Argentina Again Tries Reforms

Will a new currency and price freeze end four-digit inflation?

Since coming to power in 1983, Argentine President Raul Alfonsin has tried a variety of economic programs in an attempt to control inflation, now steaming ahead at an annual rate of 1,010%. While well intentioned, his efforts have generally been viewed with the same skepticism that attends an inveterate smoker's vow to quit even as he reaches for his third pack of the day.

Two weeks ago, Alfonsin announced his latest program, which features a new currency and a wage and price freeze. An opinion survey showed that more than 80% of Argentines polled support this ambitious reform. Still, some experts...

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