Sure, Venezuela may descend into further chaos, but it doesn’t have many followers. Argentina will most likely change course within the next two years, and Brazil will, in the worst-case scenario, remain stagnant. More important, Mexico, Colombia, Peru, and Chile are doing well, and may drag several other countries in their direction. Together with Brazil, the four Pacific-coast countries make up more than 75 percent of Latin America’s economy.
More than a downward spiral, we may soon see the end of the populist cycle, and the beginning of an upward spiral.
Andres Oppenheimer is a Latin America correspondent for The Miami Herald, 3511 N.W. 91 Avenue, Doral, Fla. 33172; email: firstname.lastname@example.org.
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