Private Sector Is the Real Answer to Poverty

Published October 16, 2007

In Mary Carmichael’s otherwise-excellent piece on remedies for Third World poverty (“Giving Globally: The Search for Solutions,” October 1) she gave short shrift to economic development and growth.

Nobel Laureate Muhammad Yunus received his deserved international recognition for Grameen Bank, which sponsored micro-loans and entrepreneurship as remedies to poverty in Bangladesh. The same remedies could work in Africa. The creation of wealth for rural and urban families in sub-Saharan Africa through joint ventures for private-sector foreign investment in jobs and housing could raise the standard of living there more quickly than offering relief through global giving alone.

Better housing and employment could go a long way toward eradicating poverty through sustainable development in a functional market economy.

Ralph W. Conner ( [email protected]) is The Heartland Institute’s manager of local legislation.