It used to be that every nation, developed or underdeveloped, wanted its own steel mill. Now it is auto plants. Home assembly plants of foreign-designed cars have blossomed from Egypt to Formosa. Japan's 14 auto producers, who design their own autos, plan to double production this year. South Africa's plants put together no fewer than 95 different models. But Latin American countries, which have caught the itch, simply cannot afford the grandiose auto industries that they have lately created. While the U.S. has five major auto producers, Latin America has close to...
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