The earth produces a reliable stream of disasters. Some, like AIDS, are chronic; others, like earthquakes or hurricane Katrina, are sudden displays of natural force. In each case, it is expected that a well-financed relief effort will descend from a wealthier region. But importing assistance may not only be less effective; it might actually cause more damage in the long run.
When a tsunami hits, the first impulse is to bring in First-World experts. Rescue is the initial priority, followed by ensuring food, shelter, and medical aid. It is just a matter of getting things done, and it must be done the most effective way, so the operations occur according to the institutional philosophies of donor countries.
But siphoning the habits of one culture into another during a rebuilding process can trigger societal changes that are almost as damaging as the disaster itself, as happened in a small fishing villages in the Philippines in the late 1970’s.
The view that central-bank interest-rate policy can and should be the main driving force behind greater income equality is stupefyingly naive, no matter how often it is stated. Central banks can do more to address the inequality problem, but they cannot do everything.
argues that monetary policy did not cause, and largely cannot mitigate, increasing income and wealth disparities.
The earth produces a reliable stream of disasters. Some, like AIDS, are chronic; others, like earthquakes or hurricane Katrina, are sudden displays of natural force. In each case, it is expected that a well-financed relief effort will descend from a wealthier region. But importing assistance may not only be less effective; it might actually cause more damage in the long run.
When a tsunami hits, the first impulse is to bring in First-World experts. Rescue is the initial priority, followed by ensuring food, shelter, and medical aid. It is just a matter of getting things done, and it must be done the most effective way, so the operations occur according to the institutional philosophies of donor countries.
But siphoning the habits of one culture into another during a rebuilding process can trigger societal changes that are almost as damaging as the disaster itself, as happened in a small fishing villages in the Philippines in the late 1970’s.
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