In recent years, when South America benefitted from record world commodity prices thanks to China’s ever-growing purchases of oil, soybeans and other raw materials, the region’s leaders embarked on a populist fiesta, failing to notice that the world was moving swiftly toward a knowledge economy. They spent heavily on social subsidies, and fooled their populations into thinking that they had come up with magical formulas to reduce poverty. Meantime, they neglected investing in quality education, science, technology and innovation.
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