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It's a rather tragic tale. In the 1970s, Latin American countries borrowed heavily in dollar denominated bonds, accumulating large debts. In the 80s, interest rates shot up as Western governments tried to bring inflation under control. This was catastrophic for Latin America. There were few nations in that region that didn't default at one point or another. The result was bank failures, mass unemployment, and hyperinflation. They had no choice but to go to the IMF for bailouts. In turn, the IMF, wanting to get its money back, ordered Structural Adjustment Programs that called for massive austerity, making everything worse.

This crisis led to a reversal of the economic progress made by Latin America in the 70s. It was an important contributor to the surge in illegal immigration to the US. It swept Hugo Chavez to power in Venezuela. It forced desperate people into the drug trade. It might have even helped keep Castro in power by allowing him to point to all the devastation surrounding his island

Let us imagine that the US chose to fight inflation with Abba Lerner's Wage Inflation Permit Plan, which I outlined here. Latin America might have made enormous progress and be a richer, less violent place today.
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