Latin America urgently needs to decide how it will deal with a new breed of highly indebted, near insolvent zombie firms, and with a group of opaque banks that will come out of the 2020 recession. It is a disturbing prospect that adds to an already bleak picture of slow growth, inequality and increasing poverty. Hard as it might be to hear, never expect anything but precise, accurate diagnostics, and clear, potent—and sometimes controversial—solutions, from William Maloney, Chief Economist for Latin America at the World Bank. A deep revision of the industry organization model, and of the longstanding barriers to rapid accumulation of human capital, are some of the recommendations he has to offer. Maloney is not a novice in Latin America. […]