"For example in the 1920s, Argentina had a larger market capitalization than did the United Kingdom. However, its equity maraket all but disappeared by the 1930s." (Source: Campbell R Harvey, "The Future of Investments in Emerging Markets," NBER Reporter, Summer 1998, p 6.)
Argentina was doing something right early in its history but then changed course and has never been able to find its way back to first-world status.
Urban productivity in the developing world
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