give a man a fish

I gave a hundred bucks to Accion, a micro-lending non-profit today. The idea of micro-lending makes a lot of economic and moral sense, and so I think it's the first place to start in any anti-poverty campaign. Still, I don't think micro-lending is anywhere near as helpful at elevating people out of poverty as trade is. Accion gives out about $3 billion in loans a year, if I read their statements correctly. Walmart, on the other hand, has annual revenues of $300 billion. Let's say only 10% of that goes to the wages of workers in other countries. Right there, they are providing 10 times as much money as Accion is. So it seems to me that trade is the critical lever for pulling people out of poverty. Of course, you also need access to capital and you need responsible, accountable government that creates the right conditions for economic growth. But trade is probably the most helpful ingredient.