Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls....

Keys to Prosperity -- Contents -- Preface -- The Big Picture -- A Century of Unrivaled Prosperity -- The Come and Go of the State -- Macroeconomic Ingredients for Growth and Prosperity -- Long-Run Growth in Emerging Countries -- Containing High In¯ation -- Free Markets Work BestÐBut They Need...