Ludwig von Mises: "We must comprehend that it is impossible to improve the economic conditions of the underdeveloped nations by grants in aid. If we send them foodstuffs to fight famines, we merely relieve their governments from the necessity of abandoning their disastrous agricultural policies." - Money, Method, and the Market Process
Underdeveloped nations are thus so because their investment opportunities are limited by incompetent governments and insurmountable debt. In 1811 Haiti threw an immense party to celebrate the abolition of slavery on the island. Unfortunately, they borrowed from the French to pay for the gala. The Haitians have yet to cancel this debt.
Monsanto offers a modern version of the debt scam. The company markets a new type of seed with a much greater yield at harvest time. The major drawback to this new product it is only good for one season. The farmers must return to Monsanto every year to buy fresh seeds.
A crop failure increases the debt burden.
Not sure quite how this is Mises missing the point: I would say that the "incompetent government", "insurmountable debt", and the government-propped Monsanto would fit into Mises' termed "disastrous agricultural policies." (especially if you take into account considerations that Mises left out of that description).
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