This paper explores some of the aspects of the relationship between education and poverty as it has been constructed by international organisations and national governments in Latin America. The analysis is carried out from two separate angles. On the one hand, the paper highlights the main failings that underlie the positive and hoped-for relationship between investment in education and the reduction of poverty. On the other, it demonstrates how a good number of these failings can be attributed to an underestimation of the inverse relationship, i.e. the effects that poverty has on education. Though this analysis can be understood from a general perspective, evidence from Latin America is used to illustrate the consequences of these global absences.