Colombia’s Risky Peace Gambit

In the late 1980s and early 1990s, it was a global murder capital held hostage by warring drug cartels. In the late 1990s and early 2000s, it looked like a potential failed state. These days, it is described as “Latin America’s rising star,” “Latin America’s rising oil star,” “Latin America’s latest economic miracle,” “an economic powerhouse,” and “a magnet for foreign investment.”

While the story of Colombia’s resurgence has become old news, it has not become any less remarkable. A country where violence once seemed uncontrollable is now a darling of global investors and one of the most promising emerging-market economies in the world.