1945

Recent trends in Latin American maritime transport

It is difficult to conceive of a study of Latin America’s economic development potential and problems which would not devote considerable attention to the balance of payments. Considering the concern which the United States’ deficit on its balance of payments has occasioned in that country, it is not surprising that in Latin America, heavily dependent on imported capital goods, intermediate goods, and raw materials, and at the same time determined to prevent unrestricted foreign private capital from exercising undue influence in the national economics, the struggle to find foreign exchange to finance essential imports has permeated economic decisions at all levels for the past two decades. Furthermore, this has tended to be a losing battle: during the period 1950–1966 the quantum of Latin America’s exports increased at only 4.2 per cent annually, while the effective purchasing power of the exports grew at only 2.7 per cent a year—barely the rate of population increase—owing to the effect of the terms of trade.

Related Subject(s): Economic and Social Development
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