The Political Economy of Central America since 1920 by Victor Bulmer-Thomas

The Political Economy of Central America since 1920 by Victor Bulmer-Thomas

By Victor Bulmer-Thomas

During this booklet Victor Bulmer-Thomas makes use of his formerly unpublished estimates of the nationwide debts to discover monetary and social improvement within the 5 primary American republics from 1920. He examines intimately adaptations in financial coverage among nations which aid to account for alterations in functionality. the key political advancements are woven into the research and associated with adjustments in inner and exterior stipulations. progress lower than liberal oligarchic rule within the Twenties, seriously depending on exports of espresso and bananas, was once followed via modest reform programmes. The 1929 melancholy, which hit the quarter demanding, undermined lots of the reforms and ushered in a interval of dictatorial rule in all republics other than Costa Rica. the second one international warfare, fairly after the access of the USA, in the beginning reinforced the dictatorships, yet eventually produced demanding situations to rule by means of authoritarian caudillos. The social upheavals accompanying the post-war export-led increase pressured governments in every one republic to handle the query of monetary, social and political reform.

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Following the issue of banknotes after the 1870s, the administrations in both republics found the attractions of printing money irresistible. The result was a huge increase in the note issue,13 which drove silver coinage out of circulation and forced a break with the silver standard. The two regimes were therefore based on inconvertible paper and the increase in the note issue drove up domestic prices and forced down the exchange rate. Nicaragua, under the US occupation, adopted the gold exchange standard in 1912, but this move to stabilise the currency will be discussed more fully in the next chapter.

Local currency) value was much less affected. Customs duties in 'peso* terms did not necessarily fall, and government revenue rose in both countries. 1 million pesos. In both countries, the 'peso' cost of servicing the public external debt rose and reached over 25% of revenue. The world economy recovered quickly from the 1920/1 depression. Commodity prices rose steadily; the unit value of coffee exports from Central America in 1922 exceeded those in 1921 by 25% to 50%, n while sugar and mineral prices also increased.

Constructed in the 1880s Note: In addition to the above lines, the fruit companies in Costa Rica, Guatemala and Honduras owned a network of branch lines used exclusively for transporting bananas. Although the banana companies responsible for shipping the fruit from Central America to North America or Europe always purchased a certain proportion of their exports from local growers, the industry remained firmly under foreign control. Vertical integration, furthermore, was the rule rather than the exception (in contrast to coffee production) and the fruit companies tended to own or control all aspects of the industry from production to marketing, including internal transportation, loading and shipping.

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