THE LANDSCAPE OF Latin America provides constant reminders of bygone riches. From the grand opera houses of Buenos Aires to the mid-century modernist glories of Caracas or Brasilia, there is barely a city in the region that doesn’t look upon its past with nostalgia for the good old days.
In 1950, for instance, Venezuela’s GDP per capita, in 1995 dollars, was $6,021: twice that of Spain, three times that of Portugal, and four times that of Taiwan.
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