SoylentNews is people
SoylentNews
Arthur T Knackerbracket has found the following story:
Left-leaning Fernandez hails government of people, but central bank currency move shows no quick fix to economic woes.
Fernandez's win unleashed euphoria in parts of Buenos Aires, as supporters cruised the streets honking their car horns, and a wave of people surged towards the neighbourhood of Chacarita, where the official victory party was being held.
Speaking to supporters at his party's headquarters, Fernandez thanked voters for showing a commitment to building a more equal Argentina.
"We're going to be the Argentina that we deserve because it's not true that we're condemned to this Argentina," he said.
This discussion has been archived.
No new comments can be posted.
Argentina Rejects Austerity To Elect Alberto Fernandez President
|
Log In/Create an Account
| Top
| 24 comments
| Search Discussion
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
Special engagement; no discounts, passes or coupons accepted.
(Score: 2, Insightful) by Anonymous Coward on Monday October 28 2019, @05:57PM (1 child)
It's a bit more involved than that.
You do point out the differences between private and public capital sources, and that is correct, but governments have plenty more levers at their disposal than just the door handle.
There are also other approaches that are quite feasible in the margins between the two, on the basis of trade even without capitalisations.
However, even without typing a whole screed that nobody's likely to read about tax and trade structures, we can look at the history of some approaches that poke uncomfortable holes in some of your stereotyping. For example, post-WWII the UK was one hell of a lot more socialist than Denmark is today. They actively nationalised a number of industries. They brought trade unionists into policy and industrial management structures. They applied strict capital controls and massively expanded their welfare state. Yes, the UK did this. The heartland of the "anglosphere" and the home of the vaunted financial district of London. They applied taxes that went beyond being punitive, all the way through to confiscatory.
The result? "Miserable Britain", the "Sick Man of Europe". Nationalised industries weren't national champions, but international laughing stocks. Anyone with capital found ways of doing anything, everything elsewhere because being there was very nearly pointless.
Even rich, powerful, connected countries haven't done very well by this.
And before people start wagging their fingers and talking about Scandinavia, bear in mind that Sweden and Denmark didn't subscribe to many of those approaches, and even to the extent that they did, they've been rolling them back over the last couple of decades to signal success. Norway's been able to put off some days of reckoning for a while on the strength of their north sea oil - but that's getting more expensive to extract and running low, so their pot of proverbial gold is not going to support them indefinitely. Their big idea was to keep some capital from that aside (smart and thrifty) and then invest it - but they have a problem that their high taxes and restrictive structures have made them a less attractive venue for entrepreneurialism. So now they're financiers looking for outside investment opportunities - and they're not about to pour that into an Argentina without some guarantees. Such as, denominating it in dollars.
(Score: 3, Informative) by Thexalon on Monday October 28 2019, @10:59PM
1. What exactly does the situation of the UK in 1950 have to do with the situation of Argentina and other poorer countries in 2019?
2. Your claims about nationalized industries all being horrid doesn't make much sense in the light of Britain's NHS consistently providing better health care than the US's private health system.
3. Regardless of any of that, one problem the UK has not had to face is political instability due to foreign powers attempting to impose their will on the country via covert actions and coups. Pretty much all countries in Latin America and Africa, and many in the Middle East, have.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.