Abstract
This chapter would like to1 answer the following questions. What can we learn, from comparing two economies, of the factors which determine the severity of the impact of the Depression? How does the nature of the response vary, and why? What is the relative importance of the factors much discussed elsewhere: countercyclical government spending and the role of wars?2 (It adds perhaps to the interest of our choice of countries that their ‘War’ was actually fought with each other.) Or do longer-term factors have more to do with the recovery? Is there some kind of ‘institutional breakthrough’ occurring anyway by that point? Who bears the burden of adjustment? Is there a distinct change in growth strategy, and/or a greater degree of autonomy? Is recovery itself independent of international market factors? Is the Depression rightly seen as a discontinuity in any sense? Finally, how does the response compare with the response to the crisis of the 1970s?
We would like to acknowledge the substantial contribution made to this chapter by Juan José Echavarría in sharing with us his research materials and working papers. We thank the Social Science Research Council of the UK for financial support, and the following for extensive helpful comments on the paper: José Antonio Ocampo, Marco Palacios, Miguel Urrutia, Carlos Diaz Alejandro, Malcolm Deas.
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References
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© 1984 St Antony’s College, Oxford
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Thorp, R., Londoño, C. (1984). The Effect of the Great Depression on the Economies of Peru and Colombia. In: Thorp, R. (eds) Latin America in the 1930s. St Antony’s Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-17554-3_4
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