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Article: Do Cry for Argentina
- Article from:
- The Washington Post
- Article date:
- January 16, 2002
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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We should all cry for Argentina -- and not simply because it
defaulted on its government debt or because it faces a host of
economic problems. Unemployment exceeds 18 percent, the banking
system is on the brink of collapse, and things will get worse before
they get better. What makes the crisis truly disheartening is that it
is merely the latest in a series stretching back over a century.
Something in Argentina's history and culture seems to prevent strong
and stable economic growth.
By all rights, Argentina should be one of the world's richest
countries. Indeed, it once was. In 1913, average income per person
(expressed in "constant" 1990 dollars) was about $3,797 and was
higher than in ...