As most replies here say: drainage, drainage, drainage. Ripping up the concrete outside and fixing the grade is probably the best solution.
Nothing you can put on the inside will seal it, BUT you can add drainage on the inside by breaking up the floor next to the wall and putting in an interior drainage system.
Another option is to drill a bunch of holes into the soil on the outside of the wall and inject drilling mud (bentonite) into the holes. This jams up the leaks, but it's not permanent and doesn't stop the water completely. Maybe this is what was done in the past that nobody can remember what it's called? There are not many people doing it anymore.
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Today's Featured Article - Identifying Tractor Smells - by Curtis Von Fange. We are continuing our series on learning to talk the language of our tractor. Since we can’t actually talk to our tractors, though some of the older sect of farmers might disagree, we use our five physical senses to observe and construe what our iron age friends are trying to tell us. We have already talked about some of the colors the unit might leave as clues to its well-being. Now we are going to use our noses to diagnose particular smells. ELECTRICAL SMELLS
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