HIST 1400 Lecture Notes - Lecture 3: Latin American Debt Crisis, Pope Francis, Chicago Boys
14 Jun 2017
School
Department
Course
Professor
Document Summary
Growth of protestantism: with defeat of lt, former lt strongholds turn to protestantism, esp: Neoliberalism: the third conquest: 1960s & 70s: la borrows a lot of money from foreign creditors (mostly for national development , > 1980s: latin american debt crisis. Imf: proposes debt restructuring on its own terms: end to economic nationalism of 1930s, privatize state-run industries & public services, slash import tariffs & state subsidies > severe consequences for local producers, farmers. Lowering borders i. e. nafta (n. am free trade agreement) but not for drugs or people. Chile: the perfect success story : 1973 coup:chile > perfect place to experiment with shock. Doctrine disater capitalism : milton friedman & chicago boys. Remove restrictions on foreign investment: economy rebound 1978 - 1981: chile > poster child for free market (neoliberal) economics. Or not: 1982: chilean economy collapses, copper market collapse, devastating currency devaluation, backtrack: Copper nationalized: post - 1983 stabilization enable by state regulation.
