THE AMERICAS: Co-Prosperity Sphere

Last week little Paraguay signed two treaties, one with Bolivia, the other with Argentina. They looked like the most innocent of treaties (tariff reductions, roads, loans, a pipeline, cultural exchanges). Actually, they were move and countermove in an intricate diplomatic campaign being waged by Argentina for commercial and possibly political control of her smaller neighbors.

Argentina has always believed that she ought to be mistress of the entire La Plata watershed, which includes all of Paraguay and parts of Bolivia, Uruguay and Brazil. In a sense she has been, for most of the...

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