Hans P. Binswanger is well-known in the World Bank and throughout the world as one of the foremost experts on agriculture and rural development. In this seminar, he reflects on his 35 years of working in agricultural development in order to draw lessons for low income countries in Africa and elsewhere that have experienced agricultural stagnation. Dr. Binswanger will focus on factors which determine performance in agricultural and rural development. These factors include (i) the institutional environment for rural development (community, civil society, private sector, local government etc.); and (ii) policies and other factors which determine farm profits, such as distorted world prices, transport infrastructure, irrigation, and human capital (including HIV/AIDS), among others. Dr. Binswanger points out that most margins of profitability and most features of the institutional environment are beyond the control of farmers, and suggests holistic, multi-sectoral approaches to improve the institutional pillars of rural development and agricultural profitability.