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...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 of poverty...

Author: /time Magazine | Title: Now for the Bad News | 9/13/2007 | See Source »

Meanwhile, Estrada has returned to his country estate, to attend to his ducks and dig the weeds from his vegetable patch. The people of the Philippines have grown used to corruption, says Benito Lim. "I don't know if Estrada or Arroyo are guilty of the allegations made against them," he said. "But I would say that, though the Philippines did not invent graft or corruption, our politicians have turned it into an art form. The problem is we read and hear about it all the time, at many levels of government. And nobody is ever punished for it. Even...

Author: /time Magazine | Title: Doing Easy Time in the Philippines | 9/12/2007 | See Source »

...Sept. 7 and climaxes at Paris' Stade de France on Oct. 20. The World Cup is the big profit-turning event (the previous one made $37 million for hosts Australia) for a game that was played for love until turning professional in 1995. Since that time, players have grown not only richer but a whole lot bigger and faster. While that may sound like progress, the game has suffered, with creativity giving way to cold, hard athleticism. Under as much pressure as any team at this Cup is rugby itself, which can ill afford a tournament full of messy, dour...

Author: /time Magazine | Title: The Black Arts | 9/6/2007 | See Source »

...place, make friends and want to visit more often when they're older. Six years ago, Nancy Fernandez Mills, 59, and her husband Mark, 58, sold their house in the Boston suburbs. They bought a condo downtown and a country home in the Berkshires in western Massachusetts. With three grown children and in-laws all living out of town, "our place in the Berkshires has become the place to come for Thanksgiving and other holidays," says Mills, author of Boomers! Funding Your Future in an Age of Uncertainty. "It's exactly what we hoped would happen...

Author: /time Magazine | Title: Home Free | 9/6/2007 | See Source »

Since 2005, for example, experts had been arguing that mortgage-lending standards had grown unsustainably lax, that real estate prices couldn't keep rising, that a sharp housing correction was in the offing. They were right. But those who actually worked in the business of writing, packaging and investing in mortgage loans couldn't act on such concerns and expect to stay employed. There was too much money to be made running with the herd. Or dancing with it, as Citigroup CEO Charles Prince put it in a memorable July interview. "As long as the music is playing...

Author: /time Magazine | Title: Herd on the Street | 9/6/2007 | See Source »

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