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Lecture 7

LACS 1002 Lecture Notes - Lecture 7: Supreme Court Of Justice Of The Nation, Electoral Fraud, Juan Domingo Brown

Latin American and Caribbean Studies
Course Code
LACS 1002
Silvina Danesi

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The Great Depression of the 1930s: Economic and Political
Consequences, The ISI Model and Populism
- Wall Street Crash - Oct. 1929 (US)
- Great Depression 1930s
Economic Consequences in LAC
- sharp interruption in capital flows
- general decline in the volume of trade (4 yrs immediately following crash, declined about
65%; countries suffered the most directly traded with US: Cuba, Chile, Central America)
- commodity prices fell and export volumes declined
- default of the foreign debt (suspended payments)
- sharp rise in unemployment (agriculture, steel, meat industry, etc.)
Political Consequences in LA
- coup: forceful, quick, illegal overthrow of a government
- usually organized by military officers, or sometimes well organized politicians
- support of population is not important
- power depends on the success or failure of the coup
- aka: coup, coup d’etat, defacto government
- defacto governments: repressive and pro US, authoritarian regimes
- defacto = according to fact; dejure = according to law
- Coups (coup d’état)
- 1930: Bolivia, Peru, Argentina
- 1931: Panama, El Salvador, Ecuador, Guatemala
- 1933: Cuba, Uruguay
- 1930: revolution ousted President Julio Prestes in Brazil
- 1931: general strike in Chile forced President Carlos Ibanez to resign
- 1930/33: supervised elections and military interventions in Haiti and Nicaragua
- Fulgencio Batista (Cuba): 1933-44 / 1952-59
- Jorge Ubico (Guatemala): 1931-44
- Rafael Trujillo (Dominican Republic): 1930-38 / 1943-52…1961
The Transition to the Import-Substituting Industrialization (ISI) Model (1930s-
- export-import model (export-led growth) - ISI model; gradual process
- ISI’s Goal: replace manufactured (imported) goods with local products
- The ISI was a state-led industrialization; state in charge of implementing this model
- new forms of state intervention in the economy
- monetary/fiscal policies - creation of state/industrial development banks
- nationalization of strategic sectors (late 1930s-1940s) ex. oil industry in Mexico
- new industries (chemical plants - steel mills - automobile assembly lines)
- settlement of US industries in Central America (bananas - shrimp - cocoa - coffee)
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