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Carlos Marichal contends that the boom-and-bust cycles of Latin American foreign loans result mainly from the fluctuations of the world economy, rather than from errors made in Latin America itself. Marichal shows that the present debt crisis is only a part of an overall pattern in Latin American history--cycles of loan boom and subsequent debt crisis that are heavily influenced by fluctuations of international trade and capital flows. He also reveals the significant role played by those who implement debt policies. Examining the strategies of both lenders and borrowers, he makes it clear that foreign loan negotiations are not only financial tools but also political instruments with broad ec...
An indispensable reference work for anyone interested in Latin America's economic development.
This book emphasizes that the Spanish empire remained the third most important European state in terms of fiscal income and naval power, and first in size of territorial empire, particularly because of its colonies in Spanish America. The Spanish crown was involved in four wars with Great Britain and two wars with France during the decades 1760-1810. Colonial Mexico financed most of these wars by remitting silver in the form of taxes and loans. The expenditures of the imperial wars were so great that they eventually caused the bankruptcy of both the Spanish American colonies and of the monarchy itself.
The History of Mexico: From Pre-Conquest to Present traces the last 500 years of Mexican history, from the indigenous empires that were devastated by the Spanish conquest through the election of 2006 and its aftermath. The book offers a straightforward chronological survey of Mexican history from the pre-colonial times to the present, and includes a glossary as well as numerous tables and images for comprehensive study. In lively and engaging prose, Philip Russell guides readers through major themes that still resonate today including: The role of women in society Environmental change The evolving status of Mexico’s indigenous people African slavery and the role of race Government economic policy Foreign relations with the United States and others The companion website provides many useful student tools including multiple choice questions, extra book chapters, and links to online resources, as well as digital copies of the maps from the book. For additional information and classroom resources please visit The History of Mexico companion website at www.routledge.com/textbooks/russell.
DIVClaims that the history of commodities in Latin America (or anywhere) cannot be understood without considering their global context, often from a long-term perspective./div
This book is a radical reinterpretation of the process that led to Mexican independence in 1821—one that emphasizes Mexico's continuity with Spanish political culture. During its final decades under Spanish rule, New Spain was the most populous, richest, and most developed part of the worldwide Spanish Monarchy, and most novohispanos (people of New Spain) believed that their religious, social, economic, and political ties to the Monarchy made union preferable to separation. Neither the American nor the French Revolution convinced the novohispanos to sever ties with the Spanish Monarchy; nor did the Hidalgo Revolt of September 1810 and subsequent insurgencies cause Mexican independence. It was Napoleon's invasion of Spain in 1808 that led to the Hispanic Constitution of 1812. When the government in Spain rejected those new constituted arrangements, Mexico declared independence. The Mexican Constitution of 1824 affirms both the new state's independence and its continuance of Spanish political culture.
This book addresses a puzzle in political economy: why is it that political instability does not necessarily translate into economic stagnation or collapse? In order to address this puzzle, it advances a theory about property rights systems in many less developed countries. In this theory, governments do not have to enforce property rights as a public good. Instead, they may enforce property rights selectively (as a private good), and share the resulting rents with the group of asset holders who are integrated into the government. Focusing on Mexico, this book explains how the property rights system was constructed during the Porfirio Díaz dictatorship (1876-1911) and then explores how this property rights system either survived, or was reconstructed. The result is an analytic economic history of Mexico under both stability and instability, and a generalizable framework about the interaction of political and economic institutions.
This volume documents recent efforts to track the transformation and trajectory of silver during the early modern period, from its origins in ores located on either side of the Atlantic to its use as currency in the financial centres of continental Europe. As a point of comparison, copper mining and its monetary use in the early modern Atlantic World will also be considered. Contributors rely mainly on economic and economic history methodologies, complemented by geographical and cultural history approaches. The use of novel software applications as tools to explain economic-historical episodes is also detailed.
Facing financial chaos, Porfirio Diaz’s strategy in the 1880s was to create a bank with a legal monopoly over lending to the government and to enforce elites’ property rights in order to get their support. This book shows how Mexican leaders, even after the Mexican Revolution, failed to alter these basic economic and political policies, resulting in a continuing high level of financial and industrial concentration.
This groundbreaking book examines the history of Spain, England, the United States, and Mexico to explain why development takes centuries.