Abstract
The current development policy focus on poverty reduction is erroneous. Historically, successful development policy—from the late fi fteenth century until the beginning of the twenty-fi rst—has achieved structural change away from dependence on raw materials and agriculture, adding specialized manufacturing and services subject to increasing returns with a complex division of labour. In contrast, the Millennium Development Goals are heavily biased in favour of palliative economics: alleviating the symptoms of poverty, rather than attacking its real causes. This creates a system of 'welfare colonialism' increasing the dependence of poor countries, thereby hindering, rather than promoting, long-term structural change. JEL classifi cation: F02 (International Economic Order; Economic Integration: General), F13 (Commercial Policy; Protection; Promotion; Trade Negotiations, O10 (Economic Development: General), O19 (International Linkages to Development; Role of International Organizations).
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