Economic Possibilities for Our Time. From "probably the most important economist in the world" ("The New York Times Magazine"), legendary for his work around the globe on economies in crisis (in the 1980s), comes a landmark exploration of the roots of economic prosperity and the path out of extreme poverty (people living on less than $1 a day) for the world's poorest citizens.
Sachs, who more recently has been the director of Columbia University's Earth Institute, and special advisor to Kofi Annan, lays out his vision for the first time in a systematic way for the general public. He encourages rich countries to see that it is in their self-interest to help end extreme poverty, as it will expand the world economy and eliminate the breeding grounds for disease and discontent.
He is no bleeding heart liberal, and believes that "When the preconditions of basic infrastructure (roads, power, and ports) and human capital (health and education) are in place," that free markets will act as powerful engines of development. According to his research, a mere annual cost of 0.7% of the world's wealthiest nations' incomes is needed to assist in the building of the basic infrastructures.
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