This paper proposes a focus on the economic trends of Malawi from a historical point of view. The tension between good levels of governance and permanent inequalities and exclusion stems from territorial cleavages and policies of land distribution adopted in colonial and postcolonial period. Therefore, development programs and politics, promoted by international agencies as well as by Malawian government, should no more neglect local structures and actors, in order to empower poor and "vulnerable" people and to reduce social exclusion. Agriculture and land politics could be the main channel to achieve these goals.