Lord Bauer's View on Aid Economics
Hailing from Budapest, Peter Thomas Bauer, also known as Baron Bauer, was a British development economist originally from Hungary. Born on November 6, 1915, and passing away on May 2, 2002. Famous for challenging the widespread belief of his time. The post world war development economics saw a major change in the existing command economies as predicted by economist Friedrich Hayek. Friedrich's prediction brought about the free market policies that inspired many including Margaret Thatcher and Ronald Reagan. It was even a philosophy imbibed by international institutions as the World Bank. Many thought that the best way for developing countries to progress was through government-led development plans with the backing of foreign aid. However, Bauer stood against this idea, advocating for a different approach. He felt that crony capitalism would be born out of foreign aid. Bauer focused on development economics, international development, and foreign aid in most of his work. He...