Video tape recorders, for example, are not exactly the coming thing in the shanty towns of Buenos Aires.
spectacular growth of many LDCs did not stem from the balanced development of a local economy, but from the greed of western multinationals to exploit cheap scarce resources in the production of goods for western markets Jamaica went through a 'boom' in the sixties based on soaring world demand for aluminium. The bulk of Jamaica's 6.7 per cent growth came from bauxite, into which went 57 per cent of all foreign investment. Bauxite (the raw stuff of aluminium) brought foreign currency, high tax returns and profits. But it employed only workers. Farming stagnated. Bauxite workers averaged J$9326 per year while agricultural workers got an average J$219. Agriculture grew by only 2-3 per cent per year, so Jamaics had to import food to live. onset of wokid stumpin 1t4t which The reckoning slashed western demand commodity prices to tall indicator of a fullblown cyclical slump of the type analysed by Marx. Bauxite prices dropped 30 fell out of the Jamaican economy. Popular resistance propelled the radical government of Michael Manley into office, but the CIA and multinationals set about bringing him acuador El Salvador Guatemala Guyana Halti Honduras Jamaica Icalarus panama or Paraguay Peru Urugua Venezuela Average RoDol 1904 1. 1980 population figures used The IMF's prescriptions for financial solvency did not explain how to persuade foreign investors to put money into making food in Jamaica which no-one Unemployment rose to 31 per cent.
causing Dominican KeDuolic In.a.
Trinidad and Tobago Sources: Table 2 and 3 for total debt figures. Population figures from IDB Annual reserves. A afford buy.
In.a n.a.
П1.c 1,032 1,497 /UN n.a. 1,209 2,044 The entire banking system is embroiled. US banks lend out up to $28 of non-existent money for every $1 of • major LDC default -now being contemplated by Brazil -could trigger a world run on the banks and a near total collapse of the bank-
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5mm бо = 1590