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Coping with Energy Shocks in Latin America: Three Responses

Published online by Cambridge University Press:  24 October 2022

James H. Street
James H. Street*
Affiliation:
Rutgers University
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Economic historians are accustomed to treating 1930 as a landmark date in the development of Latin America. The onset of the Great Depression was an abrupt external shock to every country in the region, cutting off traditional export markets and making it exceedingly difficult to secure consumer goods, replacement parts, and new capital equipment in return. Many countries began experiments in national self-sufficiency, turning to policies that came to be identified, especially after World War II, as import substitution industrialization (ISI). Although these experiments were sometimes disappointing, they represented a watershed in the evolution of national economic systems.

Type
Symposium: Energy Policy in Latin America
Information
Latin American Research Review , Volume 17 , Issue 3 , 1982 , pp. 128 - 147
Copyright
Copyright © 1982 by the University of Texas Press

References

Notes

1. “Energy: The Bank Helps Latin America Find New Sources and Additional Capital,” IDB News 6 (Nov. 1979):1.

2. Economic and Social Progress in Latin America: 1979 Report (Washington, D.C.: Inter-American Development Bank, 1980), p. 458 (hereafter referred to as IDB, 1979 Report).

3. E. Walter Robichek, “Demand and Balance of Payments Management in Latin America and the Caribbean,” paper presented at a meeting of the American Economic Association, Dallas, Texas, 30 December 1978, p. 1.

4. Economic and Social Progress in Latin America: 1977 Report (Washington, D.C.: Inter-American Development Bank, 1978), p. 6.

5. Economic and Social Progress in Latin America: 1976 Report (Washington, D.C.: Inter-American Development Bank, 1977), p. 4.

6. IDB, 1977 Report, p. 11.

7. IDB, 1979 Report, p. 10.

8. International Financial Statistics 29 (Sept. 1976): passim.

9. IDB, 1979 Report, p. 429.

10. Ibid., p. 94.

11. Ibid.

12. IDB, 1977 Report, pp. 7, 172.

13. Latin America in the World Economy (Washington, D.C.: Inter-American Development Bank, 1975), p. 41; Bank of London & South America Review 9 (Apr. 1975):206 (hereafter referred to as BLSAR).

14. IDB, 1979 Report, p. 193.

15. Ibid., p. 429.

16. BLSAR 15 (May 1981):78.

17. IDB, 1977 Report, p. 11.

18. BLSAR 15 (May 1981):78.

19. IDB, 1977 Report, p. 175.

20. BLSAR 15 (May 1981):79.

21. Allen L. Hammond, “Energy: Elements of a Latin American Strategy,” Science 200 (19 May 1978):753.

22. Warren Hoge, “For Brazil, an Embarrassing Tale of Intrigue,” New York Times, 23 June 1981, p. A12.

23. R. F. Colson, “The Proálcool Programme—A Response to the Energy Crisis,” BLSAR 15 (May 1981):63.

24. Ibid., p. 62.

25. Warren Hoge, “Brazil's Shift to Alcohol as Fuel,” New York Times, 13 October 1980, p. D2.

26. IDB, 1979 Report, p. 193; BLSAR 15 (May 1981):78.

27. IDB, 1979 Report, p. 429.

28. IDB, 1977 Report, p. 386.

29. Ibid., p. 11; BLSAR 15 (May 1981):116.

30. IDB, 1979 Report, p. 429.

31. “Venezuela Seeks Loan,” New York Times, 27 November 1978, p. D5.

32. IDB, 1979 Report, p. 390.

33. Joseph A. Mann, Jr., “Venezuela: Economic Star Dims,” New York Times, 22 January 1979, pp. D1, 4: IDB, 1978 Report, pp. 404–5; Howard Handelman, “Scarcity amidst Plenty: Food Problems in Oil-Rich Venezuela,” American Universities Field Staff Reports, No. 42, South America, 1978.

34. BLSAR 15 (May 1981):106.

35. Ibid.

36. Alan Riding, “The Mixed Blessings of Mexico's Oil,” New York Times Magazine, 11 January 1981, p. 24; “Mexico, in Switch, Will Lift Oil Price,” New York Times, 17 June 1981, pp. D1, 5.

37. Ibid., p. D5.

38. IDB, 1979 Report, p. 8.

39. IDB, 1977 Report, p. 11; Manuel Guitian and Carl-Johan Lindgren, “Mexico's Adjustment Program Shows Success in Reducing Inflation Rate, Payments' Deficit,” IMF Survey (17 Apr. 1978), p. 121.

40. David Felix, “Income Inequality in Mexico,” Current History 72 (Mar. 1977):111–14, 136.

41. IDB, 1979 Report, p. 429.

42. Guitian and Lindgren, “Mexico's Adjustment,” p. 120.

43. IDB, 1979 Report, p. 442.

44. Ibid., p. 448.

45. IDB, 1978 Report, p. 322.

46. Ricardo Alvarado, México: proyección de la población total, 1960–2000 y de la población economicamente activa, 1960–1985 (Santiago, Chile: Centro Latinoamericano de Demografía), Series C, No. 114, June 1969, p. 12; World Development Report, 1978 (Washington, D.C.: World Bank, Aug. 1978), p. 107.

47. Robert W. Fox, Urban Population Growth Trends in Latin America (Washington, D.C.: Inter-American Development Bank, 1975), p. 87.

48. Ibid., pp. x, 6.

49. Alan Riding, “Mexico Grapples with its Oil Bonanza,” New York Times, 7 May 1978, p. F3; “Mexico Puts Pragmatism before Rhetoric on Land,” Latin American Economic Report 6 (8 Sept. 1978): 276–77.

50. “Se incrementan las importaciones de alimentos,” Uno Más Uno (México, D.F.) 4 August 1980, p. 13; Alan Riding, “Mexico Struggles with Problems of Sudden Oil Affluence,” New York Times, 22 August 1980, p. A6; Ann Crittenden, “Food Trade: Increasing Dependence,” New York Times, 8 February 1981, International Review, p. 9.

51. IDB, 1979 Report, pp. 8, 12.

52. Plan Nacional de Desarrollo Industrial, 2979–82 (México, D.F.: Secretaría de Patrimonio y Fomento Industrial, March 1979).

53. Alan Riding, “The Political Background of Resignation at Pemex,” New York Times, 8 June 1981, p. D5.

54. George W. Grayson, The Politics of Mexican Oil (Pittsburgh, Pa.: University of Pittsburgh Press, 1980), pp. 137–39.

55. Gerald F. Seib, “Reagan, Lopez Portillo Skirt Some Issues to Close Visit with a Show of Friendship,” Wall Street Journal, 14 June 1981.

56. National Indicative Plan for Science and Technology (México, D.F.: National Council for Science and Technology, 1976).

57. Dilmus D. James, “Mexico's Recent Science and Technology Planning: An Outsider Economist's Critique,” Journal of Inter-American Studies and World Affairs 22 (May 1980):163–93; Miguel S. Wionczek, “On the Viability of a Policy for Science and Technology in Mexico,” LARR 16, no. 1 (1981):57–78.

58. James H. Street, “Latin American Adjustments to the OPEC Crisis and the World Recession,” Social Science Quarterly 59 (June 1978):64–68.