Foreign Aid has failed

The link above is to Business Week's review of Easterly's book, The White Man's Burden.
Recently I was sharing with friends Shikwati (Kenyan Economist) who had been interviewed at SpiegelOnline - he was cited as saying, 'For God's Sake, Please Stop the Aid!- it is hurting us'. Now Mr. Easterly, an economist with World Bank says aid has not worked. He is advocating only small focused tracked projects. This is consistent with how Richard Otto and Sri talked about Moral Compass for TIP.

[Excerpt from the book review]
The international development community is still reeling from William Easterly's 2001 book, The Elusive Quest for Growth. In it, the former top World Bank economist demonstrated how the panaceas concocted by the West to save the Third World, such as huge injections of aid, conditional loans, population control, infrastructure spending, and debt forgiveness, have all failed to stimulate sustainable growth and cut poverty.

Easterly is at it again. In The White Man's Burden, he marshals a wealth of fresh studies, original statistical analyses, his own anecdotal reporting, and historical precedents to buttress his argument that today's foreign-aid system doesn't work. He shreds practically every new strategy by the World Bank, International Monetary Fund, U.N. agencies, and other donors aimed at lifting the world's poor out of misery. This book is disappointingly skimpy on solutions, but it is brilliant at diagnosing the failings of Western intervention in the Third World.