Commerce: A Latin Common Market

The experts smiled skeptically two years ago when a U.N. economist. Argentine-born Raúl Prebisch, got six Latin American nations to talking about forming a common market. That kind of thing was all right for a well-developed Europe, they said, but backward Latin nations were too accustomed to protecting national industries with high tariff walls. And since a major slice of every government's revenue came from import and export duties, they could hardly be expected to agree on mutual tariff cutbacks. But last week seven Latin nations * brought their common market to...

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