innovative ways for Africa to finance development including trade with China, accessing the capital markets, and microfinance.
Moyo has also been offered a contract for another book, entitled How the West Was Lost, scheduled for publication with Penguin and Farrar, Straus & Giroux in 2010. This book examines the policy errors made in the U.S. and other Western economies which culminated in the 2008 financial crisis, and discusses why financial and economic experts missed the signs of the credit crunch. It also explores the policy decisions that have placed the emerging world - China, Russia and the Middle East - in pole position to become the dominant economic players in the 21st century.
Peter Robinson - Peter M. Robinson is a research fellow at the Hoover Institution, where he writes about business and politics, edits Hoover's quarterly journal, the Hoover Digest, and hosts Hoover's television program, Uncommon Knowledge.
Robinson is also the author of three books: How Ronald Reagan Changed My Life; It's My Party: A Republican's Messy Love Affair with the GOP; and the best-selling business book Snapshots from Hell: The Making of an MBA.
During the past fifty years, more than $1 trillion in development-related aid has been transferred from rich countries to Africa. Dambisa Moyo asserts, however, that this assistance has made African people no better off. "Africa's real per capita income today is lower than in the 1970s, with over half of the 700 million Africans living on less than a dollar a day."
Eschewing the "glamour aid" of celebrities such as Bob Geldof and Bono, she argues that the key to transforming African countries is to make them less reliant on foreign aid and compel them to "enforce rules of prudence and not live beyond their means."
What an amazing discussion! Peter Robinson is so eloquent in asking the right questions and leading to important controversial issues; Dombisa Moyo, on the other hand, does a great job in addressing criticism and highlighting the most important arguments her book makes.
One of my favorite parts is when Dombisa explains the dangers of the humanitarian aid even though it helps to fight malaria and AIDS. African governments’ growing addiction to foreign aid makes them vulnerable and ultimately useless. Why voting for the government if the most vital decisions are coming from outside? And it is easy to guess that America will cut its aid to African countries during any major financial downturn.
I completely agree. She makes some great points in chapter 3 and it definitely changed my perspective on aid in Africa. I think that in America especially, there is this very "holier than thou" attitude when talking about the aid that we provide for them. It makes us the viewers, of those commercials and promotions, think that we are doing all this good for the country when in reality it seems we are hurting them and their economic system. I am happy that someone who really understands the situation is coming out and saying the truth. I think that many people look at Bono as some sort of God and although he is doing very good things, this information provided by Dombisa Moyo sort of makes us wonder if he is doing this mostly for his own pride or if he is really trying to help the country.
As an African I am so grateful that she speaks about an issue that greatly affects us all with such eloquence. I would like to add that on the issue of prudence and the rule of Law that Africa has centuries of leadership and trade to draw from. Western institutions and colonial artifacts are not the only legitimate way forward and it will be interesting to see what innovations we as a civilization can create to solve our unique challenges.
We have come to a post colonial milestone, lets stop patronizing Africa and truly let them administer their own future. Dambisa Moyo needs to be included in any discussion on the future of Africa. Africans, please recognize the genius within.