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MILLENNIUM GOALS May 25, 2007

Posted by wmmbb in Humankind/Planet Earth.
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The Millennium Goals established in 2000 for 2015 are not on target. They were established by the world’s richest countries, the G8, to cut poverty hunger and disease in the world’s poorest countries. Professor Jeffrey Sachs, Director of the Earth Institute, at Columbia University, and 2007 Reith Lecturer is beating the drum, and in the cause raises some interesting data(via Deutsche Wella):

(Apologia for the slackness or whatever that meant prior to correction the above was more incoherent than even what is usual around here.) . . . .

We are not talking about an unachievable amount of money from the rich countries. Indeed what we are talking about is minuscule. The G8, representing nearly 1 billion people in high-income countries, has promised to increase aid to Africa from $25 billion in 2004 to $50 billion in 2010. That $25 billion is less than one-tenth of one percent of the income of the rich donor world!

To put it in perspective, the Christmas bonuses this year on Wall Street — just the bonuses — amounted to $24 billion! The spending on the war in Iraq, which accomplishes nothing but violence, is more than $100 billion per year. The G8 could easily honor its commitments, if the rich countries had the slightest concern to do so.

So the bonuses you see at Macquarie Bank are mere peanuts to Wall Street – or may be not. Which goes to raise the question, for those you believe in markets, and aside from possible positive effects of income inequality, have any markets anywhere ever provided for an even distribution of income? For example, Jeffrey Sachs, who believes in markets, argues that African countries cannot get on the ladder of development due in part to the facts of their economic geography.

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