The chapter delves into Peru's history of hyperinflation in the late 1980s, focusing on the economic reforms like removal of subsidies and opening up to foreign investment. It discusses the role of the central bank in maintaining stability through reserve accumulation and the impact of an export boom on economic growth.
A visit to a port of entry at America’s Mexican border reveals the difficulties in stopping the flood of fentanyl—a cheap, potent and ever more deadly drug. Javier Milei, Argentina’s president, is looking to blunt measures to escape an economic morass; our correspondent says he should instead look to Peru’s past (10:43). And remembering Robert Badinter, who killed off France’s guillotine (17:17).
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