Of the many maladies that afflict Latin American nations, one of the most worrisome is their dependence on one or two fragile commodities for the bulk of their export income. Last week, in Latin American Business Highlights, the Chase Manhattan Bank examined the dimensions of the malady. Of the 20 Latin American nations, 14 depend on one commodity for at least 50% of their export income (see chart). In two other cases, a pair of commodities bring in more than half the export earnings.
In good times, such basic commodities are the lifeblood of the economy, producing plenty of cash. But...
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