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The debt crisis of 1982 was the most serious of Latin America's history. Incomes and imports dropped; economic growth stagnated; unemployment rose to high levels; and inflation reduced the buying power of the middle classes. [8] In fact, in the ten years after 1980, real wages in urban areas actually dropped between 20 and 40 percent. [12]
An example of debt playing a role in economic crisis was the 1998–2002 Argentine great depression. During the 1980s, Argentina, like many Latin American economies, experienced hyperinflation . As a part of the process put in place to bring inflation under control, a fixed exchange rate was put into place between Argentina 's new currency and ...
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [ 1 ] [ 2 ] [ 3 ] It is widely considered to have been the most severe recession since World War II until the 2007–2008 financial crisis .
British credit crisis of 1772–1773 – started in London and Amsterdam, begun by the collapse of the bankers Neal, James, Fordyce, and Down. War of American Independence Financing Crisis (1776) (United States) – The French monarchy went deeply into debt to finance its 1.4 billion livre support for the colonial rebels; Spain invested 700 ...
The Baker Plan was launched in October 1985 at the International Monetary Fund/World Bank meeting in Seoul, by James Baker, United States Secretary of the Treasury, as a way to combat the international debt crisis. It was inspired by the idea that China's trade surplus could be used to relieve some of the Third World's problems with debt.
Within the context of the worldwide debt crisis in the 1980s, it was very difficult to realize the NIEO. Unrealized NIEO proposals contributed to the formulation of the "Right to Development" in 1986. [5] From the 1980s onward, the Washington Consensus and economic globalization on terms often described as neoliberal became dominant. The ...
The third-world debt crisis of the 1980s and continued stagnation in Africa and Latin America in the 1990s caused some doubt as to the feasibility or desirability of "dependent development". [ 15 ]
Thus, Romania jumped from not even being in the top 10 countries with the smallest public debt (as percentage of GDP) in 1989 to being the world leader in 1990. Romania remained the country with the smallest public debt in 1991, falling to the 6th place in 1992 and 1993 and finally to the 9th place in 1994. [19]