The Lagging Continent
Why does Latin America, economically, continue to be the sick man of the West?
The source: “Latin America in the Rearview Mirror” by Harold L. Cole, Lee E. Ohanian, Alvaro Riascos, and James A. Schmitz Jr., in The Federal Reserve Bank of Minneapolis Quarterly Review, Sept. 2006.
Economically, Latin America is the sick man of the West. While many ailing nations—Italy, Spain, and Portugal—checked out of the financial hospice after World War...