Only recently has that figure risen, thanks partly to law, but more to automation and electronics, which have devalued brawn in favour of brains, or at least agile fingers.

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But look at what happened to Argentina: it devalued and given the balance sheet effects of the depreciation on their US debts it was forced to pesify its dollar debts.

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It was a simple calculation, Pasuk told an audience at the World Bank meeting in Hong Kong: devalued baht would lose a lot of people a lot of money.

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