Dambisa Moyo
Encyclopedia
Dr. Dambisa Moyo is an international economist and New York Times best-selling
New York Times Best Seller list
The New York Times Best Seller list is widely considered the preeminent list of best-selling books in the United States. It is published weekly in The New York Times Book Review magazine, which is published in the Sunday edition of The New York Times and as a stand-alone publication...

 author of both Dead Aid: Why Aid is Not Working and How There is a Better Way For Africa, 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.

Biography

Moyo was born and raised in Lusaka, Zambia. 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". In 1997, Moyo earned a Master of Public Administration
Master of Public Administration
The Master of Public Administration is a professional post-graduate degree in Public Administration. The MPA program prepares individuals to serve as managers in the executive arm of local, state/provincial, and federal/national government, and increasingly in nongovernmental organization and...

 (MPA) from Harvard University’s Kennedy School of Government. She also earned a Master of Business Administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...

 (MBA) in Finance and Bachelor of Science
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...

 (BS) in Chemistry from American University
American University
American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893...

 in Washington D.C. She worked for the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

 as a Consultant and at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

 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
David Cameron
David William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament ....

 and 2000 guests. In the same month The Daily Beast
The Daily Beast
The Daily Beast is an American news reporting and opinion website founded and published by Tina Brown, former editor of Vanity Fair and The New Yorker as well as the short-lived Talk Magazine. The Daily Beast was launched on October 6, 2008, and is owned by IAC...

 also selected Moyo as one of "150 Extraordinary Women Who Shake The World" along with Hillary Clinton, Madeleine Albright
Madeleine Albright
Madeleine Korbelová Albright is the first woman to become a United States Secretary of State. She was appointed by U.S. President Bill Clinton on December 5, 1996, and was unanimously confirmed by a U.S. Senate vote of 99–0...

 and others.

Awards and Memberships

In 2009, Moyo was honoured by the World Economic Forum
World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....

 as one of its Young Global Leaders. In May 2009, TIME Magazine named Moyo as one of the world's 100 most influential people. In September 2009 Moyo was featured in Oprah Winfrey
Oprah Winfrey
Oprah Winfrey is an American media proprietor, talk show host, actress, producer and philanthropist. Winfrey is best known for her self-titled, multi-award-winning talk show, which has become the highest-rated program of its kind in history and was nationally syndicated from 1986 to 2011...

's power list of 20 remarkable visionaries. In 2010, Dambisa Moyo was a participant at the Bilderberg Conference. Moyo gave the keynote address at PIMCO's 2011 Secular Forum.

Moyo serves on the board of Barclays Bank, SABMiller
SABMiller
SABMiller plc is a global brewing and bottling company headquartered in London, United Kingdom. It is the world's second-largest brewing company measured by revenues and is also a major bottler of Coca-Cola. Its brands include Grolsch, Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell...

, Lundin Petroleum
Lundin Petroleum
Lundin Petroleum is an independent international petroleum company formed in 2001 and based in Sweden.-History:The company was formed in 2001 following the takeover of Lundin Oil AB by Canadian independent Talisman Energy, Lundin Petroleum AB is a Swedish oil company traded on the Stockholm Stock...

 and Barrick Gold. She has done numerous speaking engagements at organizations including: Organisation for Economic Cooperation and Development, World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

, International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

, Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...

, American Enterprise Institute
American Enterprise Institute
The American Enterprise Institute for Public Policy Research is a conservative think tank founded in 1943. Its stated mission is "to defend the principles and improve the institutions of American freedom and democratic capitalism—limited government, private enterprise, individual liberty and...

 and the 2009 Munk Debates
Munk Debates
The Munk Debates are a biannual series of debates on major policy issues held in Toronto, Canada. They are run by the Aurea Foundation. A charitable foundation set up by Peter Munk, founder of Barrick Gold and his wife...

 as well as most of the G7 countries. In 2009 she spoke at the TEDx conference at the EU Parliament.

Moyo is a regular contributor to financial journals such as The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...

 and Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

 and has appeared as a guest on networks such as CNN
CNN
Cable News Network is a U.S. cable news channel founded in 1980 by Ted Turner. Upon its launch, CNN was the first channel to provide 24-hour television news coverage, and the first all-news television channel in the United States...

, CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...

, BBC
BBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...

 and Fox Business. She is a Patron of Absolute Return for Kids
Absolute Return for Kids
Absolute Return for Kids is an international children's charity based in the United Kingdom.ARK is a registered charity under English law and is based in London...

 (ARK), a hedge fund supported children’s charity, and serves on the Board of directors of Room to Read
Room to Read
Room to Read is an international non-profit organization with its global headquarters in San Francisco, California. Founded on the belief that World Change Starts With Educated Children, the organization focuses on literacy and gender equality in education...

, a non-profit that provides educational opportunities to local communities in the developing world.

Dead Aid

Dead Aid: Why Aid Is Not Working and How There is Another Way for Africa argues that foreign aid has harmed Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...

 and that it should be phased out. 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
Peter Thomas Bauer
Peter Thomas Bauer, Baron Bauer was a developmental economist. Bauer is best remembered for his opposition to the widely-held notion that the most effective manner to help developing countries advance is through state-controlled foreign aid.- Life :Bauer was born as Péter Tamás Bauer in Budapest,...

 (to whom the book is dedicated) and, later, William Easterly
William Easterly
William Russell Easterly is an American economist, specializing in economic growth and foreign aid. He is a Professor of Economics at New York University, joint with Africa House, and Co-Director of NYU’s Development Research Institute. He is also a nonresident senior fellow at the Brookings...

. The Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

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." 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
Kofi Annan
Kofi Atta Annan is a Ghanaian diplomat who served as the seventh Secretary-General of the UN from 1 January 1997 to 31 December 2006...

 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
Paul Kagame
Paul Kagame is the sixth and current President of the Republic of Rwanda. He rose to prominence as the leader of the Rwandan Patriotic Front , whose victory over the incumbent government in July 1994 effectively ended the Rwandan genocide...

. He says that "Dead Aid has given us an accurate evaluation of the aid culture today". Kagame also invited Moyo to Rwanda to discuss her thesis and bought copies of the book for his entire cabinet. The President of Senegal, Abdoulaye Wade
Abdoulaye Wade
Abdoulaye Wade is the third and current President of Senegal, in office since 2000. He is also the Secretary-General of the Senegalese Democratic Party and has led the party since it was founded in 1974...

 has also expressed similar views on aid.

The thesis has also been noted by the Chinese Premier Wen Jiabao
Wen Jiabao
Wen Jiabao is the sixth and current Premier and Party secretary of the State Council of the People's Republic of China, serving as China's head of government and leading its cabinet. In his capacity as Premier, Wen is regarded as the leading figure behind China's economic policy...

. 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."

In a book review, economist Paul Collier
Paul Collier
Paul Collier, CBE is a Professor of Economics, Director for the Centre for the Study of African Economies at The University of Oxford and Fellow of St Antony's College. From 1998 – 2003 he was the director of the Development Research Group of the World Bank.-Life:Collier is a specialist in...

 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." David Roodman, a research fellow at the Center for Global Development
Center for Global Development
The Center for Global Development is a non-profit think tank based in Washington, D.C. that focuses on international development. It was founded in November 2001 by former senior U.S. official Edward W. Scott, director of the Peterson Institute for International Economics, C. Fred Bergsten, and...

 calls the book "sporadically footnoted, selective in its use of facts, sloppy, simplistic, illogical, and stunningly naive", while the Financial Times notes that the book "studiously ignores evidence of development assistance working."

The pro-aid organization ONE
ONE Campaign
The ONE Campaign is an international, nonpartisan, non-profit organization which aims to increase government funding for and effectiveness of international aid programs....

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

The economist Jeffrey Sachs
Jeffrey Sachs
Jeffrey David Sachs is an American economist and Director of The Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became known for his role as an adviser to Eastern European and developing country governments in the...

 has said more foreign aid is needed to improve conditions for Africa 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".

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. It became a New York Times bestseller, debuting at #6 in its first week. It also debuted at #4 in the Washington Post and #2 in the Wall Street Journal. The book also had considerable success in Canada, peaking at #4 and remaining on the bestseller list for 6 weeks.

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
Paul Collier
Paul Collier, CBE is a Professor of Economics, Director for the Centre for the Study of African Economies at The University of Oxford and Fellow of St Antony's College. From 1998 – 2003 he was the director of the Development Research Group of the World Bank.-Life:Collier is a specialist in...

 states that "her diagnosis of the recent disasters in financial markets is succinct and sophisticated" 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." Dominic Lawson writes in The Times
The Times
The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...

 "This argument...can rarely have been made more concisely...Moyo is a very serious lady indeed." The Independent
The Independent
The Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...

 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?". The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...

 says "How the West Was Lost is more interesting, wider in scale and more important than Dead Aid".

Bloomberg
Bloomberg L.P.
Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...

 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." Bloomberg named it one of their top business books of 2011.

In contrast, Alan Beattie of the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

 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'." The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...

 says "these arguments need much better supporting material than the book provides".

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". 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".

The magazine Fast Company
Fast Company (magazine)
Fast Company is a full-color business magazine that releases 10 issues per year and reports on topics including innovation, digital media, technology, change management, leadership, design, and social responsibility...

 noted the overlapping themes in Moyo's thesis and Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...

's 2011 State of the union
State Of The Union
"State Of The Union" is the debut single from British singer-songwriter David Ford. It had previously been featured as a demo on his official website, before appearing as a track on a CD entitled "Apology Demos EP," only on sale at live shows....

 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."

Publications

  • Change This Manifesto (Mar 10th 2011) : "A Call Against Complacency"
  • The New York Times
    The New York Times
    The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...

     (Mar 1st 2011) : "How to Get America Back on Track"
  • The Times
    The Times
    The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...

     (Jan 17th 2011) : "The country faces a dramatic choice: sink or swim"
  • Barrons (Nov 28th 2010) : "Holding Housing's Head Above Water"
  • Aberdeen Asset Management
    Aberdeen Asset Management
    Aberdeen Asset Management plc is an international investment management group, managing assets for both institutions and private investors from offices around the world. Its head office is in Aberdeen, Scotland. The company is a constituent of the FTSE 250 Index.-History:The company was...

     (Nov 2010) : "America's Hobson's Choice"
  • Financial Times
    Financial Times
    The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

     (Jan 30th 2010): "The Diary: Dambisa Moyo"
  • The Economist
    The Economist
    The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...

     (Nov 13th 2009): "The lure of Africa: Bond markets will discover its attractions"
  • Financial Times
    Financial Times
    The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

     (Jun 1st 2009): "Little appetite to question the aid-based status quo"
  • Foreign Policy (Apr 21st 2009): "The Next Big Thing: Africa"
  • Wall Street Journal (Mar 21st 2009): "Why Foreign Aid Is Hurting Africa"
  • Financial Times
    Financial Times
    The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

     (Feb 28th 2009): "The Diary: Dambisa Moyo"
  • The Guardian
    The Guardian
    The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...

     (Feb 26th 2009): "Capitalism for Africa"
  • Financial Times
    Financial Times
    The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

     (Jan 30th 2009): "Lunch with the FT: Dambisa Moyo"

External links

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