Friday August 14, 2020

Latin America is in no shape to face another debt crunch

Countries including Argentina and Brazil are pinned helplessly beneath the crushing weight of the pandemic and a sustained economic slump

26th July, 2020
The iconic Christ the Redeemer statue in the Brazilian city of Rio de Janeiro: Brazil is one of the worst-hit countries by Covid-19 with more than 80,000 deaths. Photo: Getty

One of the best books to explain the way the world works is Why Nations Fail, a deep dive into why some countries are rich and successful, and others are poor and unsuccessful.

The book, by the academics Daron Acemoglu and James Robinson, argues, among other things, that it is not geography, size or culture that makes a country successful, but strong and accountable democratic institutions.

If geography, size and culture mattered, Argentina would be...

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