Why should South America be one of the richest regions in the world?, South America has extraordinary natural advantages, including nearly a third of the world's renewable fresh water, large reserves of lithium, oil, copper, iron ore, soybeans, and some of the most fertile agricultural land on Earth. These resources should have supported long-term prosperity and economic growth, What recurring economic pattern has affected many South American countries according to the article?, A cycle of boom, debt, and crisis. Countries grow when commodity prices rise, increase spending during prosperous periods, then face debt, deficits, and instability when commodity prices fall, Why is Uruguay presented as an exception compared to other South American countries?, It has low corruption, low poverty, relatively high GDP per capita, strong institutions, stable democracy, and has avoided repeated boom-and-bust cycles affecting much of the region, How did colonial history shape economic inequality in South America?, Colonial systems concentrated wealth and land ownership among elites while exploiting indigenous populations through systems such as the encomienda, creating long-lasting inequalities that continued after colonial rule ended, What historical factors gave Uruguay a different starting point from many of its neighbors?, Uruguay lacked major gold and silver deposits, experienced less intensive colonial exploitation, did not develop strong extraction institutions like the encomienda, received many immigrants, and had a weaker colonial hierarchy, What reforms did José Batlle y Ordóñez introduce, and why were they important?, He introduced Latin America's first welfare state, including free education, public healthcare, pensions, unemployment insurance, and the eight-hour workday to create an educated and healthy population for economic development, How did Uruguay respond differently to the 2002 financial crisis?, It restructured debt, floated its currency, rebuilt the banking system, recovered economically, and repaid its IMF debt earlier than expected instead of descending into political chaos, How did Pepe Mujika’s leadership style reflect his political philosophy?, Mujika lived modestly on his flower farm, drove an old Volkswagen Beetle, donated most of his salary, and believed freedom came from avoiding excessive consumption rather than accumulating wealth, Why did Uruguay legalize recreational marijuana, according to the article?, To weaken drug cartels by moving cannabis sales under state control, reducing illegal profits and criminal influence through market regulation, What lessons does the article suggest other countries could learn from Uruguay?, Adopt stronger institutions, invest in welfare systems, maintain political stability, encourage civic participation, and pursue long-term policies instead of reversing reforms whenever governments change

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