14 The classic comparison is Argentina and Australia; see for instance Alexis Esposto and Fernando Tohmé, Drifting apart: the divergent development paths of Argentina and Australia. Germany: VDM Verlag: Saarbrücken, 2009.
13  5  On the whole, the Australian case teaches us that a country can absorb large capital flows over very long periods of time, and use these to support high levels of prosperity. This contrasts starkly with the Asian examples, where a range of countries likewise achieved impressive gains in living standards, but mostly did so without foreign capital.