When the residents of Buenos Aires want to change the pesos they do not trust into the dollars they do, they go to an office that acts as a front for thriving illegal exchange market.

As the couriers carry their bundles of pesos around Buenos Aires, they pass grand buildings like the Teatro Colon, an opera house that opened in 1908, and the Retiro railway station, completed in 1915. In the 43 years leading up to 1914, GDP had grown at an annual rate of 6%, the fastest recorded in the world. In 1914 half of Buenos Aires’s population was foreign-born. Its income per head was 92% of the average of 16 rich economies.

It never got better than this. Its income per head is now 43% of those same 16 rich economies; it trails Chile and Uruguay in its own backyard.

The country’s dramatic decline has long puzzled economists. “If a guy has been hit 700,000 shots it’s hard to work out which one of them killed him,” says Rafael di Tella. But three deep-lying explanations help to throw light on the country’s decline. Firstly, Argentina may have been rich 100 years ago but it was not modern. The second theory stresses the role of trade policy. Thirdly, when it needed to change, Argentina lacked the institutions to create successful policies.

Argentina was rich in 1914 because of commodities; its industrial base was only weakly developed. The landowners who made Argentina rich were not so bothered about educating it: cheap labor was what counted.

Without a good education system, Argentina struggled to create competitive industries. It had benefited from technology in its Belle Epoque period, but Argentina mainly consumed technology from abroad rather than inventing its own.

Argentina had become rich by making a triple bet on agriculture, open market and Britain, its biggest trading partner. If that bet turned sour, it would require a severe adjustment. The First World War delivered the initial blow to trade. Next came the Depression, which crushed the open trading system on which Argentina depended. Dependence on Britain, another country in decline, backfired( 失 败 ) as Argentina’s favored export market signed preferential deals with Commonwealth countries.

After the Second World War, when the rich world began its slow return to free trade with the negotiation of the General Agreement on Tariffs and Trade in 1947, Argentina had become a more closed economy. An institution to control foreign trade was created in 1946; the share of trade as a percentage of GDP continued to fall. High food prices meant big profits for farmers but empty stomachs for ordinary Argentines. Open borders increased farmers’ taking but sharpened competition from abroad for domestic industry. Heavy export taxes on crops allow the state to top up its decreasing foreign-exchange reserves; limits on wheat exports create surpluses(过剩) that drive down local prices. But they also dissuade farmers from planting more land, enabling other countries to steal market shares.

How the Elderly Are Treated Around the World

How cultures view and treat their elderly is closely linked to their most prized values and qualities. 【小题1】

In the US and UK, Protestantism (新教) is at play. Western cultures tend to be youth-centric, stressing qualities like independence. 【小题2】 It ties a person’s value to his or her ability to work – something that becomes weaker in old age. As their health becomes worse, the elderly in these cultures often move to old people’s homes and nursing homes.

In France, parents are protected by law. It is difficult to imagine an Elderly Rights Law being a focus in the laws of many Western cultures. France did, however, pass a similar law in 2004. 【小题3】 One was a group of official statistics showing France had the highest rate of pensioner suicides in Europe, and the other was the aftermath of a heat wave that killed 15,000 people, most of whom were elderly and had been dead for weeks before they were found.

【小题4】 Native American cultures traditionally accept death as a fact of life. In many Native American areas, elders are respected for their wisdom and life experiences. Within Native American families, it’s common for the elders to be expected to pass down their learning to younger members of the family.

The way to care for Chinese elders is changing. Chinese families traditionally view respect for one’s elders as the highest virtue, according to the Confucian tradition. Adult children are generally expected to care for their parents in their old age. 【小题5】 Nursing homes are beginning to become a more socially acceptable option for elderly care.

This Is How Scandinavia Got Great

Almost everybody admires the Nordic model. Countries like Sweden, Denmark, Norway and Finland have high economic productivity, high social equality, high social trust and high levels of personal happiness.

Nordic nations were ethnically homogeneous(同质的) in 1800, when they were dirt poor. Their economic growth took off just after 1870, way before their welfare states were established. 【小题1】

The 19th-century Nordic elites did something we haven’t been able to do in our country recently. They realized that if their countries were to prosper they had to create truly successful “folk schools” for the least educated among them. They realized that they were going to have to make lifelong learning a part of the natural fabric of society.

【小题2】 The German word they used to describe their approach, bildung, doesn’t even have an English equivalent. It means the complete moral, emotional, intellectual and civic transformation of the person. It was based on the idea that if people were going to be able to handle and contribute to an emerging industrial society, they would need more complex inner lives.

Today, Americans often think of schooling as the transmission of specialized skill sets — the student can read, do math and recite the facts of biology. 【小题3】 It is devised to help them understand complex systems and see the relations between things — between self and society, between a community of relationships in a family and a town.

The Nordic educators worked hard to cultivate each student’s sense of connection to the nation. Before the 19th century, most Europeans identified themselves in local and not national terms. 【小题4】 The idea was to create in the mind of the student a sense of wider circles of belonging — from family to town to nation — and an eagerness to assume shared responsibility for the whole.

That educational push seems to have had a lasting influence on the culture. Whether in Stockholm or Minneapolis, Scandinavians have a tendency to joke about the way their sense of responsibility is always nagging at them. They have the lowest rates of corruption in the world. They have a distinctive sense of the relationship between personal freedom and communal responsibility.