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A Lost Generation? Why Latin American Development Depends on Growth

In: Issues in Contemporary Economics

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  • Clark W. Reynolds

    (Stanford University)

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.

Suggested Citation

  • Clark W. Reynolds, 1991. "A Lost Generation? Why Latin American Development Depends on Growth," International Economic Association Series, in: Partha Dasgupta (ed.), Issues in Contemporary Economics, chapter 11, pages 241-265, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11579-2_11
    DOI: 10.1007/978-1-349-11579-2_11
    as

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