For over 50 years Western initiatives to alleviate poverty were driven by a dominant logic that was based on the assumption that poor people were victims that needed to be helped by large-scale development aid projects to break the “vicious circle of poverty”. The late Peter Bauer said (1987: 30): “according to this notion, stagnation and poverty are necessarily self-perpetuating: poor people [. . .] are trapped in their poverty, and cannot generate sufficient savings to escape from the trap.” Development solutions were therefore often focused on the principle of distributive justice by offering aid and credit rather than on the actual development of sustainable wealth-creating institutions in the private sector. Contemporary approaches to the problem of dire poverty seem novel (such as those of Jeffrey Sachs , Director of the UN Millennium Project), but have been criticized at the same time for being “more of the same” and having a lack of an implementation strategy (Easterly, 2006). Although Bauer (1954) already noticed in the 1950s that entrepreneurial activities were taking place in Western Africa and that this contributed much more to economic development than government command, his vision was eccentric and off the mark (Yergin & Stanislaw, 2002).