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Economist recounts boom-to-gloom experience of Argentina -Joyjit Ghosh

-The Telegraph

Kaushik Basu credits country’s intellectual influx and links its downfall to the practice of hyper-nationalism by junta in 1930s

Calcutta: The pursuit of hawkish nationalism is detrimental to the growth of a country’s economy, Kaushik Basu, C. Marks Professor of international studies and professor of economics at Cornell University, said at Para in Purulia on Thursday.

“We cannot be hyper-nationalistic…,” Basu said while delivering a lecture on “India’s economy and the role of education: Past, present and what lies ahead”.

The economist made the comment while referring to Argentina, which had a booming economy and was one of the wealthiest countries in the 1920s. He credited Argentina’s intellectual influx for its economic boom and linked its downfall to the practice of hyper-nationalism by the junta in the 1930s.

Post-1862, Argentina experienced robust economic growth that was mostly aided by large capital inflows and massive immigration, mostly from Italy, Spain and a few central European countries. With the infusion of capital and human capital, Argentina emerged as the region’s powerhouse and, by 1896, its per capita income was on a par with that of the United States.

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