Marshall’s logic applies just as well to Africa today: A thriving business sector is the key to improving political and social conditions. And Africa today needs that sort of help. The first Marshall Plan accomplished even more than its creators had hoped; if its successor is designed with the same conceptual base, then history could repeat itself in another part of the world.
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R. Glenn Hubbard, a former chairman of the Council of Economic Advisers under President George W. Bush, is the dean and Russell L. Carson Professor of Finance and Economics at Columbia Business School.
William Duggan, a former Ford Foundation representative for West Africa, is an associate professor at Columbia Business School.