A Lost Generation? Why Latin American Development Depends on Growth

Clark W. Reynolds
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Clark W. Reynolds: Stanford University

Chapter 11 in Issues in Contemporary Economics, 1991, pp 241-265 from Palgrave Macmillan

Abstract: Abstract The Latin American debt crisis is but one aspect of the growing interdependence between North and South, reflecting the global linking of trade and financial markets in the postwar period. The 1970s brought about a dramatic rise in Latin America’s terms of trade, not only for the energy-producing countries but for most raw materials and primary producers, even those dependent on energy-intensive agricultural products, which make use of fertiliser and irrigation. This may be explained in part by the oil exporting countries’ difficulty in absorbing real resources during the 1970s. It also relates to the desire of the oil-importing countries, as well as a broad range of Latin American commodity export economies, to postpone adjustment by borrowing to sustain domestic growth and increase public expenditure.

Keywords: Gross Domestic Product; Real Exchange Rate; Real Wage; Trade Policy; Latin American Country (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11579-2_11

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DOI: 10.1007/978-1-349-11579-2_11

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