From Michael Rizzo:
If one took all of the foreign aid that has been given to Zambia since 1960 and invested it in the broad stock and bond market rather than flushing it down the corrupt and bureaucratic foreign aid toilet, Zambians would now enjoy an income per capita of $20,000 from the investment alone … instead of the $1,500 they “enjoy” today. That is from Matt Ridley’s wonderful Rational Optimist.
Zambia isn’t categorically special, just the extreme example of the wasteful effects of corruption, bureaucratic waste, inefficiency, and patronage that afflict all countries to a greater or lesser degree. Dollar dollar bills, y’all.