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At the start of the twentieth century, Argentina was one of the wealthiest countries in the world. The capital, Buenos Aires, was known as “the Paris of South America.”

A lot can happen in a hundred years. Argentina today is in grave crisis. It has defaulted on its sovereign debt three times since 2001, and a few months ago it faced an annualized inflation rate of over 200 percent—one of the highest in the world. What happened?

Today's guest, Argentina’s new president, says it’s pretty simple: socialism.