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Context of '1980-1990: Latin America Experiences ‘Lost Decade’ of Poor Economic Growth'

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Ghanaian President Kwame Nkrumah rejects IMF and World Bank recommendations to implement a economic development strategy based on non-inflationary borrowing and reduced government spending. Ghana’s refusal to implement these reforms makes it ineligible to receive loans from the two institutions. Nkrumah continues with a policy aimed at diversifying the Ghanaian economy through import substituting industrialization (ISI). [BBC, 11/4/1997; West Africa Review, 1999; Encyclopaedia Britannica, 2004]

Entity Tags: World Bank, International Monetary Fund, Kwame Nkrumah

Timeline Tags: US-Ghana (1952-1966)

The breakdown of the import substitution industrialization (ISI) model of development and the advent of neoliberal economic reform in Latin America lead to what is now termed the “lost decade” due to poor economic growth in the region. From 1980 to 1990, the region’s share of the world economy slips from 6 to 3 percent. Also, its average annual percentage change of real GDP per capita growth from 1980 to 1989 is -0.4, lower than any other region in the world and significantly lower than Latin America’s previous rate of 2.5 percent for the period between 1973 to 1980. [Robinson, 1999, pp. 112-113]

Timeline Tags: Neoliberalism and Globalization

World Bank president Lewis Preston, in the luxurious dining room of the Argentine Jockey Club, over plates of smoked salmon and duck à l’orange, declares that Argentina’s “process of adjustment” is “an example for all of Latin America.” [Santoro, 2/6/2003]

Entity Tags: Lewis Preston

Timeline Tags: Water

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