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A provocative and controversial look at Latin America as it stands at a crossroads, this book analyzes the complex economic and social roots of the debt crisis and evaluates the prospects for new development strategies for the 1990s. Dr. Wiarda begins by placing the regional economic crisis in the larger context of technological change, political upheaval, and the international economy. He then explores new choices and realities in inter-American relations and the role international lending agencies can take to assist Latin America in meeting the challenge of the next decade. The author suggests that "smokescreens and mirrors" have obscured the true nature of the crisis and, as a result, have skewed the policy debate.
Examining the causes of the acute Latin American debt crisis that began in mid-1982, North American analysts have typically focused on deficiencies in the debtor countries' economic policies and on shocks from the world economy. Much less emphasis has been placed on the role of the region's principal creditors--private banks--in the development of the crisis. Robert Devlin rounds out the story of Latin America's debt problem by demonstrating that the banks were an endogenous source of instability in the region's debt cycle, as they overexpanded on the upside and overcontracted on the downside. Originally published in 1990. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
External debt, debt repayment, economic and social development, economic recession, Latin America - trends, development planning, monetary transfer to developed countries, terms of aid, international monetary system, international monetary reform, aid financing, self reliance, import substitution. Bibliography, statistical tables.
In the 1970s and 1980s the countries of Latin America dealt with their similar debt problems in very different ways--ranging from militantly market-oriented approaches to massive state intervention in their economies--while their political systems headed toward either democracy or authoritarianism. Applying the tools of modern political economy to a developing-country context, Jeffry Frieden analyzes the different patterns of national economic and political behavior that arose in Argentina, Brazil, Chile, Mexico, and Venezuela. This book will be useful to those interested in comparative politics, international studies, development studies, and political economy more generally. "Jeffry Frieden weaves together a powerful theoretical framework with comparative case studies of the region's five largest debtor states. The result is the most insightful analysis to date of how the interplay between politics and economics in post-war Latin America set the stage for the dramatic events of the 1980s."--Carol Wise, Center for Politics and Policy, Claremont Graduate School
Foreign Debt and Latin American Economic Development focuses on the constructive discussion of views held by investigators and experts on the dynamic interaction between economic growth and external debt in Latin America. The selection first offers information on a background paper on the external debt and development in Latin America and a perspective on the external debt of Latin America. The text then elaborates on external financing and debt of the Latin American countries and Latin American external debt and economic growth. Topics include debt rescheduling, external debt and development, and flow of external financial resources. The manuscript takes a look at the economic growth and external debt of Jamaica and Commonwealth Caribbean. Discussions focus on external debt and economic growth, trends in external debt, structure and functioning of the Jamaican economy, and debt policy in the 1970's and 1980's. The book also ponders on the external debt and economic growth of Mexico, external debt situation of Haiti, Venezuela's foreign public debt, and foreign debt and economic development of Costa Rica. The selection is a dependable source of data for readers interested in the interaction between economic progress and external debt in Latin America.
Conference papers, case studies illustrating the implications of external debt for development policy in Latin America - covers the respective responsibilitys of the world banking system and central governments for Latin American indebtedness, the threat of external debt to economic development and trade, obstacles to debt repayment, economic policy for debt consolidation, the policy of the IMF towards debtor countries, etc.; considers the adjustments to economic recession made by Korea R and Taiwan, China and their relevance for Latin American countries.
The origins of the debt crisis, the principal institutional actors involved, and the structure of related policies are well documented. Less studied and less understood is the impact of austerity on the people of Latin America. In this collection of original essays, leading Latin American and U.S. researchers map the political economy of austerity in Latin America. Each essay focuses on a specific aspect of social relations-urban, rural, demographic, or economic. Exploring the theoretical and substantive implications of austerity in Latin America, the contributors show that the study of the region's debt crisis can contribute to an understanding of the impact of internationalization on national social structure and development. The book begins with a historical analysis of global economic and institutional changes that presaged the rapid growth of debt in Latin America and determined the implementation of austerity policies. In Part 2, several essays focus on the structure of national economic stabilization policies and their impact on income distribution. Part 3 examines the effects of austerity on various dimensions of social structure including demography, urbanization, organized labor, and regional development. Popular responses to austerity policies are explored in Part 4.
The crisis that struck Latin America in 1981-82 has inflicted heavy losses on borrowers, lenders, and industrial countries alike. It has deprived Latin America of growth and has forced lenders to reschedule repayments of principal and in most cases to put up new money. The crisis has also caused a sharp drop in exports from the United States and other industrial countries to Latin America.