The Woods Report: Foreign Aid and Economic Growth

Publication Date: May 1989

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): Edward L. Hudgins

Research Area: Economics

Keywords: Trade and foreign aid

Type: Report

Abstract:

In the past, strategies to promote economic development in less developed countries have focused on transfers of wealth and technologies. While well intentioned, these policies have proved to be of little positive benefit, and in many instances, were even counterproductive. Today, many analysts recognize policy reforms by the governments themselves as the best means to promote their country’s economic growth. The Woods Report shows that the policy reforms that best promote such growth are those that put economic decision-making power into the hands of individual citizens.