A black market, a currency crisis, and a tango competition in Argentina
23 September 2023 - 23 mins
Podcast Series
Planet Money
The Nobel-prize winning economist Simon Kuznets once analyzed the world's economies this way — he said there are four kinds of countries: developed, underdeveloped, Japan... and Argentina.
If you want to understand what happens when inflation really goes off the rails, go to Argentina. Annual inflation there, over the past year, was 124 percent. Argentina's currency, the peso, is collapsing, its poverty rate is above 40 percent, and the country may be on the verge of electing a far right Libertarian president who promises to replace the peso with the dollar. Even in a country that is already deeply familiar with economic chaos, this is dramatic.
In this episode, we travel to Argentina to t...
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