Latin America and the Caribbean in the International System

By G. Pope Atkins | Go to book overview

could absorb. In 1974 Venezuela contributed more than $500 million for loans to be made through the IDB and the World Bank. In December of that year Venezuela compensated six Central American states for holding back part of their coffee harvests in order to raise prices. It provided subsidies to those particularly hurt by rising oil prices and gave direct aid to the most underdeveloped of them.

Latin American assistance activities were reduced with the debt crisis in the 1980s, but certain efforts nevertheless continued. In 1980 Mexico and Venezuela established a joint oil facility for the energy-deficient countries in the circum- Caribbean. The program financed almost a third of the petroleum requirements of nine countries ( El Salvador, Guatemala, Honduras, Costa Rica, Nicaragua, Panama, Barbados, Jamaica, and the Dominican Republic), valued at a total of about $300 million annually. The facility continued despite the debt problems in both countries. In addition, Mexico granted trade preferences to El Salvador, Guatemala, Costa Rica, Panama, and members of CARICOM, and financed technical assistance programs around the area. Venezuela further assisted some of those economies in the 1980s by contributing direct Central Bank deposits (in Nicaragua, the Dominican Republic, Costa Rica, and Jamaica) and by granting developmental project loans to Central American countries. Colombia offered substantial trade credits and modest technical assistance programs to several countries in the circum-Caribbean.


NOTES
1.
Marian Irish and Elke Frank, U.S. Foreign Policy: Context, Conduct, and Content ( New York: Harcourt, Brace, Jovanovich, 1973), 243. See also the discussions elsewhere in this book on economic policies and relations, particularly those on development theories in Chapter 3, integration movements in Chapter 7, and international organization programs in Chapters 8 and 9 (which also address environmental matters).
2.
See Victor Bulmer-Thomas, The Economic History of Latin America Since Independence ( Cambridge, U.K.: Cambridge University Press, 1995); Colin Lewis, Latin America in the World Economy ( Boulder, Colo.: Lynne Rienner Publishers, 1990); and Hilbourne A. Watson, ed., The Caribbean in the Global Political Economy ( Boulder, Colo.: Lynne Rienner Publishers, 1994).
3.
Inter-American Economic and Social Council, Hemispheric Cooperation and Integral Development: Report for the Secretary General ( Washington, D.C.: General Secretariat of the Organization of American States, 1982). See also Antonio Jorge, ed., Economic Development and Social Change: United States-Latin American Relations in the 1990s ( New Brunswick, N.J.: Transaction, 1992); and, by the president of the Inter-American Development Bank, Enrique V.Iglesias , Reflections on Economic Development: Toward a New Latin American Consensus ( Baltimore: Johns Hopkins University Press, 1993).
4.
See David Goodman and Michael Redclift, eds., Environment and Development in Latin America: The Politics of Sustainability ( New York: St. Martins Press, 1991); Gordon J. MacDonald , Daniel L. Nielsen, and Marc A. Stern, eds., Latin American Environmental Policy ( Boulder, Colo.: Westview Press, 1996); Heraldo Muñoz, ed., Environment and Diplomacy in the Americas ( Boulder, Colo.: Lynne Rienner Publishers, 1992); Heraldo Muñoz and Robin L. Rosenberg , eds., Difficult Liaison: Trade and Environment in the Americas ( Coral Gables: Uni-

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