Can Uruguay Handle the Pot Business?

One of the most notable aspects of Uruguay's history-making legalization of marijuana on Tuesday is how ill-prepared the government is to handle the pot business.

First, a plug: Uruguay's President Jose Mujica is from that rare strain of leftist politician who deserves some respect. Not only is he taking on a new approach to the U.S. government's failed war on drugs, but he also has the political backbone to support a law that almost two-thirds of Uruguayans reject. His administration has passed several progressive laws such as legalizing gay marriage. Plus, Mujica is running manageable budget deficits and low enough debt levels to earn investment-grade credit scores from the three top rating agencies.