Debt and Development Crises in Latin America: The End of an Illusion

In the early 1980s, widespread debt crises erupted simultaneously in most Latin American countries. This book examines the link between these debt problems and a more profound and longer-term growth and development crisis, both in Latin America and in the industrialized countries. The authors argue that the debt and development crises have common origins; propose measures to treat both, including fundamental changes in the policies of developed countries, the international financial system, and the national development strategies of developing countries; and posit a radical solution to the debt problem.