[p2p-research] fakeness of recovery

[J. Andrew Rogers]

I have mixed opinion on South America.  Chile is probably doing the
best job on that continent. Argentina could have been a solid country
but has taken a strong turn toward basket case and squandering its
native resources. Brazil is a big country that has always had
potential but never has really risen above its equilibrium state.
Venezuela is circling the bowl; while there is some selection bias,
I've never known a Venezuelan that thought otherwise.  At the same
time, some of the other countries (Bolivia, Colombia, et al) seem to
be improving, so there is hope. Like Africa, a lot of raw potential
but relatively little prospect of execution.

If I had to invest in a single country in South America right now, it
would be Chile.  For better or worse, they are sane and pragmatic,
they are taking savvy strategic economic views, and it has served them
well. A few other countries are making an honest effort as well, which
gives me hope.

One of the biggest impediments is that South America is basically a
product of Spanish (and Portuguese) colonialism. There is not much
that is positive about the legacy of those countries. Even within the
US, the US states that partially incorporate Spanish common law are
considered a blight on sane jurisprudence, and the economies of South
America suffer from having no other significant option. For better or
worse, the English traditions scattered hither and yon by the British
empire are the foundations of modern commerce around the globe and for
good reason; it gave their colonies an advantage.  My experience with
the Spanish colonial system has actually given me considerable
appreciation for the legacy of English colonialism. For better or
worse, English Common Law is one of those rarified historical
artifacts that stands apart from most of human history as something
that actually advanced human civilization in a very substantial and
unintentional way. As evidence of this, most international contracts
are executed under the jurisdiction of English Common Law even if none
of the parties are natively subject to it.


-- 
J. Andrew Rogers
realityminer.blogspot.com