Aid and the failure of multilateral cooperation: Greed as good intention

George Kararach ()

Chapter 10 in Liberating Economics From Ideologies and Dystopia, 2025, pp 117-124 from Edward Elgar Publishing

Abstract: Development aid has been crucial for economic development and international politics since World War II. Key initiatives like the Bretton Woods agreement, Truman Doctrine, Marshall Plan and Washington Consensus shaped the development agenda. The failure of the Washington Consensus led to the post-Washington Consensus, critiquing economic globalisation as a cornerstone of development aid. Western political ideologies and foreign policies have driven foreign aid since the 19th century, evolving over time. Aid aimed to boost economic growth in developing countries, strengthen donor countries’ geopolitical influence or support basic human needs. These efforts highlight both successes and failures in multilateral cooperation, emphasising values like ownership and mutual accountability. However, development projects often integrate the poor into the global economy without effectively addressing poverty, inequality and socio-political inclusion.

Keywords: Global welfare; Trade liberalisation; Allocation efficiency; Aid for Trade; WTO; Trade openness (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035316175
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