Exam 15: Trade and Policy Reform in Latin America

Which four nations account for most of the population and economic activity in Latin America?

Explain how an economic populist regime usually progresses.

The Baker Plan emphasized renewed commercial bank loans as a way to restart capital flows to Latin America.

Overvalued exchange rates were a persistent problem under ISI policies.In part,this was a deliberate policy in order to

At the end of the populist cycle,workers are better off than they were before the populist cycle began in terms of real wages and job creation.

Growth in Latin America in the 1970s was largely fueled by

Briefly describe economic growth in Latin America from 1900 to the 1980s.

The 1980s were a Lost Decade for Latin America.

The accumulation of international debt increased the debt service requirements of the indebted countries.After the debt crisis began,this caused

What do structural reform policies emphasize?

ISI policies increased competition and lowered prices in most economies.

The first phase of a typical cycle of economic populism is usually

The Baker Plan for addressing the debt crisis was based on the assumption that

Raul Prebisch was an Argentine economist who argued that

The terms of trade (TOT)is defined as

Import substitution industrialization in Latin America

In order to accumulate the resources that they needed to make interest payments,Latin American countries were forced to used macroeconomic policies that

Describe the policies that would be associated with Import Substitution Industrialization.What are the primary criticisms of these policies?

A heterodox model would not call for freezing wages and prices,but an orthodox one would.

Explain the events that triggered the Debt Crisis and the Lost Decade.