Trump's Economy Is Likely To Look Great For A Bit But Fail In The Long Run
Huffington Post - 15 days
SANTIAGO, Chile (Project Syndicate) – Now that populists are coming to power in the West, a conflict over intellectual ownership of their approach is brewing. Writers like John Judis claim that 19th-century Americans invented political populism, with its anti-elitist stance and inflammatory rhetoric. Argentines, who gave the world uber-populist Juan Domingo Perón, or Brazilians, who brought us Getúlio Vargas, might beg to differ.
Yet there can be no disagreement that Latin Americans have been the longest and best practitioners of economic populism. In the 20th century, Perón and Vargas, plus Alan García in Peru (at least during his first term), Daniel Ortega in Nicaragua and Salvador Allende in Chile, and many others, engaged in trade protectionism, ran large budget deficits, overheated their economies, allowed inflation to rise and eventually suffered currency crises. In recent years, Hugo Chávez and Nicolás Maduro of Venezuela took these policies to new lows.
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