Argentina: Giving In to Inflation

There is only one thing worse than Argentina's usual kind of public service. And that is no public service at all. Yet to all intents and purposes, that has been the country's unhappy lot for the past three months.

The paralysis set in during November, when President Arturo Illia attempted to call a halt to inflation-nurturing pay raises for 900,000 public employees. The unions, which were demanding another round of 25% to 45% pay hikes, responded with an unending succession of strikes and slowdowns. At one point this month, 300,000 telephone, railroad,...

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