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South America

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El American informs about the most relevant news from South America related to politics, economy, culture, and society.

Schumpeter and Lesson’s from Chile’s Debacle

Economist Joseph Schumpeter predicted that as voting rights are extended, politicians would lure the poor class into voting for socialism, leading to a complete overturn of the capitalist system—despite the economic successes of the latter system. Chile serves as the latest example of this chilling, but demonstrably true, theory