This diagnostic history of Argentina's economic prostration is full
of timely lessons for readers in the United States about how an
irresponsible capitalist elite and cynical politicians can lead a
wealthy nation to throw it all away. They say those who do not
learn from history are bound to repeat it. Thus the importance of
this book. The Agony of Argentine Capitalism: From Menem to the
Kirchners is the capstone of a magisterial trilogy exploring the
reasons for Argentina's shocking "reversal of development." In the
early 20th century, Argentina was a rising star. It was one of the
world's ten richest countries, on course to a place among the most
advanced and prosperous liberal democracies in the world. Then, in
1929, Argentina fell into an economic coma from which no political
or military shock treatment has been able to rouse it. The collapse
of Argentina's capitalist class has been so devastating that little
support remains for free enterprise or free trade. Her fate poses
an intellectual challenge for First World capitalist countries. As
famed economist Paul Samuelson warned: "Argentina is the pattern no
modern capitalist may face without crossing himself and saying,
'There but for the grace of God….'"
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