A Comparative Value Chain Analysis of Smallholder Burley Tobacco Production in Malawi – 2003/4 and 2009/10

Smallholders grow the majority of Malawi's main export crop – burley tobacco. We analyse this value chain segment for the 2003/4 and 2009/10 seasons. The comparison shows smallholder profits in 2003/4 were limited by two main factors: a cartel of leaf merchants at auction and inefficient marketing arrangements. In 2009/10, there was greater competition at auction, improvements in marketing, tighter state regulation (including minimum prices) and much more contract farming. The paper concludes by reflecting on aspects of the political economy of the tobacco industry at national and global levels.     

Regulatory Climate and Electric Utility Capital Structure Decisions

A theoretical model of the role of regulatory climate in the capital structure decisions of regulated electric utilities is developed that indicates managers can mitigate the consequences of unfavorable regulation by increasing the proportion of debt in the capital structure. The increase in leverage is limited by increased bankruptcy risk with higher levels of debt. The model predicts that utilities will react to their regulatory climate by adjusting capital structure. This behavior may be an undesirable consequence of the regulatory process. Empirical support for the model, both cross sectional and over time, is provided.     

Who governs the Rome food agencies?

Four international organizations based in Rome are concerned with food and nutrition worldwide: FAO, WFC, WFP and IFAD. This article analyses their power structure, considering first the constitution and history of each organization, as background to the central question: Who governs? The effectiveness of each organization is also weighed, and the options for the power structure towards the close of the century are examined. The authors conclude that the four-organization structure has brought some positive results, and that it is optimal for balancing the interests of competing factions. It provides the various political blocs (OECD, OPEC, Third World, etc) with multiple channels to pursue their varied interests.     

The Relative Effectiveness of Three Methods of Teaching Principles of Economics

Research on the impact of learning style preferences is very rare in economic education. This article reports the results of a project in which the student's preferred learning style and the instructor's teaching style were included as variables in a regression model. Those favoring independent styles achieved significantly more than students favoring dependent styles. Changes in student attitudes towards economics were also taken into account. The researchers assert that the addition of these variables also “greatly increases the power of the model to explain variation in student achievement and attitudes concerning economics.”