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Advocates of globalization are correct that free trade and free markets have raised average incomes around the world. The World Bank reports that the proportion of people living on less than $2 a day shrank from 67% in 1981 to 47% in 2004. But $2 still isn't very much...

Author: /time Magazine | Title: Poverty Trap | 6/6/2008 | See Source »

"Globalization might be creating rich countries with poor people," economist Joseph Stiglitz has noted. That is apparent in South Africa, whose postapartheid government adopted an open-market economy that drew cheers from Wall Street and the international banking community and helped achieve an impressive, steady annual economic growth rate of...

Author: /time Magazine | Title: Poverty Trap | 6/6/2008 | See Source »

It may be thousands of miles, in every sense, from Caesar's Palace, Las Vegas, but this improvised open-air arena in a remote town in southeastern Nigeria is where current WBC world heavyweight champion Samuel Peter first honed his jab. But while Peter may have moved on to fame...

Author: /time Magazine | Title: Punching Their Way Out of Poverty? | 6/6/2008 | See Source »

"Until the festival in 2002, we thought there are perhaps two or three other bands like us in Tehran," says Payman Mazaheri, singer of the now-dissolved band Fara, whose song "Mosquito" won first place. "All of a sudden we realized that kids across Tehran were all hard at work...

Author: /time Magazine | Title: Rock Me, Ahmadinejad! | 6/6/2008 | See Source »

How will a team that has been living off the land fare against the kind of G.O.P. operation that was so effective at turning out the traditional Republican base in 2004? John McCain's campaign manager, Rick Davis, flatly declares that what got Obama the nomination "is not a general...

Author: /time Magazine | Title: How Obama Did It | 6/5/2008 | See Source »

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