Making a T-shirt takes a lot of time, but it can be made cheaply. The origins of your T-shirts probably come from Mississippi, where cotton is grown, and the shirts were probably spun in Indonesia. In this story, reporters track the assembly of a T-shirt to Bangladesh and try to understand why that Asian country is currently "the cheapest place in the world to make a T-shirt." Bangladesh has established a specialization in garment production, and Bangladeshi garment factories further specialize in the production of cotton garments. Listen to the story to learn how these factories manage to undercut the prices of their competitors in other major garment producing countries and what the future may hold in store for them.
Story Length: 7:30
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Millions of people invest billions of dollars in the stock market to make their money grow. Some pool their money with other investors in high risk investment vehicles known as hedge funds. Hedge fund managers employ a variety of strategies with the goal of doing better than the stock market as a whole. The third richest person in the world, Warren Buffett, made a $1 million bet that he could beat the earnings of any hedge fund with his own investments in low-risk index funds. A hedge fund manager took him up on the challenge. Listen to the story to learn who is on his way to winning the bet and why.
Note: At the end of the 10 year time period, Warren Buffett won the bet as the index funds outperformed actively managed hedge funds.
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Food banks distribute billions of pounds of food each year throughout the United States to hungry children and adults. The Feeding America network is the nation’s largest organization working to end hunger. But it had a problem. The food banks were receiving large donations of food, but not necessarily the kinds of foods they needed. For example, one center received lots of pickles, but not enough produce. To solve this problem the Feeding America network created a market economy in order to distribute food among it’s food banks. Using fake money, the food banks created a market that assures better allocation of food across the distribution centers. Listen to the story to learn more about how market economics solved their allocation problem.
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Household management involves using resources wisely and being thrifty to stay within a budget. The word “economy” comes from the Greek word for household management, oikonomia. This management is difficult when people have too little money to buy what they need, which was the case for many after the stock market crashed in 1929. In an effort to make sense of what was going on, members of the U.S. government began to talk about what they called “the economy,” and they developed methods to quantify the situation and account for economic fluctuations. Listen to the story to learn more about the invention of what we call the economy and some of the means by which we measure its strength.
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Chances are, you’re wearing something made from cotton. You can check the label on most garments to find out where they were made. But where was the cotton grown that was the starting point? This story tracks down the source of the cotton that went into a T-shirt. A spinning mill in Indonesia is where the fabric may have been made, and the cotton fields of Mississippi is where the cotton may have been grown. But cotton is grown all over the world. Why would a textile mill in Indonesia buy cotton from the U.S. when they can get it from much closer? Listen to this story to find out how technology and subsidies give American cotton farmers an advantage in international trade.
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