If Zambia had converted all the aid it received since 1960 to investment
and all of that investment to growth, it would have had a per capita GDP of about $20,000 by the early 1990s. Instead, Zambia’s per capita GDP in the early 1990s was lower than it had been in 1960, hovering under $500.
That is Bill Easterly, courtesy of Mahalanobis. And did I mention that fifty years ago, South Korea had about the same standard of living?