Reinventing foreign aid for inclusive and sustainable development: a survey

Asongu, Simplice (2014): Reinventing foreign aid for inclusive and sustainable development: a survey.

Abstract

This survey essay reviews over 200 papers in arguing that in order to achieve sustainable and inclusive development, foreign aid should not orient developing countries towards industrialisation in the perspective of Kuznets but in the view of Piketty. Abandoning the former’s view that inequality will fall with progress in industrialisation and placing more emphasis on inequality in foreign aid policy will lead to more sustainable development outcomes. Inter alia: mitigate short-term poverty; address concerns of burgeoning population growth; train recipient governments on inclusive development; fight corruption and mismanagement and; avoid the shortfalls of celebrated Kuznets’ conjectures. We discuss how the essay addresses post-2015 development challenges and provide foreign aid policy instruments with which discussed objectives can be achieved. In summary, the essay provides useful policy measures to avoid past pitfalls. ‘Output may be growing, and yet the mass of the people may be becoming poorer’ (Lewis, 1955). ‘Lewis led all developing countries to water, proverbially speaking, some African countries have so far chosen not to drink’ (Amavilah, 2014). Piketty (2014) has led all developing countries to the stream again and a challenging policy syndrome of our time is how foreign aid can help them to drink.

• Item Type: MPRA Paper
• Language: English
• Keywords: Foreign aid; Piketty; Kuznets; Development
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B20 - General; F - International Economics > F3 - International Finance > F35 - Foreign Aid; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F50 - General; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O10 - General

References

1. Acemoglu, D., Johnson, S., & Robinson, J., (2005). “Institutions as a Fundamental Cause of Long-Run Growth”. In Handbook of Economic Growth, Vol. 1, Part A. NorthHolland: Elsevier.

2. Adams, R. H., (2004). “Economic growth, inequality and poverty: Estimating the growth elasticity poverty”, World Development, 32(12), pp. 1989-2014.

3. Adedeji, A., (1999). “Structural Adjustment Policies in Africa”. International Social Science. Journal, 51(162), pp. 521-28.

4. Alden, C., & Alves, C., (2008). “History & Identity in the Construction of China's Africa Policy”, Review of African Political Economy, 35(115), pp. 43-58.

5. Allen, K., (2014). “Review: Thomas Piketty, Capital in the Twenty First Century”, Irish Maxist Review, 3(10

6. Allen, D. S., & Ndikumana, L., (1999). “Income inequality and minimum consumption: implications for growth”, Federal Reserve Bank of St. Louis, Working Paper 1999-013.

7. Al Surikhi, H. F., (2012). “Knowledge and Financial Management in Households: An Examination of Married Women’s Perspectives in Chadbourn, North Carolina”, Capstone Collection, Paper 2489.

8. Ali, A. A., & Thorbecke , E., (2000). “The State and Path of Poverty in Sub Saharan Africa: Some Preliminary Result”, Journal of African Economies, 29(Suppl. 1), pp. 9-40.

9. Amavilah, V. H., (2014). “Sir W. Arthur Lewis and the Africans: Overlooked Economic Growth Lessons”, MPRA Paper No. 57126.

10. Amin, S., (2014). “Aid for Development”, Springer Briefs on Pioneers in Science and Practice, 16, pp. 125-137.

11. Anyanwu, J. C., (2014a). “Determining the correlates of poverty for inclusive growth in Africa”, European Economics Letters, 3(1), pp. 12-17.

12. Anyanwu, J. C., (2014b). “Marital Status, Household Size and Poverty in Nigeria: Evidence from the 2009/2010 Survey Data”, African Development Review, 26(1), pp. 118-137.

13. Anyanwu, J. C., (2013a). “Gender Equality in Employment in Africa: Empirical Analysis and Policy Implications”, African Development Review, 25(4), pp. 400-420.

14. Anyanwu, J. C., (2013b). “The correlates of poverty in Nigeria and policy implications”, African Journal of Economic and Sustainable Development, 2(1), pp. 23-52.

15. Anyanwu, J. C., (2011). “International Remittances And Income Inequality In Africa”, Review of Economic and Business Studies, 7(May), pp. 117-148.

16. Anyanwu, J., & Erhijakpor, A. E. O., (2014). “Does Oil Wealth Affect Democracy in Africa?”, African Development Review, 26(1), pp. 15-37.

17. Arthur L., (1955). Theory of Economic Growth. Milton Park: Routledge.

18. Asongu, S. A. (2012). “On the effect of foreign aid on corruption”, Economics Bulletin, 32(3), pp. 2174-2180.

19. Asongu, S. A. (2013a). “On the effectiveness of foreign aid in institutional quality”, European Economic Letters, 2(1), pp. 12-19.

20. Asongu, S. A., (2013b). “How Would Population Growth Affect Investment in the Future? Asymmetric Panel Causality Evidence for Africa”, African Development Review, 25(1), pp. 14-29.

21. Asongu, S. A., (2013c). “How has mobile phone penetration stimulated financial development in Africa”, Journal of African Business, 14(1), pp. 7-18.

22. Asongu, S. A., (2013d). “How do financial reforms affect inequality through financial sector competition? Evidence from Africa”, Economics Bulletin, 33(1), pp. 401-414.

23. Asongu, S. A., (2013e). “How do institutions matter in the income-equalizing effect of mobile phone penetration?”, European Economics Letters, 2(2), pp. 56-61.

24. Asongu, S. A., (2014a). “Globalization (fighting) corruption and development: how are these phenomena linearly and nonlinearly related in wealth effects”, Journal of Economic Studies, 41(3), pp. 346-369.

25. Asongu, S. A. (2014b). “A Development Consensus reconciling the Beijing Model and the Washington Consensus: Views and Agenda”, African Governance and Development Institute Working Paper No. 14/013.

26. Asongu, S. A., (2014c). “On the substitution of institutions and finance in investment”, Economics Bulletin, 34(3), pp. 1557-1574.

27. Asongu, S. A., (2014d). “Liberalisation and financial sector competition: a critical contribution to the empirics with an African assessment”, South African Journal of Economics; http://onlinelibrary.wiley.com/doi/10.1111/saje.12048/abstract

28. Asongu, S. A., (2014e). “Financial Sector Competition and Knowledge Economy: Evidence from SSA and MENA Countries”, Journal of the Knowledge Economy; http://link.springer.com/article/10.1007/s13132-012-0141-4

29. Asongu, S. A., (2014f). “Knowledge Economy and Financial Sector Competition in African Countries”, African Development Review, 26(2), pp. 333-246.

30. Asongu, S. A., (2014g). “Software piracy, inequality and the poor: evidence from Africa”, Journal of Economic Studies, 41(4), pp. 526-553.

31. Asongu, S. A., (2014h). “The impact of mobile phone penetration on African inequality”, International Journal of Social Economics: Forthcoming.

32. Asongu, S. A., (2014i). “Knowledge Economy Gaps, Policy Syndromes and Catch-up Strategies: Fresh South Korean Lessons to Africa”, African Governance and Development Institute Working Paper No. 14/014.

33. Asongu, S. A., (2015). “Long-term effects of population growth an aggregate investment dynamics: selected country evidence for Africa”, African Journal of Economic and Management Studies: Forthcoming.

34. Asongu, S., & Nguena, C., (2014). “Equitable and Sustainable Development of Foreign Land Acquisitions: what have we learnt on policy syndromes and implications?”, AGDI Working Paper No. 14/001.

35. Asongu, S. A., & Jellal, M. (2013). “On the channels of foreign aid to corruption”, Economics Bulletin, 33(3), pp. 2191-2201.

36. Arvin, B. M., Barillas, F., & Lew, B., (2002). “Is Democracy a Component of Donors' Foreign Aid Policies?", In: in B. Mak Arvin (ed.) New Perspectives on Foreign Aid and Economic Development. Westport, Connecticut: Praeger, 2002, pp. 171-198.

37. Arvin, B. M., & Barillas (2002) "Foreign Aid, Poverty Reduction, and Democracy", Applied Economics, 34(17), pp. 2151-2156.

38. Arvin, B. M., & Lew, B., (2010a). “Aid and happiness: untangling the causal relationship in nine European donor countries”, Global Business and Economic Review, 12(4), pp. 341-358.

39. Arvin, B. M., & Lew, B., (2010b). “Does Happiness Affect the Bilateral Aid Flows Between Donor and Recipient Countries?”, The European Journal of Development Research, 22(4), pp. 546-563.

40. Arvin, B. M., & Lew, B., (2011). “Are foreign aid and migrant remittances sources of happiness in recipient countries”, International Journal of Public Policy, 7(4/5/6), pp. 282-300.

41. Arvin, B. M., & Lew, B., (2012a). “Do happiness and foreign aid affect bilateral migrant remittances?”, Journal of Economic Studies, 39(2), pp. 212-230.

42. Arvin, B. M., & Lew, B., (2012b). “Development Aid, Corruption and the Happiness of Nations: Analysis of 118 countries over the years 1996-2009”, Applied Econometrics and International Development, 12(2).

43. Bagnara, A., (2012). “Aid Effectiveness: Effective Aid is Good Foreign Policy”, Partners in Research for Development, (Summer Issue), pp. 4-6.

44. Baliamoune-Lutz, M., (2013). “Tunisia’s Development Experience: A Success Story?”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 457-480.

45. Baliamoune-Lutz, M., & McGillivray, M., (2009). “Does Gender Inequality Reduce Growth in Sub-Saharan Africa and Arab Countries?”, African Development Review, 21(2), pp. 224-242.

46. Baliamoune-Lutz, M., (2007). “Globalisation and Gender Inequality: Is Africa Different?”, Journal of African Economies, 16(2), pp. 301-348.

47. Baliamoune-Lutz, M., & Lutz, S. H., (2005). “Rural-Urban Inequality in Africa: A Panel Study of the Effects of Trade Liberalisation and Financial Depending”, Journal of African Development, 7(1), pp. 1-19.

48. Banerjee, A., & He, R., (2008). “Making Aid Work”, In Reinventing Foreign Aid, ed. Easterly, W., The MIT Press: Massachusetts, pp. 47-92.

49. Banuri, T., (2013). “Sustainable Development is the New Economic Paradigm”, Development, 56(2), pp. 208-217.

50. Bayart, J.-F., (1992). The State in Africa: The Politics of the Belly. Longman, New York.

51. Bhagwati, J., (1958). “Immiserizing growth: A geometrical note”, Review of Economic Studies, 25, pp. 201-205.

52. Bjornskov, C., (2010). “Do elites benefit from democracy and foreign aid in developing countries?”, Journal of Development Economics, 92(2), pp. 115-124.

53. Boone, P., (1996). “Politics and the effectiveness of foreign aid”, European Economic Review,40(2), pp. 289–329.

54. Branko, M., (2014). “The return of ‘patrimonial capitalism’: review of Thomas Piketty’s Capital in the 21st century”, Journal of Economic Literature, 52(2), pp. 519-534.

55. Bräutigam, D.A., & Knack, S., (2004). “Foreign aid, institutions, and governance in Sub-Saharan Africa”. Economic Development and Cultural Change, 52(2), 256–285.

56. Brett, E., (2009). Reconstructing Development Theory: International Inequality, Institutional Reform andSocial Emancipation. Basingstoke: Palgrave Macmillan.

57. Bujra, A., (2004). “Pan-African Political and Economic Vision of Development: From OAU to the AU, from the Lagos Plan of Action (LPA) to the New Partnership for African.

58. Calderón, M.C., Chong, A., & Gradstein, M., (2006). “Foreign aid, income inequality, and Poverty”. Working Paper No. 547. Inter-American Development Bank.

59. Cardoso, E., (2013). “Between Past and Future of Latin America: Lessons from Brazil, Chile, Costa Rica and the Dominican Republic ”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 406-415.

60. Carmody, P., & Owusu, F., (2007). “Chinese vs. America geoeconomic strategies in Africa”, Political Geography, Political Geography, 26, pp. 504-524.

61. Chang, H-J., (2002). Kicking Away the Ladder: Development Strategy in Historical Perspective. London: Anthem.

62. Chandra, D. S., & Yokoyama, K., (2011). “The role of good governance in the knowledge-based economic growth of East Asia – A study on Japan, Newly Industrialized Economies, Malaysia and China”, Graduate School of Economics, Kyushu University.

63. Chao, C-C., Laffargue, J-P., & Sgro, P. M., (2010). “Foreign aid, Wage Inequality and Welfare for a Small Open Economy with Tourism”, Review of International Economics, 18(3), pp. 454-464.

64. Chen, E. S., (2014, August). “Women: The Economic Savior”, THE DIPLOMAT http://thediplomat.com/2014/08/women-the-economic-saviors-of-japan/ (Accessed: 02/09/2014).

65. Chong, A., (2004). “Inequality, democracy, and persistence: is there a political Kuznets curve? ”, Economics and Politics, 16 (2), 189–212.

66. Chong, A., Gradstein, M., & Calderon, C., (2009). “Can foreign aid reduce income inequality and poverty?”, Public Choice, 140, pp. 59-84.

67. Collier, P. (2007). The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It ?, Oxford University Press.

68. Dahlman, C., (2007). “The Challenge of the Knowledge Economy for Latin America”, Globalization, Competitiveness and Governability Journal, 1(1), pp. 18-46.

69. Datt, G., & Ravallion, M., (1992). “Growth and Redistribution Component of Changes in Poverty Decomposition to Brazil and India in the 1980s”, Journal of Development Economics, 38 (2), pp. 275-295.

70. De Mello, L., (2013). “Brazil’s Growth Performance: Achievements and Prospects”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 295-320.

71. Demombynes, G., & Thegeya, A., (2012, March). “Kenya’s Mobile Revolution and the Promise of Mobile Savings”, World Bank Policy Research Working Paper, No. 5988.

72. DFID (2013). “Promoting Women’s Financial Inclusion”, Department of International Development, London and East Kilbride, United Kingdom. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/213907/promoting-womens-financial-inclusion-toolkit.pdf (Accessed: 02/09/2014).

73. Dollar, D., & Svensson, J., (2000). “What explains the success or failure of structural adjustment programmes?”, The Economic Journal, 110, pp. 894-917.

74. Doucougliagos, H., & Paldam ,M., (2008). “Aid effectiveness on growth: a meta study”. European Journal of Political Economy, 24(1), pp. 1–24.

75. Doucouliagos, H., & Paldam, M., (2009). “The aid effectiveness literature : the sad results of 40 years of research”, Journal of Economic Surveys, 23(3), pp. 433-461.

76. Dreher, A., & Gaston, N., (2008). “Has globalization increased inequality?”, Review of International Economics, 16(3), 516–536.

77. Drine, I., (2013). “‘Successful’ Development Models: Lessons from the MENA Region”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 496-504.

78. Drogendijk, R., & Blomkvist, K., (2013). “Drivers and Motives for Chinese Outward Foreign Direct Investment in Africa”, Journal of African Business, 14(2), pp. 75-84.

79. Duflo, E., & Kremer, M., (2008). “Use of Randomization in the Evaluation of Development Effectiveness”, In Reinventing Foreign Aid, ed. Easterly, W., The MIT Press: Massachusetts, pp. 93-120.

80. Easterly, W., (1999), “The Ghost of Financing Gap: Testing the Growth Model Used in the International Financial Institutions”, Journal of Development Economics, 60, pp. 423-438.

81. Easterly, W., (2005a), “Can foreign aid save Africa”, Saint John’s University.

82. Easterly, W., (2005b), “ What did structural adjustment adjust? The association of policies and growth with repeated IMF and World Bank adjustment loans,” Journal of Development Economics, 76, pp. 1-22.

83. Easterly, W., (2000). The Effect of IMF and World Bank Programs in Poverty, Washington DC: World Bank, Mimeo.

84. Easterly, W., (2002). “The cartel of good intensions: the problem of bureaucracy in foreign aid”, The Journal of Policy Reform, 5(4), pp. 223-250.

85. Easterly, W., (2006). “Planner versus searchers in foreign aid”, Asian Development Review, 23(1), pp. 1-35.

86. Easterly, W., (2008). Reinventing Foreign Aid, The MIT Press: Massachusetts.

87. Easterly, W., Levine, R., & Roodman, D., (2004). “New data, new doubts: a comment on Burnside and Dollar's ‘Aid, policies, and growth (2000)’”. American Economic Review, 94(3), pp. 774–780.

88. Epstein, G., Heintz, J., Ndikumana, L., & Chang, G., (2011). “Employment, Poverty and Economic Development in Madagascar”, PERI Working Paper, University of Massachusetts.

89. Eubank, N. (2012). “Taxation, Political Accountability and Foreign Aid: Lessons from Somaliland”, Journal of Development Studies, 48(4), pp. 465-480.

90. Fofack, H., (2014). “The Idea of Economic Development: Views from Africa”, WIDER Working Paper 2014/093.

91. Fosu, A., (2012), “Development Success: Historical Accounts from More Advanced Countries”, UNU-WIDER Research Paper.

92. Fosu, A., (2013a), “Achieving development success: Strategies and lessons from the developing world”, UNU-WIDER Policy Brief (November).

93. Fosu, A., (2013b). “Country Role Models for Development Success: The Ghana Case”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 265-283.

94. Fosu, A., (2013c), “Growth of African Economies: Productivity, Policy Syndromes and the Importance of Institutions”, Journal of African Economies, 22(4), pp. 523-551.

95. Fosu, A. K., (2014). “Growth, Inequality and Poverty in Sub-Saharan Africa: Recent Progress in a Global Context”, CSAE Working Paper Series 2014-17.

96. Fosu, A. K., (2008). “Inequality and the Growth-Poverty Nexus: Specification Empirics Using African Data”, Applied Economics Letters, 15(7), pp. 563-566.

97. Fosu, A. K., (2009). “Inequality and the Impact of Growth on Poverty: Comparative Evidence for Sub-Saharan Africa”, Journal of Development Studies, 45(5), pp. 726-745.

98. Fosu, A. K., (2010a). “The Effect of Income Distribution on the Ability of Growth to Reduce Poverty: Evidence from Rural and Urban African Economies”, American Journal of Economics and Sociology, 69(3), pp. 1034-1053.

99. Fosu, A. K., (2010b). “Does Inequality Constrain Poverty Reduction Programs? Evidence from Africa”, Journal of Policy Modeling, 32(6), pp. 818-827.

100. Fosu, A. K., (2010c). “Inequality, Income and Poverty: Comparative Global Evidence”, Social Sciences Quarterly, 91(5), pp. 1432-1446.

101. Fosu, A., (2010d), “Africa’s Economic Future: Learning from the Past”, CESifo Forum, Info Institute for Economic Research at the University of Munich, 11(1), pp. 62-71.

102. Fosu, A. K., (2011). “Growth, Inequality and Poverty Reduction in Developing Countries: Recent Global Evidence”, UNU WIDER Working Paper 2011/01.

103. Frickeinstein, J., (2013, December). “Advancing Financial Inclusion for Women in Africa”, CGAP, Advancing financial inclusion to improve the lives of the poor http://www.cgap.org/blog/advancing-financial-inclusion-women-africa (Accessed: 02/09/2014).

104. Gerba, D. T. (2012). “Impact of entrepreneurship education on entrepreneurial intentions of business and engineering students in Ethiopia”, African Journal of Economic and Management Studies, 3(2), pp. 258-277.

105. Ghosh, J., (2013). “Towards a Policy Framework for Reducing Inequalities”, Development, 56(2), pp. 218-222.

106. Ghosh,, S., & Berfond, J., (2013, October). “Beyond Expectations: Application of Gender Analysis”, CGAP, Advancing financial inclusion to improve the lives of the poor http://www.cgap.org/blog/beyond-expectations-applications-gender-analysis (Accessed: 02/09/2014).

107. Gibson, C., Andersson, K., Ostrom, E., & Shivakumar, S., (2005). The Samaritan's Dilemma: The Political Economy of Development Aid. Oxford University Press, Oxford.

108. Gu, J., (2009). “China’s Private Enterprises in Africa and Implications for African Development”, European Journal of Development Research Special Issue, 24(4), pp. 570-587.

109. Homburg, S., (2014). “Critical Remarks on Piketty's 'Capital in the Twenty-first Century' ” Discussion Paper, Wirtschaftswissenschaftliche Fakultät, Leibniz Universität Hannover, No. 530.

110. Jomo, K. S., & Wee, C. H., (2013). “Lessons from Post-Colonial Malaysian Economic Development”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 50-71.

111. Jonathan, D., & Camilo, T., (2008). “Mobile banking and economic development: Linking adoption, impact and use”, Asian Journal of Communication, 18(4), pp. 318-322.

112. Hasan, M. S., (2010). “The long-run relationship between population and per capita income growth in China”. Journal of Policy Modeling, 32, pp. 355-372.

113. Heckelman, J., & Knack, S., (2008). “Foreign aid and market-liberalizing reform”. Economica,75 (299), pp. 524–548.

114. Herzer, D., & Nunnenkamp, P., (2012). “The Effect of Foreign Aid on Income Inequality: Evidence from Panel Cointegration”, Structural Change and Economic Dynamics, 23(3), pp. 245-255.

115. Hodler, R., (2007). “Rent seeking and aid effectiveness”, International Tax and Public Finance, 14(5), pp. 525–541.

116. IFAD, (2014). “The Gender Advantage: Women on the front line of climate change”, International Fund for Agricultural Development. http://www.ifad.org/climate/resources/advantage/gender.pdf (Accessed: 02/09/2014).

117. Iskenderian, M. E., (2013, October). “Prove It: Measuring Gender Performance in Microfinance”, CGAP, Advancing financial inclusion to improve the lives of the poor http://www.cgap.org/blog/prove-it-measuring-gender-performance-microfinance (Accessed: 02/09/2014).

118. Kamwanga, J., & Koyi, G., (2009, November). “The impact of China-Africa Investment relations: the case of Zambia”, African Economic Research Consortium. http://dspace.africaportal.org/jspui/bitstream/123456789/32409/1/Zambiainvestmentrelations.pdf?1 (Accessed: 02/08/2014).

119. Kakwani, N., (1993). “Poverty and Economic Growth with Application to Côte d’Ivoire”, Review of Income and Wealth, 39(2) pp. 121-139.

120. Kalwij, A., & Verschoor, A., (2007). “Not by Growth Alone: The Role of the Distribution of Income in Regional Diversity in Poverty Reduction”, European Economic Review, 51(4), pp. 805-829.

121. Kiel Institute for the World Economy, Kiel Working Paper No. 1762.

122. Kim, Y., (2012). “CCS Commentary : Korea’s approach for Africa’s inclusive growth”, Centre for Chinese Studies, Stellenbosch, South Africa. http://www.ccs.org.za/wp-content/uploads/2012/12/YK-Korea-Africa.pdf (Accessed: 01/09/2014)

123. Kindiki, M. M., (2011). “International Regime Governance and Apparel Labour Upgrading in Export Processing Zones in Urban Kenya”, African Review of Economics and Finance, 3(1), pp. 26-40.

125. Kirui, O. K., Okello, J. J., Nyikal, R. A., & Njiraini, G. W., (2013). “Impact of Mobile Phone-Based Money Transfer Services in Agriculture: Evidence from Kenya”, Quarterly Journal of International Agriculture, 52 (2), pp. 141-162

126. Khan, H. A., (2013). “Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand and Vietnam”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 119-130.

127. Kliner, M., Knight, A., Mamvura, C., Wright, J., & Walley, J., (2013). “Using no-cost mobile phone reminders to improve attendance for HIV test results: a pilot study in rural Swaziland”, Infectious Diseases of poverty, 2(12), pp. 1-7.

128. Klitgaard, R., (1991). Tropical Gangsters. Basic Books, New York.

129. Klugman, J., (2002). “A Sourcebook for Poverty Reduction Strategies”, The World Bank, Washington DC.

130. Knack, S., (2001). “Aid dependence and the quality of governance: cross-country empirical Tests ”. Southern Economic Journal, 68(2), pp. 310-329.

131. Kolstad, I., & Wiig, A., (2011). “Better the Devil You Know? Chinese Foreign Direct Investment in Africa”, Journal of African Business, 12(2), pp. 31-50.

132. Koning, A., (2013, December). “Banking on Including Women in Nigeria”, CGAP, Advancing financial inclusion to improve the lives of the poor http://www.cgap.org/blog/series/how-make-financial-inclusion-work-women (Accessed: 02/09/2014).

133. Kragelund, P., (2009). “Part of the Disease Or Part of the Cure?” Chinese Investments in the Zambian Mining and Construction Sectors”, European Journal of Development Research, 21(4), pp. 644-661.

134. Krause, U. (2013). “Innovation: The new Big Push or the Post-Development alternative?”, Development, 56(2), pp. 223-226.

135. Kremer, M., (2008). “Making Vaccines Pay”, In Reinventing Foreign Aid, ed. Easterly, W., The MIT Press: Massachusetts, pp. 417-430.

136. Krusell, P., & Smith, T., (2014). “Is Piketty’s ‘Second Law of Capitalism’ Fundamental?”, Institute for International Economic Studies, CEPR and NBER, http://www.iepecdg.com.br/uploads/artigos/piketty1.pdf (Accessed: 02/09/2014).

138. Kuznets, S. (1955). “Economic Growth and Income Inequality”. American Economic Review , 45 pp. 1–28

139. Kuznets, S., (1971). Economic Growth of Nations: Total Output and Production Structure. Belknap Press/Harvard University Press: Cambridge (Mass).

140. Lalountas, D.A., Manolas, G.A., & Vavouras, I.S., (2011), “Corruption, globalization and development: How are these three phenomena related?”, Journal of Policy Modeling, 33, pp. 636-648.

141. Layton, T., & Fuller, J., (2008). Aiding inequality: a pooled time-series analysis of the effect of foreign aid on income inequality. Mimeo, Brigham Young University.

142. Lee, K., (2013), “How can Korea be a Role Model for Catch-up Development? A ‘Capability-based’ View”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 25-49.

143. Lewis, A., (1955). Theory of Economic Growth. Milton Park: Routledge.

144. Lin, X., & Farrell, C., (2013). “The Internationalization Strategies of Chinese State and Private State Enterprises in Africa”, Journal of African Business, 14(2), pp. 85-95.

145. Lin, J., & Monga, C., (2011). “Growth Identification and Facilitation : The Role of the State in the Dynamics of Structural Change”. Development Policy Review, 29(3), pp. 264-90.

146. Looney, R. E., (2013). “The Omani and the Bahraini Paths to Development: Rare and Contrasting Oil-Based Economic Success Stories”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 419-456.

147. Lundahl, M., & Petersson. L., (2013). “Post Apartheid South Africa: An Economic Story?”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 232-262.

148. Lustig, N., (2011). “The Knowledge Bank and Poverty Reduction”, Working Papers 209, ECINEQ, Society for the Study of Economic Inequality. Marglin, S. A. (2013). “Premises for a New Economy”, Development, 56(2), pp. 149-154.

149. Mensah, S. N., & Benedict, E., (2010). “Entrepreneurship training and poverty alleviation: Empowering the poor in the Eastern Free State of South Africa”, African Journal of Economic and Management Studies, 1(2), pp. 138-163.

150. Mpogole, H., Usanga, H., & Tedre, M., (2008). “Mobile phones and poverty alleviation: a survey study in rural Tanzania”, Proceedings of M4D 2008, Karlstad University, Sweden, pp. 62-72.

151. Milburn, R., (2013). “Idealism in Reality Check”, PENTA DAILY, http://blogs.barrons.com/penta/2013/09/12/idealisms-reality-check/ (Accessed: 29/08/2014)

152. Miller, D. C., (2014). “Explaining Global Patterns of International Aid of Linked Biodiversity Conservation and Development”, World Development, 59, pp. 341-359.

153. Mohan, G., & Power, M., (2008). “New African Choices? The Politics of Chinese Engagement”, Review of African Political Economy, 35(115), pp. 23-42.

154. Mohan, G., & Tan-Mullins, M., (2009). “Chinese Migrants in Africa as New Agents of Development? An Analytical Framework”, European Journal of Development Research, 21(4), pp. 588-605.

155. Monga, C., (2014). “Truth is the Safest Lie. A Reassessment of Development Economics”, Global Development Network 15th Annual Global Development Conference (Ghana: June 18th to 20th).

156. Monika, A., & Bobbin, T., (2012). “The Billion Dollar Solution that Isnt: How systems modeling in foreign aid could save billions and serve the poor”, Development, 55(1), pp. 71-80.

157. Monni, S., & Spaventa, A., (2013). “Beyond GDP and HDI: Shifting the focus from paradigms to politics”, Development, 56(2), pp. 227-231.

158. Mosley, P., Hudson, J., & Horrell, S., (1987). “Aid, the public sector and the market in less developed countries”, The Economic Journal, 97 (387), pp. 616–641.

159. Moyo, D. (2009). Dead Aid: Why Aid Is Not Working and How There is Another Way for Africa. New York: Farrar, Straus and Giroux.

160. Moyo, D., (2013). “Is China a new idol for developing countries”, TED Talks, New Ideas Every day, https://www.youtube.com/watch?v=4Q2aznfmcYU (Accessed: 29/08/2014).

161. Ndlovu-Gatsheni, S. J. (2013). “The Entrapment of African within the Global Colonial Matrices of Power: Eurocentrism, Coloniality and Deimperialieation in the Twenty-first century”, Journal of Developing Societies, 29(4), pp. 331-353.

162. Norman, A., & Stiglitz, J., (2012). ‘African Development Prospects and Possibilities. In E. Aryeetey et al. (eds), The Oxford Companion to the Economics of Africa. Oxford: Oxford University Press.

163. Naudé, W., (2013). “Development Progress in Sub-Saharan Africa: Lessons from Botswana, Ghana, Mauritius and South Africa”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 284-292.

164. North, D., (1990). Institutions, Institutional Change and Economic Performance. Cambridge and New York : Cambridge University Press.

165. Nyarko, Y., (2013). “The United Arab Emirates: Some Lessons in Economic Development”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 77-101.

166. Obeng-Odoom, F. (2013). “Africa’s Failed Economic Development Trajectory: A Critique”, African Review of Economics and Finance, 4(2), pp. 151-175.

167. Ondiege, P., (2010, December). “Mobile Banking in Africa: Taking the Bank to the People”, AfDB, Africa Economic Brief, 1(8).

168. Ondiege, P., (2013). “Fostering financial inclusion with mobile banking”, African Development Bank. http://www.proparco.fr/webdav/site/proparco/shared/PORTAILS/Secteur_prive_developpement/PDF/SPD16/SPD16_Peter_Ondiege_UK.pdf (Accessed: 02/09/2014).

169. OAU (2001). The New Partnership for African Development (NEPAD). Addis Ababa: OAU. Organisation of African Unity (OAU) (1980). Lagos Plan of Action for the Economic Development of Africa. Addis Ababa: OAU.

170. Osei, B., & Mubiru, A. M., (2010, July). “Chinese Trade and Investment Activities in Africa”, African Development Bank’s Policy Brief, 1 (4), pp. 1-12.

171. Oseifuah, E. K., (2010). “Financial literacy and youth entrepreurship in South Africa”, African Journal of Economic and Management Studies, 1(2), pp. 164-182.

172. Ovadia, J. S., (2013). “Accumulation with or without dispossession? A ‘both/and’ approach to China in Africa with reference to Angola”, Review of African Political Economy, 40(136), pp. 233-250.

173. Ozgur, K., Ilker, K., & Lewell, G., (2013). “Foreign Aid and the Quest for Poverty Reduction: Is Aid to Agriculture Effective?”, Journal of Agricultural Economics, 64(3), pp. 583-596.

174. Piketty, T., (2014). “Capital in the Twenty First Century”, Harvard University Press.

175. Pinkivskiy, M., & Sala-i-Martin, X., (2014). “Africa is on time”, Journal of Economic Growth, 19(3), pp. 311-333.

176. Pommeret, A., & Smith, W. T. (2005). “Fertility, volatility and growth”. Economics Letters 87, pp. 347-353.

177. Pozo, S., Sanchez-Fung, J., & Santos-Paulino, A. U., (2013). “Economic Development Strategies in the Dominican Republic”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 383-405.

178. Pritchett, L., (2008). “It Pays to Be Ignorant: A Simple Political Economy of Rigorous Program Evaluation”, In Reinventing Foreign Aid, ed. Easterly, W., The MIT Press: Massachusetts, pp. 121-144.

179. Pritchett, L., & Woolcook, M., (2008). “Solutions When the Solution Is the Problem: Arraying the Disarray in Development”, In Reinventing Foreign Aid, ed. Easterly, W., The MIT Press: Massachusetts, pp. 147-178.

180. Radelet, S., & Levine, R., (2008). “Can We Build a Better Mousetrap? Three New Institutions Designed to Improve Aid Effectiveness”, In Reinventing Foreign Aid, ed. Easterly, W., The MIT Press: Massachusetts, pp. 431-460.

181. Rajan, R., & Subramanian, A., (2008). “Aid and Growth: What Does the Cross-Country Evidence Really Show?”, Review of Economics and Statistics, 90 (4), pp. 643-665.

182. Ravallion, M., (1997). “Can High Inequality Developing Countries Escape Absolute Poverty”, Economics Letters, 56(1), pp. 51-57.

183. Remmer, K., (2004). “Does foreign aid promote the expansion of government?”, American Journal of Political Science, 48(1), 77-92.

184. Reynolds, A., (2014). “Why Piketty’s Wealth Data Are Worthless”, CATO INSTITUTE, http://www.cato.org/publications/commentary/why-pikettys-wealth-data-are-worthless?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=Feed%3A+CatoRecentOpeds+(Cato+Recent+Op-eds) (Accessed: 02/09/2014).

185. Robinson, J., (2013). “Botswana as a Role Model for Country Success”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 187-203.

186. Rodrik, D., (2008). One Economics, Many Recipes: Globalization, Institutions and Economic Growth. Princeton: Princeton University Press.

187. Rogoff, K., (2014). “Foreign-Aid Follies”, Project Syndicate, https://www.project-syndicate.org/commentary/kenneth-rogoff-urges-caution-in-helping-poor-countries-to-develop (Accessed: 30/08/2014).

188. Rosenzweig, M. R. (1990). “Population growth and human capital: theory and evidence”, Journal of Political Economy, 98(5), pp. 33-68.

189. Rowthorn, R., (2014). “A Note on Thomas Piketty’s Capital in the Twenty-First Century”, Faculty of Economics, University of Cambridge, http://www.tcf.org/assets/downloads/A_Note_on_Thomas_Piketty3.pdf (Accessed: 02/09/2014).

190. Sanfilippo, M., (2010). “Chinese FDI to Africa: What Is the Nexus with Foreign Economic Cooperation?”, African Development Review, 22(1), pp. 599-614.

191. Santos-Paulino, A. U., (2013). “Country Role Model of Development Success: Lessons from China and India ”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 176-184.

192. Schiere, R., (2010). “Building Complementarities in African between Different Development Cooperation Modalities of Traditional Development Partners and China”, African Development Review, 22(1), pp. 615-628.

193. Singh, N., (2013). “Democracy, Diversity and Development: India’s Strategy and Outcomes”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 133-175.

194. Singh, S., Simpson, R., Mordi, C., & Okafor, C., (2011). “Motivation to become an entrepreneur : a study of Nigerian women’s decisions”, African Journal of Economic and Management Studies, 2(2), pp. 202-219.

195. Sobhee, S. K., & Nath, S., (2007). “Growth, Income Inequality and Giving: Looking for an aid-kuznets curve”, Review of Applied Econometrics, 3(1), pp. 157-167.

196. Solimano, A., (2013). “Three Decades of Neoliberal Economics in Chile: Achievements, Failures and Dilemmas”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, p. 321-359.

197. Stiglitz, J., & Lin, J., (eds.), (2013). The Industrial Policy Revolution I: The Role of GovernmentBeyond Ideology. New York, Palgrave Macmillan.

198. Stiglitz, J., Lin, J., & Monga , C., (2013a). ‘The Rejuvenation of Industrial Policy’, Policy Research Working Paper 6628. Washington, DC: World Bank.

199. Stiglitz, J., Lin, J., Monga , C., & Patel, E., (2013b). “Industrial Policy in the African Context”. Policy Research Working Paper 6633. Washington, DC: World Bank.

200. Stiglitz, J.E., (2014). “Democracy in the Twenty-First Century”, Project Syndicate. http://www.project-syndicate.org/commentary/joseph-e--stiglitz-blames-rising-inequality-on-an-ersatz-form-of-capitalism-that-benefits-only-the-rich#8fX6aHZR7H3oqmHF.99 (Accessed: 02/09/2014).

201. Subramanian, A., (2013). “The Mauritian Success Story and Its Lessons”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 204-231.

202. Suh, J., & Chen, D. H. C., (2007). “Korea as a Knowledge Economy. Evolutionary Process and Lessons Learned”, Korea Development Institute, https://www.usp.ac.fj/worldbank2009/frame/Documents/Publications_regional/409300PAPER0KR101OFFICIAL0USE0ONLY1.pdf (Accessed: 29/07/2014).

203. Svensson, J., (1999). “Aid, growth and democracy”. Economics and Politics, 11(3), pp. 275-297.

204. Svensson, J., (2005). “Eight questions about corruption”. Journal of Economic Perspectives, 19(3), pp. 1-42.

205. Sweezy, A. R. (1940). “Population growth and investment opportunity”, Quarterly Journal of Economics, 55(1), pp. 64-79.

206. Tchamyou, S. V., (2014). “The Role of Knowledge Economy in African Business”, Master Thesis at HEC-Management School (University of Liege).

207. Tezanos, S., Quinones, A., Guijarro, M, (2013). “Inequality, aid and growth: Macroeconomic impact of aid grants and loans in latin america and the Caribbean”, Journal of Applied Economics, 16(1), pp. 153-177.

208. Timmons, R. J., Bradleyc, P., Tierney, M., & Hicks, R., (2009). “Has Foreign Aid Been Greened?”, Environment: Science and Policy for Sustainable Development, 51(1), pp. 8-21.

209. Titumir, R. A. M., & Kamal, M. (2013). “Growing Together Sustainably: A zero-poverty post 2015 development framework”, Development, 56(2), pp. 172-184.

210. Thoburn, J., (2013). “Vietnam as a Role Model for Development”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 99-118.

211. Thorbecke, E., (2013). “The Interrelationship Linking Growth, Inequality and Poverty in Sub-Saharan Africa”, Journal of African Economies, 33, Suppl_1, pp. 15-48.

212. Tran, M., (2011). “South Korea: a model of development?”, The Guardian, http://www.theguardian.com/global-development/poverty-matters/2011/nov/28/south-korea-development-model (Accessed: 29/07/2014).

213. Trejos, A., (2013). “Country Role Models for Development Success: The Case of Costa Rica”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 360-382.

214. United Nations (2013). “A New Global Partnership: Eradicate Poverty and Transform Economies Through Sustainable Development”, The Report of the High-Level Panel of Eminent Persons on the Post-2015 Development Agenda. http://www.un.org/sg/management/pdf/HLP_P2015_Report.pdf (Accessed: 31/08/2014).

215. Wamboye, E., Adekola, A., & Sergi, B. S. (2013). “Economic Growth and the Role of Foreign Aid in Selected African Countries”, Development, 56(2), pp. 155-171.

216. Wantchekon, L., Klasnja, M., & Novta, N., (2014). “Education and Human Capital Externalities: Evidence from Colonial Benin”, Department of Politics, Princeton University.

217. Warr, P., (2013). “Thailand’s Development Strategy and Growth Performance”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, pp. 72-94.

218. Whittle, D., & Kuraishi, M., (2008). “Competition with Central Planning: Marketplaces for International Aid”, In Reinventing Foreign Aid, ed. Easterly, W., The MIT Press: Massachusetts, pp. 461-484.

219. Wissenbach, U., (2009). “The EU’s Response to China’s Africa Safari: Can Triangular Co-operation Match Needs?”, European Journal of Development Research, 21(4), pp. 21(4), pp. 662-674.

220. Yao, Y. E., (2013). “The Disinterested Government: An Interpretation of China’s Economic Success in the Reform Era ”, In Achieving Development Success: Strategies and Lessons from the Developing World, ed. Fosu, A., Oxford University Press, p.152.

221. Young, A., (2012)). “The African growth miracle”, Journal of Political Economy, 120 (4), pp. 696-739.

222. Zhang J., Wei, W. X., & Liu, Z., (2013), “Strategic Entry and Determinants of Chinese Private Sector Enterprises in Africa”, Journal of African Business, 14(2), pp. 96-105.