Remember 2002
Who says history does not repeat?
https://mises.org/library/no-tears-argentina
The overstaffed and overpaid bureaucracy represents Argentina's power center, and the top of this hierarchy rules the country by deriving its legitimacy from its capability to aliment its clientele. This system is largely immune to the needs of the business sector. By its very nature, the bureaucratic elite rapidly learned the lesson that it is much easier trying to get money from abroad via external loans in a direct way than by strengthening internal production and the competitiveness of the export sector.
Who says history does not repeat?
https://mises.org/library/no-tears-argentina
The overstaffed and overpaid bureaucracy represents Argentina's power center, and the top of this hierarchy rules the country by deriving its legitimacy from its capability to aliment its clientele. This system is largely immune to the needs of the business sector. By its very nature, the bureaucratic elite rapidly learned the lesson that it is much easier trying to get money from abroad via external loans in a direct way than by strengthening internal production and the competitiveness of the export sector.
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