Argentina is in trouble again, and once again the obvious culprit seems to be the exchange rate, still too tightly controlled. But truth is, when your economy is so messed up, you can’t design a reform program with no risks and no weak points. You need stamina, perseverance, a bit of luck and a lot of help.

This should be an object lesson for Western countries which are allowing economic distortions and imbalances to accumulate: the deeper you dig, the harder it is to get out, when you finally try.

More in my latest Just Think.