Bono for capitalism

U2's Bono has lobbied for decades in the cause of more and more aid handouts from Western countries to Africa.  

But some Africans (see this week's earlier posts) protest that aid has been hurting Africa more than helping.  The charge is that corrupt leaders get their hands on the millions, and that average people see very little of it.  Dambisa Moyo has spoken and written on this, one of her books being Dead Aid.

George Ayittey argues that not only does foreign aid produce corruption, but that the efforts of African people to create wealth are hindered in many ways (see Tuesday's post).

The amazing thing is that Bono has changed his mind.  He's still a bit shocked by it, says "it's been a humbling thing for me," but he now says that aid is only a "stopgap."

At a conference about a year ago, he said,   "Job creators and innovators are just the key, and aid is just a bridge."  Redistribution of wealth isn't the answer.  Society prospers when wealth is created.  For stories about how that happens, see the topic "Create Wealth" on the right.

You've got to respect a person who changes his mind when he receives better information. Winners make corrections.