Dambisa Moyo

Dambisa Moyo
Dr. Dambisa Moyo
Born Lusaka, Zambia [1]
Nationality Zambian
Alma mater Oxford University (DPhil)
Harvard University (MPA)
American University (BS, MBA)
Occupation Economist, Author
Known for Economic Theories
Website
dambisamoyo.com

Dr. Dambisa Moyo is an international economist and New York Times best-selling author of both Dead Aid: Why Aid is Not Working and How There is a Better Way For Africa,[2] published in 2009, and How the West Was Lost: Fifty Years of Economic Folly - And the Stark Choices that Lie Ahead, published in early 2011.[3]

Contents

Biography

Moyo was born and raised in Lusaka, Zambia.[4] She holds a Doctorate (PhD) in Economics from St. Antony's College, Oxford University; her 2002 dissertation is titled "Essays on the determinants of the components of savings in developing countries".[5] In 1997, Moyo earned a Master of Public Administration (MPA) from Harvard University’s Kennedy School of Government.[6] She also earned a Master of Business Administration (MBA) in Finance and Bachelor of Science (BS) in Chemistry from American University in Washington D.C. She worked for the World Bank as a Consultant and at Goldman Sachs where she worked in the debt capital markets and as an economist in the global macroeconomics team.

On March 14, 2011, Moyo spoke at the annual Observance ceremony marking Commonwealth Day in Westminster Abbey. She spoke on "Women as Agents of Change" in the presence of the Queen Elizabeth II, British Prime Minister David Cameron and 2000 guests.[7] In the same month The Daily Beast also selected Moyo as one of "150 Extraordinary Women Who Shake The World" along with Hillary Clinton, Madeleine Albright and others.[8]

Awards and Memberships

In 2009, Moyo was honoured by the World Economic Forum as one of its Young Global Leaders.[9] In May 2009, TIME Magazine named Moyo as one of the world's 100 most influential people.[1] In September 2009 Moyo was featured in Oprah Winfrey's power list of 20 remarkable visionaries.[10] In 2010, Dambisa Moyo was a participant at the Bilderberg Conference.[11] Moyo gave the keynote address at PIMCO's 2011 Secular Forum.[12]

Moyo serves on the board of Barclays Bank,[13] SABMiller,[14] Lundin Petroleum[15] and Barrick Gold.[16] She has done numerous speaking engagements at organizations including: Organisation for Economic Cooperation and Development, World Bank, International Monetary Fund, Council on Foreign Relations, American Enterprise Institute and the 2009 Munk Debates as well as most of the G7 countries. In 2009 she spoke at the TEDx conference at the EU Parliament.[17]

Moyo is a regular contributor to financial journals such as The Economist[18] and Financial Times[19] and has appeared as a guest on networks such as CNN,[20][21] CNBC,[22][23] BBC[24] and Fox Business.[25] She is a Patron of Absolute Return for Kids (ARK),[26] a hedge fund supported children’s charity, and serves on the Board of directors of Room to Read, a non-profit that provides educational opportunities to local communities in the developing world.[27]

Bibliography

Dead Aid

Dead Aid: Why Aid Is Not Working and How There is Another Way for Africa argues that foreign aid has harmed Africa and that it should be phased out.[28] It became a New York Times bestseller. It is published in Chinese, English, French, German, Greek, Italian, Japanese, Korean, Polish, Portuguese and Dutch.

The book offers proposals for developing countries to finance development, instead of relying on foreign aid. Moyo has stated that her arguments are based on those made by pro-market economists like Peter Bauer (to whom the book is dedicated)[29] and, later, William Easterly.[30] The Financial Times summarized the book's argument: "Limitless development assistance to African governments, she argues, has fostered dependency, encouraged corruption and ultimately perpetuated poor governance and poverty."[31] She argues that foreign aid helps perpetuate the cycle of poverty and hinders economic growth in Africa.

Harvard professor and historian Niall Ferguson wrote the foreword to Dead Aid. Quotes by the Chairman and CEO of Forbes, Steve Forbes, appear on the book jacket as well as by former United Nations Secretary-General Mr. Kofi Annan who says "Dambisa Moyo makes a compelling case for a new approach to Africa".

Moyo's ideas are similar to those held by the Rwandan Government and President Paul Kagame. He says that "Dead Aid has given us an accurate evaluation of the aid culture today".[32] Kagame also invited Moyo to Rwanda to discuss her thesis and bought copies of the book for his entire cabinet.[30][33] The President of Senegal, Abdoulaye Wade has also expressed similar views on aid.[30]

The thesis has also been noted by the Chinese Premier Wen Jiabao. Speaking at a China-Africa Cooperation summit in Egypt, he said "I have read a book titled Dead Aid written by Dambisa Moyo. The author talks about her personal experiences and draws the conclusion that China's assistance to Africa is sincere, credible, practical and efficient and is welcomed by the African people. I am confident that time will prove that friendship and cooperation between the Chinese and African people has a bright future."[34]

In a book review, economist Paul Collier calls Moyo's analysis "over-optimistic" in that "She implies that, were aid cut, African governments would respond by turning to other sources of finance that would make them more accountable." According to Collier, "this exaggerates the opportunity for alternative finance and underestimates the difficulties African societies face." [35] David Roodman, a research fellow at the Center for Global Development calls the book "sporadically footnoted, selective in its use of facts, sloppy, simplistic, illogical, and stunningly naive",[36] while the Financial Times notes that the book "studiously ignores evidence of development assistance working."[31]

The pro-aid organization ONE has claimed that Dead Aid is "reckless" and that it calls to "cut-off all aid".[37] Moyo points out in a number of interviews that this is a misrepresentation of her ideas[38] and the Financial Times notes that ONE's campaign "at least partially backfired".[31]

The economist Jeffrey Sachs has said more foreign aid is needed to improve conditions for Africa[39] but Moyo points out that when Sachs was her lecturer at Harvard it was he himself who taught that "the path to long-term development would only be achieved through private sector involvement and free market solutions".[40]

How The West Was Lost

Moyo’s second book entitled How the West Was Lost: Fifty Years of Economic Folly - And the Stark Choices that Lie Ahead was published with Penguin (UK) in January 2011. It was published in the USA, Canada, China, Australia, Italy, Germany, and across the world in February 2011. The book is available in paperback, hardcover, audio and kindle editions.[3] It became a New York Times bestseller, debuting at #6 in its first week.[41] It also debuted at #4 in the Washington Post[42] and #2 in the Wall Street Journal.[43] The book also had considerable success in Canada, peaking at #4 and remaining on the bestseller list for 6 weeks.[44]

The book offers a bold account of the decline of the economic supremacy of the West over the past 50 years. In particular, Moyo examines how America’s flawed decisions and blinkered policies choices around Capital, Labour and Technology – key ingredients for economic growth and success - have resulted in an economic and geo-political seesaw that is now poised to tip in favour of the emerging world.

In a review, Paul Collier states that "her diagnosis of the recent disasters in financial markets is succinct and sophisticated"[45] and continues "I applaud her brave alarum against our economic and social complacency: her core concerns are sufficiently close to painful truths to warrant our attention."[45] Dominic Lawson writes in The Times "This argument...can rarely have been made more concisely...Moyo is a very serious lady indeed."[46] The Independent says "the sad saga of the recession gives legs to Dambisa Moyo’s provocatively-entitled book, for it goes to the heart of the great economic issue of our times: how swiftly will power shift over this century?".[47] The Guardian says "How the West Was Lost is more interesting, wider in scale and more important than Dead Aid".[48]

Bloomberg summarizes "[The book] offers up a well-reasoned look at how the world’s most-advanced nations are squandering their economic lead — and how they might survive by fighting Chinese fire with fire….The book offers Western politicians a prescription for stopping the rot."[49] Bloomberg named it one of their top business books of 2011.[50]

In contrast, Alan Beattie of the Financial Times says "The carelessness with fact and interpretation....reaches critical proportions here. A few examples: Iceland did not default on its sovereign debt in 2008, and nor did the UK do so “in all but name” in 1976. Former Fed chairman Alan Greenspan, whatever his faults, never predicted 'a world without inflation'." [51] The Economist says "these arguments need much better supporting material than the book provides".[52]

Ireland's Sunday Business Post says "Moyo’s analysis of the fundamental underpinnings of the credit crunch, especially the role of leveraging, is ... nuanced and insightful".[53] The London business newspaper City AM summarizes the book by saying "the game's not over for the West, and Dambisa Moyo wants us to win".[54]

The magazine Fast Company noted the overlapping themes in Moyo's thesis and Barack Obama's 2011 State of the union address saying "Obama's State of the Union speech could not have come at a better time. Last night he touched on just about every theme that Moyo explores--debt, competition, technology, clean energy, to name a few--but the most significant and shared theme between the two boils down to innovation."[55]

Publications

  • Moyo, Dambisa (2011). How the West Was Lost: Fifty Years of Economic Folly - And the Stark Choices that Lie Ahead. New York: Farrar, Straus and Giroux. ISBN 0374173257. 
  • Moyo, Dambisa (2009). Dead Aid: Why Aid Is Not Working and How There is Another Way for Africa. New York: Farrar, Straus and Giroux. ISBN 0374139563. 
  • Change This Manifesto (Mar 10th 2011) : "A Call Against Complacency"[56]
  • The New York Times (Mar 1st 2011) : "How to Get America Back on Track"[57]
  • The Times (Jan 17th 2011) : "The country faces a dramatic choice: sink or swim"[58]
  • Barrons (Nov 28th 2010) : "Holding Housing's Head Above Water"[59]
  • Aberdeen Asset Management (Nov 2010) : "America's Hobson's Choice" [60]
  • Financial Times (Jan 30th 2010): "The Diary: Dambisa Moyo"[61]
  • The Economist (Nov 13th 2009): "The lure of Africa: Bond markets will discover its attractions"[18]
  • Financial Times (Jun 1st 2009): "Little appetite to question the aid-based status quo"[62]
  • Foreign Policy (Apr 21st 2009): "The Next Big Thing: Africa"[63]
  • Wall Street Journal (Mar 21st 2009): "Why Foreign Aid Is Hurting Africa"[64]
  • Financial Times (Feb 28th 2009): "The Diary: Dambisa Moyo"[65]
  • The Guardian (Feb 26th 2009): "Capitalism for Africa"[66]
  • Financial Times (Jan 30th 2009): "Lunch with the FT: Dambisa Moyo"[67]

References

  1. ^ a b "The 2009 Time 100". time.com. 30 April 2009. http://www.time.com/time/specials/packages/article/0,28804,1894410_1893209_1893459,00.html. Retrieved 16 February 2010. 
  2. ^ "Dambisa Moyo - Penguin Books Authors". Penguin. http://www.penguin.co.uk/nf/Author/AuthorPage/0,,1000073998,00.html. Retrieved 16 February 2010. 
  3. ^ a b "How the West Was Lost: Fifty Years of Economic Folly-and the Stark Choices Ahead (9780374173258): Dambisa Moyo: Books: Reviews, Prices & more". Amazon.com. 2009-09-09. http://www.amazon.com/dp/0374173257. Retrieved 2010-10-16. 
  4. ^ "The 2009 Time 100". Time. 30 April 2009. http://www.time.com/time/specials/packages/article/0,28804,1894410_1893209_1893459,00.html. Retrieved 30 April 2010. 
  5. ^ http://www.sant.ox.ac.uk/news/media.html
  6. ^ http://www.hks.harvard.edu/news-events/news/alumni/moyo-cid-apr09
  7. ^ http://www.facebook.com/dmoyo/posts/10150114358408788
  8. ^ http://www.thedailybeast.com/newsmaker/women-in-the-world
  9. ^ "Dambisa Moyo honoured as Young Global Leader 2009". Pfd.co.uk. http://www.pfd.co.uk/article/dambisa_moyo_honoured_as_young_global_leader_2009/. Retrieved 2010-10-16. 
  10. ^ "O's First-Ever Power List". Oprah.com. 11 August 2009. http://www.oprah.com/slideshow/omagazine/200909-omag-power-list/10. Retrieved 16 February 2010. 
  11. ^ "Leaked attendee list Bilderberg Conference June 3–6, 2010 in Hotel Dolce, Sitges (Barcelona, Spain)". Bilderberg 2010. http://bilderberg2010.com/dolce-hotel-2010-location-sitges-spain/leaked-attendee-list-bilderberg-conference-june-3-6-2010-in-hotel-dolce-sitges-spain/. Retrieved 2010-10-16. 
  12. ^ http://www.pimco.com/EN/Insights/Pages/Secular-Outlook-Navigating-the-Multi-Speed-World.aspx
  13. ^ "Barclays Media Centre". Newsroom.barclays.com. http://www.newsroom.barclays.com/Press-releases/Barclays-Board-change-6c7.aspx. Retrieved 2010-10-16. 
  14. ^ "Directorate Change". London Stock Exchange. http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10033579. Retrieved 2010-10-16. 
  15. ^ LUNDIN PETROLEUM PROPOSES A NEW BOARD MEMBER Lundin Petroleum Press Release, 2 December 2008
  16. ^ http://www.dailyfinance.com/company/barrick-gold-corporation/abx/nys
  17. ^ "Speakers at TEDxBrussels 2009". TED.com. http://tedxbrussels.eu/site/speakers.html. Retrieved 16 February 2010. 
  18. ^ a b The lure of Africa Economist.com, 16 November 2009
  19. ^ Is aid working? FT.com Arena, 1 June 2009
  20. ^ CNN Inside Africa CNN, 6 May 2009
  21. ^ CNN Fareed Zakaria GPS CNN, 5 July 2009
  22. ^ CNBC Aid to Africa doing more harm than good? CNBC, 25 March 2009
  23. ^ CNBC Dollars and danger CNBC, 10 June 2009
  24. ^ BBC Daily Politics BBC, 14 April 2009
  25. ^ FOX Business FOX Business, 6 March 2009
  26. ^ "Absolute Return for Kids". Arkonline.org. http://www.arkonline.org/?p=40&page=2. Retrieved 2010-10-16. 
  27. ^ "Room to Read Press Release". Roomtoread.org. http://www.roomtoread.org/media/press/2009_03_04_dambisa_moyo.html. Retrieved 2010-10-16. 
  28. ^ "Overcoming Aid". The American Spectator (spectator.org). 16 March 2009. http://spectator.org/archives/2009/03/16/overcoming-aid2. 
  29. ^ "Dialogue: Helping Africa Break Free", Standpoint, March 2009 (accessed 26 May 2009)
  30. ^ a b c "Aiding is Abetting: An interview with Dambisa Moyo", Guernica magazine, April 2009 (accessed 26 May 2009)
  31. ^ a b c "Foreign aid critic spreads theory far and fast" by William Wallis, Financial Times, 23 May 2009 (accessed 26 May 2009)
  32. ^ Africa has to find its own road to prosperity ft.com, 7 May 2009
  33. ^ "Rwanda wants a life without aid", NRC Handelsblad in partnership with RNW, 6 March 2009 (accessed 26 May 2009)
  34. ^ Forum on China-Africa Co-Operation Forum on China-Africa Co-Operation, 8 November 2009
  35. ^ Collier, Paul (30 January 2009). "Dead Aid, By Dambisa Moyo: Time to turn off the aid tap?". The Independent (London: www.independent.co.uk). http://www.independent.co.uk/arts-entertainment/books/reviews/dead-aid-by-dambisa-moyo-1519875.html. Retrieved 27 December 2009. 
  36. ^ "Dambisa Moyo Discovers Key to Ending Poverty". Center for Global Development. 25 March 2009. http://blogs.cgdev.org/globaldevelopment/2009/03/dambisa-moyo-discovers-key-to-ending-poverty.php. Retrieved 3 January 2010. 
  37. ^ ONE | Dead Aid is Dead Wrong ONE
  38. ^ Bono, Beware: Dambisa Moyo on Aid, Microfinance, and the Problem of Celebs in Africa Fast Company, 1 April 2009
  39. ^ Aid Ironies Huffington Post, 24 May 2009
  40. ^ "Dambisa Moyo: Aid Ironies: A Response to Jeffrey Sachs". Huffingtonpost.com. http://www.huffingtonpost.com/dambisa-moyo/aid-ironies-a-response-to_b_207772.html. Retrieved 2010-10-16. 
  41. ^ http://dambisamoyo.com/site/wp-content/uploads/2011/02/2011-02-24-NYT-Bestseller-List.pdf
  42. ^ "BOOK WORLD - February 27, 2011". The Washington Post. http://voices.washingtonpost.com/political-bookworm/2011/02/book_world_-_february_27_2011.html. 
  43. ^ "Best-Selling Books – Week Ended Feb. 20". The Wall Street Journal. 26 February 2011. http://online.wsj.com/article/SB10001424052748703775704576162251444537270.html?mod=WSJ_article_related. 
  44. ^ http://www.vancouversun.com/news/Best+shelf/4628040/story.html
  45. ^ a b Collier, Paul (16 January 2011). "How the West Was Lost by Dambisa Moyo – review". The Guardian (London). http://www.guardian.co.uk/books/2011/jan/16/west-lost-dambisa-moyo-review. 
  46. ^ http://www.thesundaytimes.co.uk/sto/culture/books/non_fiction/article500573.ece
  47. ^ http://dambisamoyo.com/?attachment_id=240
  48. ^ Vidal, John (26 February 2011). "How the West Was Lost by Dambisa Moyo and Consumptionomics by Chandran Nair – review". The Guardian (London). http://www.guardian.co.uk/books/2011/feb/26/how-west-was-lost-consumptionomics-review. 
  49. ^ http://www.bloomberg.com/news/2011-02-23/ex-goldman-economist-moyo-sees-chimerica-hara-kiri-u-s-default-books.html
  50. ^ http://www.bloomberg.com/news/2011-03-09/favorite-business-books-from-invisible-hand-to-ugly-beauty-.html
  51. ^ "New World Disorder". Financial Times. 25 February 2011. http://www.ft.com/cms/s/2/a9c369c4-4065-11e0-9140-00144feabdc0.html#ixzz1MhbGqfCH. 
  52. ^ "How the reader was lost". The Economist. 20 January 2011. http://www.economist.com/node/17956741?story_id=17956741&fsrc=rss. 
  53. ^ http://www.sbpost.ie/agenda/is-the-us-destined-to-end-up-as-a-welfare-state-54334.html
  54. ^ http://www.cityam.com/news-and-analysis/the-game%E2%80%99s-not-over-the-west-and-dambisa-moyo-wants-us-win
  55. ^ http://www.fastcompany.com/1720910/dambisa-moyo-issues-call-against-complacency-obama-says-we-cannot-win-the-future-with-a-gove
  56. ^ http://changethis.com/manifesto/show/80.01.AgainstComplacency
  57. ^ Moyo, Dambisa (1 March 2011). "How to Get America Back on Track". The New York Times. http://www.nytimes.com/2011/03/02/opinion/02iht-edmoyo02.html. 
  58. ^ http://www.thetimes.co.uk/tto/opinion/columnists/article2876818.ece
  59. ^ [1] Barron's, 28 Nov 2011
  60. ^ The Bulletin Issue 25 Autumn 2010
  61. ^ [2] FT.com Diary, 30 Jan 2010
  62. ^ [3] FT.com Arena, 1 June 2009
  63. ^ [4] FP Mag, 21 April 2009
  64. ^ [5] WSJ, 21 March 2009
  65. ^ [6] FT.com Diary, 28 Feb 2009
  66. ^ [7] The Guardian, 26 Feb 2009
  67. ^ [8] FT.com Diary, 30 Jan 2009

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