Word: malawi
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...workers in tea, coffee and rubber but also housing, education, medical care and drinking water. Those benefits add about 11% to production costs and are the main reason Indian tea costs about $1.62 a kg to produce, compared with $1.23 in Sri Lanka, $1.16 in Kenya and 84¢ in Malawi. Strong unions in India's tea-growing regions have fought to preserve those benefits. Tea-estate workers are paid on average $1.38 a day in northern India and $2.25 in the south, and because the estates are so remote, workers must rely on tea companies for basic services. "The only...
...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 of poverty...
...generation. At best, A Farewell to Alms is woefully naive; at worst, willfully reductionist. But Clark is right on a least one point: the industrialized world's prescription for affluence - good government, efficient markets and generous transfusions of foreign aid - has done little to spread prosperity to countries like Malawi. As he writes, "There is no simple economic medicine that will guarantee growth...
...does a mind like that operate? Where many top money managers are content parachuting into a country and meeting with government officials and ministers, Leitner prefers to trawl around places such as Kenya, Zambia and Malawi, noting that "you never know what you will find off the beaten track." He's estimated to have amassed gains just shy of 30% annually for the past decade. Quite a find...
...MALAWI...