1. Themes in Latin American Economics Extractive Institutions: Mita, Royal Fifth Mercantilism Dutch Disease / Overvaluation Primary Good Exports Loan Frenzy Debt Crisis Dependency Populism: Subsidies; Urban Bias Inflation: Monetarism / Structuralism Orthodox Stabilization/Washington Consensus Heterodox Stabilization: Incomes Policy

2. Latin American Economic Chronology Conquest of the Incas: EXTRACTION –The Inca’s Ransom –Mita –Encomiendas –Royal Fifth Colonial Era –Gold & silver / Resource depletion –Hacienda system Bizarre distribution of land Exploit abundant labor –Mercantilism –Brazil: plantations  slavery

3. Latin Economic History, continued Independence and Debt: creditors get share 1810-24: War debt buildup 1825: silver.com –Gregor MacGregor: Prince of Porjais –Crash of ’25 / Default and withdrawal –Haciendas and warlords 1850s: Export – led growth/British dominance –California gold / Australia gold –Peruvian guano –Railroads and debt Sarmiento (Argentina ~1868) Education/Infrastructure

4. Latin Economic History, continued 1870: Debt Frenzy 1873: Global Crash: Debt Crisis/ Exit Peru 1880s: Argentine Boom –Infrastructure/Real Estate/Mortgage Banks  Money Creation  Inflation 1890: Baring Panic –Default / British takeover World War I and After: Commodity Boom 1921: Commodity Bust Roaring ’20s: Dance of the Millions –Kemmerer missions / Debt and Marines

5. Latin Economic History, continued 1930s: The Great Depression –Political instability / Violence –Import Substitution –Commodity Stabilization Schemes World War II 1950s: ISI / Nationalism / Populism 1970s: Recycled Petrodollars 1980s: Debt Crisis  Lost Decade 1990s: Washington Rules –Stabilization / Export orientation / Privatization