Pathetic Peronism

In The Washington Times, Richard Rahn writes of the political economy of Argentina.

The Peronists (named after former dictator Juan Peron) have had political control much of the last 70 years, and it has been a disaster for the country. In 1900, Argentina was one of the 10 highest-income countries in the world, having an estimated gross domestic product per capita of roughly 80 percent of that in the United States. Successive Argentine governments have squandered much of the wealth and potential of the economy, so now Argentina ranks approximately 57th in per capita income.

Government meddling with the economy, in the name of increased "fairness," has been the downfall of Argentina. As we at COTTonLINE like to write, "Socialism is a way to share poverty more equitably."