The world might need to rethink its strategy in the war on poverty
In 1970, six years after its independence from Britain, Malawi had a per capita GDP of around $70. Today, despite nearly half a billion dollars a year in foreign aid, that figure stands at $600 still among the lowest in the world. And Malawi isn't alone. While most of the developing world's economies have grown at around 4% per year since 1970, a significant number of countries, largely in Africa, are actually worse off now than they were a half-century ago. Even as globalization lifts much of Asia from poverty, these unlucky nations seem caught in a riptide...
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