By Paul W. Drake
Drake hyperlinks the Kemmerer missions to important advancements within the political monetary heritage of the Andean republics within the interwar interval. He analyzes the household curiosity teams and political forces whose convergent innovations gave the Kemmerer missions their outstanding list achieve neighborhood good fortune for the reforms proposed. moment, Drake situates the Kemmerer missions on the middle of a technique of political modernization that created new associations and coverage organizations in all the 5 international locations; the missions thereby contributed to the growth of the crucial executive as an agent of improvement in ways in which later differed sharply from Kemmerer's orthodox rules. eventually, The cash healthcare professional within the Andes regards advancements within the Andean international locations within the context of the region's constructing monetary ties to the USA. expectancies that Kemmerer's plans may at the same time allure overseas capital and keep watch over inflation drew aid from sectors as various as alternate unions and landowners. whilst the melancholy deepened, Kemmerer's rules proved counterproductive and the delicate consensus that had put in them fell aside, however the political and administrative reforms endured—with far-reaching consequences.
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Additional resources for The Money Doctor in the Andes: U.S. Advisors, Investors, and Economic Reform in Latin America from World War I to the Great Depression
Passage of those laws helped Bolivia to secure immediate fmancing from Dillon, Read, and Company. S. bankers to save the country from the depression, Peru enacted Kemmerer's central bank bill in 1931 in one day, without even reading it. When loan relief was not forthcoming, Peru shelved most of Kemmerer's proposals. Kemmerer himself steered clear of most of these loan transactions and counseled against unbridled indebtedness. His clients, however, frequently had less interest in his technical recipes than in the effect of his stamp of approval for attracting foreign funding.
When the central government could find few foreign lenders it expanded its own credit facilities in the 1930S, tapping the central bank and abandoning Kemmerer's monetary system. The collapse of the export sector and foreign investments also 34 THE MONEY DOCTOR IN THE ANDES led Colombia to default on its external debts. S. interests but also paid for the great expansion of the Colombian infrastructure. Those foreign debts taken on by governmental units in the 1920S went mainly into public works, especially railroads.
Rather than British know-how and materials for those projects. lO Installation of Kemmerer's gold-standard system was expected to meet Colombian desires for improved acquisition and management of foreign capital. That system, in turn, depended on foreign loans to cover shortfalls in the balance of payments and to convince Colombians of the value of exchange COLOMBIA'S DANCE OF THE MILLIONS 33 stability. Colombia invited Kemmerer in 1923 to advise the government on the disposition of the $25 million indemnity payment from the United States for the loss of Panama.
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