East Asia and Latin America Development

44-48), which holds that countries in the so-called bang of the world economy are held in under phylogeny by the kinetics of the world economic system. The popularity of dependency theory in Latin America--defined in the theory as part of the periphery--thus reflected a far-flung self-perception of stagnation. With this outlook went a corresponding readiness to blame outside forces. "There has been a long controversy in Latin America about IMF stabilization exercises and the conditions it imposes for access to credit ... it serves a useful political function as a scapegoat" (Maddison, 1985, p. 81).

In the 1960s, the general worldwide view of development prospects had been optimistic. In the 1970s and 1980s, optimism was checked by a series of interacting shocks: ascent energy costs, inflation in the industrialized countries, debt crises in the tertiary World as growth failed to meet the expectations on which foreign loans had been predicated. The degree of difficult varied widely by region, however, and tended to be consistant with the subjective picture drawn above.

The following table of debt and development patterns, mostly from East Asian or Latin American countries, is taken from Table 1.2 in Sachs (1989, p. 4):

GDP Inflation Commod. D/Ex Refi.

Argentina -1.4 342.8 82 576 Yes

depending on the active involvement of the state, even

Krugman, P. (1994). The myth of Asia's miracle. hostile Affairs, 73 (November/December), pp. 62-78.

retained. Instruments that failed or impeded other

In legion(predicate) countries, perhaps especially in Latin America, enforcement of tax laws already on the books should be tightened, not only for the additional taxation but also

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