The Sword of Damocles: U.S. Financial Hegemony in Colombia and Chile, 1950-1970

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Far from fostering democracy and social justice in Chile and Colombia, IMF, World Bank, and U.S. foreign policy during the 1950s and 1960s were major impediments. Cover THE SWORD OF DAMOCLES Contents Acknowledgments Introduction PART I THE LATIN AMERICAN SETTING 1 Prolegomena to the Debt Crisis: From Bretton Woods to the Alliance for Progress DEBT CYCLES: FROM INDEPENDENCE TO THE GREAT DEPRESSION BRETTON WOODS AND LATIN AMERICA: AN OVERVIEW INTEGRATING LATIN AMERICA INTO THE INTER-AMERICAN SYSTEM DURING THE EARLY COLD WAR FOREIGN LOANS, FOREIGN INVESTMENT, AND AUTHORITARIAN POLITICS DIVERSIFICATION OF TRADE AND LOANS, AND ANTECEDENTS TO THE ALLIANCE FOR PROGRESS THE ALLIANCE FOR PROGRESS AND ANTECEDENTS TO THE DEBT CRISIS OF THE 1980s PART II COLOMBIA 2 International Financial Relations during the Authoritarian Era, 1950–1958 AN OVERVIEW OF FOREIGN BORROWING AND EXTERNAL DEPENDENCE U.S. FOREIGN POLICY, THE MULTILATERAL BANKS, AND FOREIGN BORROWING UNDER GÓMEZ COFFEE DEPENDENCE AND FOREIGN BORROWING UNDER THE ROJAS DICTATORSHIP THE COMMERCIAL DEBT CRISIS, THE STABILIZATION OF 1956, AND THE FALL OF ROJAS THE JUNTA AND THE INTERNATIONAL FINANCIAL INSTITUTIONS, 1957–1958 3 Foreign Borrowing and Developmentalism under the National Front COFFEE CRISIS AND STABILIZATION UNDER LLERAS CAMARGO LABOR UNREST, THE CUBAN REVOLUTION, AND THE IMF STANDBY ARRANGEMENT THE TEN-YEAR PLAN AND THE INTERNATIONAL FINANCIAL INSTITUTIONS COLOMBIAN-EUROPEAN FINANCIAL RELATIONS AND THE U.S. REACTION 4 International and Domestic Politics of Austerity under Valencia VALENCIA, THE PLAN SANTAMARIA, AND REACTION TO AUSTERITY IMF POLICY, COFFEE DEPENDENCE, AND THE BALANCE-OF-PAYMENTS CRISIS OF 1963 AUSTERITY, DEBT ALERT, AND WANING OF THE NATIONAL FRONT STATE OF SIEGE AND U.S. PRESSURE FOR STABILIZATION POPULAR RESISTANCE TO AUSTERITY AND VALENCIA’S LEGACY 5 Twilight of Reformist Developmentalism: Stabilization and Monetarism under Lleras Restrepo REFORM AND RESISTANCE LLERAS RESTREPO’S REACTION TO IMF, WORLD BANK, AND U.S. POLICY DECREE 444, POLITICAL REPRESSION, FOREIGN LOANS, AND FOREIGN INVESTMENT CABINET CRISIS, STABILIZATION, AND SOCIAL UNREST IMF POLICY AND THE PRESIDENTIAL ELECTION OF 1970 PART III CHILE 6 Chile’s Struggle for Financial Stability: Monetarism and Beyond AN OVERVIEW OF FOREIGN BORROWING AND EXTERNAL DEPENDENCE GONZÁLEZ VIDELA AND U.S. FOREIGN POLICY THE ALESSANDRI AND VIAL BILLS, AND THE UN MISSION THE IMF MISSION AND THE MONETARIST PLAN FOREIGN LOANS AND U.S.–CHILE RELATIONS DURING THE KOREAN WAR 7 Hyperinflation under Ibañez, the Multilateral Banks, and U.S. Foreign Policy IBAÑEZ’S POPULISM AND THE INTERNATIONAL FINANCIAL INSTITUTIONS GROWTH VERSUS STABILITY: THE FINANCIAL CRISIS OF 1953 AND THE ROSSETTI PLAN DEVALUATION, ABORTED STABILIZATION, AND THE POLITICS OF COPPER THE FINANCIAL CRISIS OF 1954 AND THE ROAD TO AUSTERITY ANTECEDENTS TO THE KLEIN AND SAKS MISSION AND SOCIAL UNREST THE WORLD BANK LOAN OF 1957 AND THE TERMS OF TRADE KLEIN AND SAKS UNDER ATTACK AND THE IMF STANDBY ARRANGEMENT OF 1958 8 Foreign Borrowing, Stabilization, and Developmentalism under the Alessandri Regime ALESSANDRI’S PROMISE OF GROWTH AND STABILITY THE FIGUEROA MISSION FOREIGN LOANS AND FOREIGN INVESTMENT ANTECEDENTS TO THE ALLIANCE FOR PROGRESS THE COPPER INDUSTRY AND THE TEN-YEAR PLAN RESISTANCE TO REFORM AND THE ANTECEDENTS TO THE DEVALUATION OF 1962 THE DEVALUATION OF 1962 AND REACTION TO STABILIZATION 9 The “Revolution in Liberty” versus the International Financial Institutions EDUARDO FREI MONTALVA AND THE PROMISE OF REFORM REGIONAL INTEGRATION, THE PARIS CLUB, AND IMF RELATIONS WITH THE FREI REGIME REFORMIST DEVELOPMENTALISM VERSUS MONETARISM: FREI AND THE IMF THE GRUENING REPORT AND THE RETURN OF INFLATION CHILEAN WAGE POLICY AND IMF REACTION Conclusions COLOMBIA CHILE Notes Bibliography ARCHIVES PUBLISHED DOCUMENTS PUBLISHED WORKS AND DISSERTATIONS PUBLISHED WORKS ON CHILE PUBLISHED WORKS ON COLOMBIA Index About the Author