There is an excellent article Cost-effective compassion: the ten most popular strategies for helping the poor, in the latest issue of Christianity Today.
The title is not completely accurate. The ten strategies listed are those rated the most effective [highest impact/cost ratio] by a group of leading Christian economists. Here are the top 4
1. Clean water in rural villages
2. De-worming treatments for children
3. Mosquito netting
4. Child sponsorship
The sobering and challenging take home points at the end of the article are particularly worth digesting.
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