A good article on Argentina today in the WSJ. They are a model of where I think America is going. Lots of regulations and rights to stagnate the economy, lots of Keynesian demand management (ie, more government spending) by policy elites. You have private companies, but these are staffed at the top by government cronies. If Stiglitz, Krugman or DeLong were put in charge, I’m sure this would be the result, regardless of their intentions.
Argentina didn’t explode or stop working, it just slowly became less wealthy, and less free, so whereas 100 years ago they were similar to the US, now they are clearly backward.