“How a Rich and Proud Nation Went Broke”
“On Loyalty Day, October 17, 1951, Evita declared, “I ask you today, comrades, only one thing — that we will all swear publicly to defend Perón and fight to the death.” She died in 1952 of cervical cancer, and to this day people leave flowers at her family vault in Buenos Aires.
The personality cult, however, couldn’t avoid the economic crises that were a consequence of Perón’s policies. Government spending led to inflation, which disrupted the economy and discouraged long-term business investment. Coddled by subsidies, Argentina’s nationalized industries stagnated. Burdened by taxes to pay for industrial subsidies, agriculture slumped, and Argentines, who before Perón had excelled as world-class producers of wheat and beef, had to endure coarse black bread and a meat shortage.” Read more.
“How a Rich and Proud Nation Went Broke”
Jim Powell
Freedom Daily, April 16, 2010.
Via the Future of Freedom Foundation.
Image source: bigfoto.com.
