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May 31, 2016

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I will put my chips on high degree of financial integration (and ag integration with Australia), leading to superior techniques and technologies that amounts to a hidden added value system.

Be willing to bet that Uraguayans were undercapitalized in terms of materials and training, and that had a big impact on the results they got. Just like the Chinese can play around with Russian high performance aircraft engines, doesn't mean they can easily manufacture to same standards.

Human capital? New Zealand had an illiteracy rate of two percent in 1900, compared to Uruguay's forty percent. The latter fell tenfold by the 1980s, sure, but it's still indicative of a much weaker and more fragile technological tradition.

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