What’s the Matter with South America?
Though it is unclear which caused which, there is no doubt that South America's embrace of traditional values and corporatism has prevented it from reaching its economic potential. Whether the region can achieve prosperity in the future will depend on its willingness to stop worrying and learn to love free enterprise.
NEW YORK – South America continues to lag behind most of the world in social and economic performance. At bottom, South America’s problems reflect widespread governance failures, owing to the institutions that emerged in the region and the values that underpin them.