“There Is No Magic”: Israel’s Recipe to Move From Hyperinflation and Recession to Technological Power

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MAR DEL PLATA.- Esteban Klor arrived from Jerusalem to the IDEA Colloquium to tell a story that, before an audience of Argentine entrepreneurs, sounded familiar. Inflation of almost 450% per year, a fiscal deficit that rolled 17% of GDP for a decade, capital flight and a country on the edge of default. Thus Israel was in 1985, when it launched the stabilization plan that, 40 years later, continues to function as the base of its economy.“It was n…