Why ARGENTINA Keep Surprising Economists Around The World?
Living standards have improved virtually everywhere in the world. Countries that were rich at the beginning of the 20th century are now much richer and most of those that were poor, although they have grown at a slower pace, their progress is remarkable compared to their poverty levels 100 years ago. Within each group there are exceptions. There are some countries that are considered economic miracles because of their rapid transition from poverty to wealth, such as Korea, Japan, Singapore or Taiwan. These cases are more common. However, going in the opposite direction, there is only one notable case of a country that started out rich and ended up relatively poor. This is the great enigma for economists: Argentina. In fact, Simon Kuznets, 1971 Nobel Prize in Economics, famously said: "There are four types of economies in the world: developed, undeveloped, Japan and Argentina." In other words, for the Nobel laureate, the cases of Japan and Argentina were so particular that they had to be put in a separate category, because they are not easy for economists to explain and understand.
Some sources of interest:
- Emilio Ocampo, 2021. "A Brief History of Hyperinflation in Argentina," Universidad del CEMA.
ideas.repec.org/p/cem/doctra/...
- Francisco J. Buera & Juan Pablo Nicolini, 2019. "The Monetary and Fiscal History of Argentina, 1960-2017," Federal Reserve Bank of Minneapolis.
doi.org/10.21034/sr.580
- Nicolás Rodriguez (2020). Quo vadis, Argentina?
www.batimes.com.ar/news/opini...
Music:
Whatdafunk by Audionautix is licensed under a Creative Commons Attribution 4.0 license. creativecommons.org/licenses/...
Artist: audionautix.com/
#economicsnation #argentina #japan
well, i have to say that, as an argentine myself, is hard to find a foreign video that fully understands what is happening here. There is always some level of "misunderstanding" of sources and, therefore, wrong takes on our current situation.. but this video is on the spot. Great work
I would probably also put Uruguay in Kuznets' classification of Argentina as its own category, as Uruguay has been buffeted by whatever goes on in Argentina (being next door geographically and culturally) and it was also rich at one time. Plus, I think that Kuznets could have added a fifth category in the late 1960s-early 1970s: South Africa. Why? Because unlike other middle-income countries with wide gaps between the rich and the poor, such as Brazil or Chile or Mexico, South Africa (or at least its whites and the white-led apartheid government) considered itself a developed country despite the large pockets of Third World poverty among the blacks and other non-whites. At the time, it was often classified by development agencies and so forth as a developed country, unlike the other middle-income countries as mentioned above, despite having many indicators consistent of an underdeveloped country. Plus, unlike Latin American countries, it wasn't in debt and its currency (the rand) was quite strong. Of course, all of this is gone these days and South Africa is falling apart on so many levels.
Let them go bankrupt forever if they don't reengineer their society
Now with a mad man in power, who is taking inhumane ego based economic decisions, is leaving Argentineans more devastated situation than before.
What part of “There’s no money” don’t you understand? That vacuum will be filled by the private sector. Government actions are what have lead to rampant poverty in Argentina, and the same is true here in the US.
Hello greetings from Argentina
Milei has good intentions for sure, but his approach is delusional
I guess it was choosing the lesser evil for Argentinians. The left wing party has a long track record of incompetence and pushed the economy to a point where it just couldn’t get any worse 😂 It’s a fight of garbage vs nuclear waste
Completely agree, seems his need for attention surpasses his ability to empathize with Argentineans situation. Sad to see that one delusional man can bring Argentina to a worse situation than before.
I’m still always obvious when someone doesn’t understand simple economics. What part of “There isn’t any money” do you not get?
Vamo miller