Source: Wall Street Journal
“By almost any measure, the world is better off now than it has ever been before.” But what does Bill Gates know? My friend Piers Bocock shared a story with me in today’s WSJ. In it Bill and Melinda Gates punch more holes in the archaic belief that funding development is throwing good money after bad. I used to believe this…because in many respects it was true! In the Cold War foreign “development” aid was meant to keep anti-communist dictators on our side. But now there’s a new development paradigm. Gates-style megaphilanthropists + globalization + ubiquitous, hand-held computing/telecommunications + rising education = the rapid and sustained development of nearly every poor country on the planet.