It’s Groundhog Day in Argentina
It’s Groundhog Day in Argentina
What explains the endless cycle of recession and crisis? A leading economist offers a less traditional diagnosis – and suggests remedies.
Paraphrasing Aristotle, one could say that countries succeed in one way, but fail in many. We have the temptation to explain a crisis, a failure, in terms of a single source; it is simpler and somehow relaxing to believe it is only a question of doing something differently, with a different cast.
But crises are not a varietal; they are a blend.
Take, for example, Argentina’s latest. Barely a year ago, President Mauricio Macri seemed fortified by a mid-term election victory, and the economy was growing at a promising 3.6% annualized rate. Today, inflation is running at 4% a...
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