Last year, the late Rudiger Dornbusch said outside
intervention was needed to save Argentina and suggested an
international commissioner be appointed to run the country's
finances. This January, Guillermo Calvo, chief economist of the
Inter-American Development Bank, suggested a $25 billion
Marshall Plan for Argentina. But appeals for outside
intervention miss the point. The poverty in Argentina - or
Venezuela, another country in deep trouble - encompasses far
more than fundamental needs, so throwing money at these
countries is likely to solve little. Even now it still seems
scarcely believable that Argentina, a granary to the world and
home to the region's best-educated society, cannot feed all its
people. The country's...
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