The current economic crisis in Argentina is only partly the result of inappropriate domestic policies to cope with the recent external shocks. Years of inappropriate policies have damaged Argentina's economy. Even if no external shocks had occurred, the country would still have to change the...

The several decades following the conclusion of World War II evidenced the generalised application of activist economic policies oriented toward the stimulation and manipulation of aggregate demand. In Western Europe and in much of the Western hemisphere these policies proved quite successful in...