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Published online by Cambridge University Press: 22 May 2009
In these brief remarks addressed to the Latin American response to changing international conditions in the 1970s and 1980s, I shall focus on three issues: the relationship between the choice of debt as a policy instrument and state “structure,” at least as loosely denned; the special problems posed by the debt option that most Latin American countries pursue; and the characteristics of enforced domestic adjustment to the absence of capital inflows beginning in 1982.
1. Some of these points are treated more extensively in two papers: “Revisiting the Great Debt Crisis of 1982,” in Kim, K. and Ruccio, D., eds., Debt and Development in Latin America (Notre Dame: Notre Dame University Press, 1985)Google Scholar, and “Latin American Adjustment to the Oil Shocks of 1973 and 1979,” in Hartlyn, J. and Morley, S., eds., Latin American Political Economy: Financial Crisis and Political Change (Boulder: Westview, forthcoming)Google Scholar.
