5 ms·
On another node, Larry Summers told an interesting anecdote regarding Argentina recently: > In 1900, Argentina was closer to the United States economically tha
by l5870uoo9y 9y ago
On another node, Larry Summers told an interesting anecdote regarding Argentina recently:
> In 1900, Argentina was closer to the United States economically than most of Europe is today. Today, we think of Argentina as a poor developing country. Argentine growth only has lagged American growth by 7/10 of a 1 percent over all of that period. So when you get things wrong, when you have dysfunctional governance, it doesn't undo you in a year or five years or even a decade. It does over time.
Argentina's "deal-based" system where initiative comes from the charismatic leader have been outperformed by the ruled-based system prominent in US or Germany.
- conanbatt 9y agoArgentina's economic history is ridden with political catastrophes. Even the period of liberalism in the 1880-1920's had plenty of issues: indentured servants, borderline slavery. Workers protests were met with violence and murder by officials. Argentina has had a military coup every couple of decades in the previous century, which included entire presidencies with unelected officials, culminating in a coup that killed between 9000 and 30000 thousand people. The lack of political stability can explain the problems in all other areas, like ineffective justice or economic stability. Not to mention that using a 100 year span, and including germany as an example to follow..