Charles Kenny takes a look at the Peace Corps, fifty years after its founding. Demand from developing countries for volunteers outstrips the Peace Corps’ capacity to respond. Nonetheless, he argues, the agency operates on a model designed for a very different world, and an evolutionary change in that model from a government-operated program to a grant-making system closer to the Fulbright scholarships could result in a higher effectiveness in meeting the Peace Corps’ fundamental goals over its next fifty years of life.