Development assistance has failed to put the world’s poor on the road to prosperity, but one proposal has great potential: a privately funded annual prize given to the leaders of poor countries that rise the most on an index of economic freedom. This approach would avoid many of the pitfalls of conventional aid programs, cost less, align the market’s creative forces and local actors’ specific knowledge, and promote opportunities for a broad cross-section of society.

Bureaucracy and GovernmentEconomic FreedomEconomyForeign AidGovernment and PoliticsGovernment Waste/PorkInternational Economics and DevelopmentPublic Choice