The present period, in we are witnessing the end of Western hegemony over the rest of the world, is bringing about a complete overhaul of the planet's North/South relations. The certainty of rich nations' development precepts has been shaken: their analyses account for neither the movements which are creating powerful new actors before our very eyes, nor the persistence of poverty in most countries of the South. Liberalization, "good governance" and democracy, which characterize the institutions of developed countries, remain at the core of aid policies projected upon developing countries. Based on an analysis of the institutional transition processes and the tools of political economy, however, it can be demonstrated that development processes, particularly governance reforms, pertain to political mechanisms that are inherent to societies. This does not exclude the option of borrowing from the outside when this is undertaken by the societies themselves. All in all, these reflections question the very foundations of aid.