By Thomas Millington
Tracing the origins of contemporary Latin American debt difficulties to the monetary politics of the speedy post-independence interval, Thomas Millington argues that the failure of Latin American states to fund their inner bills made them depending on overseas credits. unfavorable political and social outcomes stay at the present time, he says, and means that debt administration should still stream towards a funded debt aim and clear of the floating debt framework that's endemic in Latin the US. He makes use of the investment adventure in Bolivia to demonstrate his thesis.
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Additional resources for Debt politics after independence: the funding conflict in Bolivia
The émigrés also entered into conflict with new state clienteles who were attempting to buy their old fincas with consolidated debt paper they had bought cheaply from the original holders. In many cases, the new states had accumulated so much landas a result of sequestering of loyalist properties and the taking of church landsthat they were anxious to unburden themselves and were willing to restore fincas to the returning émigrés or their agents. But more often, the state had already adjudicated these lands over to people with influence, particularly military leaders.
The fund was authorized to issue annuity paper up to 5 million pesos, 2 million in 4 percent annuities and 3 million in 6 percent annuities. Claims dating before May 25, 1810, independence day, were convertible into the 4 percent annuity paper. All of the later debts were convertible into the 6 percent paper. The annuity paper was to be guaranteed by state revenues and assets. Significantly, state-owned land was cited as collateral for foreign debt only. Under no conditions were state properties to be made salable for the annuity paper.
Hospitals, asylums, theaters, schools, universities, and cooperatives all had to be funded and Page 15 organized. This effort entailed costly attempts to centralize the state apparatus and to create large and complex administrative agencies. Alongside of the whole range of new state functions in the social area stood new ones in the monetary and fiscal policy areas: redistribution of the wealth through progressive tax systems, expanding savings and consolidating the internal debts through public credit systems, and laying the groundwork for the gradual transition from metallic currency to paper money.
Debt politics after independence: the funding conflict in Bolivia by Thomas Millington