Peru: Industry Overboard

Businessmen call it "the Peruvian miracle," and by all odds it is one of Latin America's brightest success stories. In 1950, imaginative Peruvian entrepreneurs started netting the immense schools of anchovy in coastal waters and processing the small silvery fish into fish meal, a high-protein poultry and livestock food. So rich was the harvest and so great the demand that plants went up all along the coast. Today, fish meal is the country's biggest industry, and Peru has risen from nowhere to No. 2 rank (behind Japan) among fishing nations.

The problem now is to keep the industry from going...

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