The Political Economy of Central America Since 1920
In this book Victor Bulmer-Thomas uses his previously unpublished estimates of the national accounts to explore economic and social development in the five Central American republics from 1920. He examines in detail variations in economic policy between countries which help to account for differences in performance. The major political developments are woven into the analysis and linked to changes in internal and external conditions. Growth under liberal oligarchic rule in the 1920s, heavily dependent on exports of coffee and bananas, was accompanied by modest reform programmes. The 1929 depression, which hit the region hard, undermined most of the reforms and ushered in a period of dictatorial rule in all republics except Costa Rica. The Second World War, particularly after the entry of the United States, at first strengthened the dictatorships, but ultimately produced challenges to rule by authoritarian caudillos. The social upheavals accompanying the post-war export-led boom forced governments in each republic to address the question of economic, social and political reform.
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reform and consolidation
The 1929 depression
Economic recovery and political reaction in the 1930s
end million 193945
Postwar economic recovery
The struggle for democracy the Cold War and the Labour
The foundations of modern exportled growth 195460
The illusion of a golden age 196070
External shocks and the challenge to the social order 19709
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administration Arbenz banana banana exports Banco Bank CACM capital capital flight capitalist modernisation Carias caudillismo caudillo Central America Central American republics CEPAL coffee communists Costa Rica cotton countries crisis decade decline deficit despite dollar economic elections exchange rate expenditure export sector export-led model external debt favour Figueres fiscal foreign exchange fruit companies GDP per head government revenue Guatemala Honduras Nicaragua impact imports income increase industry influence interests intra-regional investment junta labour force labour movement land reform Leon Cortes ment military million net output oligarchy organised labour output Partido Party period phase political President pressure problem production programme real GDP regime regional Rica and Honduras Rica El Salvador Rican rise rose Salvador and Guatemala Salvador Guatemala Honduras Salvadorean Sandinista share social Somoza sugar Table tariff tion Trabajadores trade unions traditional exports UFCO urban value added wage workers
Page 398 - El desarrollo integrado de Centroamérica en la presente década: Bases y propuestas para el perfeccionamiento y la reestructuración del Mercado Común Centroamericano (13 volúmenes, Instituto Latinoamericano para la Integración, BID, Buenos Aires, 1973-1974).