Cycles of Catastrophic Debt

2021 ◽  
pp. 76-79
Author(s):  
Samuel Cohn
Keyword(s):  
Nineteenth Century ◽  
Latin America ◽  
Industrial Revolution ◽  
Government Expenditure ◽  
Similar Process ◽  
Development Projects ◽  
Poor Countries ◽  
Land Drainage ◽  
Bona Fide ◽  
Debt Crises

This chapter investigates cycles of debt crises, which occur when poor countries cannot make the payments on their loans. There are many stories of how debt crises have produced underdevelopment, but one of the most compelling is that of Egypt in the nineteenth century. Of all the nations in the Middle East, Egypt was the most primed to have an industrial revolution. It invested in bona fide development projects, including railroad building, land drainage, and building the Suez Canal. However, it spent a fortune rebuilding Cairo to make it look European and fought wars with Turkey and the Sudan, while its leaders enjoyed pharaonic lifestyles. By the mid-nineteenth century, Egypt was heavily in debt. A similar process occurred in Latin America when it got itself into serious debt problems in the 1970s. Some of the money went to development projects, some went to antipoverty projects, and some was just siphoned off. Venezuela's elite bought more foreign assets in 1981 than the entire value of the loans that were negotiated that year. When the crunch came, the International Monetary Fund insisted that the Latin American governments shrink their government expenditure in order to pay their debts. This meant that most nations in Latin America reduced their expenditure on public health and hospitals, education, and programs for the poor.

Sleep in western culture

2018 ◽  
Author(s):  
Roger Ekirch
Keyword(s):  
Nineteenth Century ◽  
Sleep Deprivation ◽  
Industrial Revolution ◽  
Sleep Onset ◽  
Western Culture ◽  
The Past ◽  
Predominant Form ◽  
Artificial Illumination ◽  
Illness Anxiety

Although a universal necessity, sleep, as the past powerfully indicates, is not a biological constant. Before the Industrial Revolution, sleep in western households differed in a variety of respects from that of today. Arising chiefly from a dearth of artificial illumination, the predominant form of sleep was segmented, consisting of two intervals of roughly 3 hours apiece bridged by up to an hour or so of wakefulness. Notwithstanding steps taken by families to preserve the tranquillity of their slumber, the quality of pre-industrial sleep was poor, owing to illness, anxiety, and environmental vexations. Large portions of the labouring population almost certainly suffered from sleep deprivation. Despite the prevalence of sleep-onset insomnia, awakening in the middle of the night was thought normal. Not until the turn of the nineteenth century and sleep’s consolidation did physicians view segmented sleep as a disorder requiring medication.

Economics, Society, and Sociopolitical Thought in Hungary during the Age of Capitalism

1975 ◽  
Vol 11 ◽  
pp. 113-135 ◽  
Author(s):  
Péter Hanák
Keyword(s):  
Nineteenth Century ◽  
Eastern Europe ◽  
Division Of Labor ◽  
Central Europe ◽  
Industrial Revolution ◽  
Habsburg Monarchy ◽  
Hungarian Revolution ◽  
Significant Difference ◽  
Revolution Of 1848

By abolishing feudalism, the Hungarian Revolution of 1848 helped to create the economic preconditions and the legal-political framework necessary for capitalistic development. This made it possible for Hungary to adapt her economy to the market possibilities offered by the Industrial Revolution in western and central Europe and to share in the agrarian boom of the period between 1850 and 1873. The previously existing division of labor between western and eastern Europe and between the western and eastern parts of the Habsburg monarchy continued on a scale larger than before, with the significant difference, however, that this practice now speeded up rather than retarded the development of preconditions for capitalism. During the first half of the nineteenth century the preconditions for capitalism had come into existence in the Cisleithanian provinces at considerable expense to the Hungarian economy.

The Suez Canal and World Shipping, 1869-1914

1958 ◽  
Vol 18 (4) ◽  
pp. 556-573 ◽  
Author(s):  
Max E. Fletcher
Keyword(s):  
Nineteenth Century ◽  
Industrial Revolution ◽  
Suez Canal ◽  
Sharp Contrast ◽  
Shipping Industry ◽  
Slow Pace ◽  
Relative Decline ◽  
Precipitous Decline ◽  
Sailing Ship

The opening of the Suez Canal took place in a century crowded revolutionary changes in the shipping world. In sharp contrast to the slow pace of change and development in the preceding era, major changes occurred in almost every sector of the shipping industry in the nineteenth century. While many of the new departures can be explained, at least in part, by the application of the techniques of the Industrial Revolution to shipping, the opening of Suez went far to accelerate and give direction to these changes. The canal significantly altered shipbuilding techniques and practices and contributed to the precipitous decline in the importance of the sailing ship as a major world carrier. Suez helped to bring about die realignment and relative decline of the European entrepot trade. And the new channel led to significant shifts in the patterns of Eastern and Australasian trade.

scholarly journals Sovereign Debt Crises in Latin America: A Market Pressure Approach

2015 ◽  
Vol 51 (sup6) ◽  
pp. S80-S93
Author(s):  
Tjeerd M. Boonman ◽  
Jan P.A.M. Jacobs ◽  
Gerard H. Kuper
Keyword(s):  
Latin America ◽  
Sovereign Debt ◽  
Debt Crises ◽  
Market Pressure

Notes on Emerson in Latin America

PMLA ◽  
1961 ◽  
Vol 76 (3) ◽  
pp. 227-232 ◽  
Author(s):  
John E. Englekirk
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
Latin America ◽  
Latin American ◽  
Extended Treatment ◽  
Growing Body ◽  
Fiction Writers ◽  
Literary Relations ◽  
History Of ◽  
Good Coverage

A number of chapters—some definitive, others suggestive—have already appeared to afford us a clearer picture of the reception of United States writers and writings in Latin America. Studies on Franklin, Poe, Longfellow, and Whitman provide reasonably good coverage on major representative figures of our earlier literary years. There are other nineteenth-century writers, however, who deserve more extended treatment than that given in the summary and bibliographical studies available to date. A growing body of data may soon make possible the addition of several significant chapters with which to round out this period in the history of inter-American literary relations. Bryant and Dickinson will be the only poets to call for any specific attention. Fiction writers will prove more numerous. Irving, Cooper, Hawthorne, Hearn, Hart, Melville, and Twain will figure in varying degrees of prominence. Of these, some like Irving and Cooper early captured the Latin American imagination; others like Hawthorne, and particularly Melville, were to remain virtually unknown until our day. Paine and Prescott and Mann will represent yet other facets of American letters and thought.

Santa Anna and the Gómez Farías Administration in Mexico, 1833-1834

1974 ◽  
Vol 31 (1) ◽  
pp. 18-50
Author(s):  
A. L. de Sta. Anna
Keyword(s):  
Nineteenth Century ◽  
Latin America ◽  
Vice President ◽  
Not Given ◽  
Political Scene

Despite numerous biographies, Antonio Lopez de Santa Anna remains one of the most enigmatic characters to have emerged in nineteenth century Latin America. Often dismissed by his many detractors as an unprincipled opportunist in the worst military caudillo tradition, he nevertheless dominated the turbulent and often chaotic Mexican political scene in the thirty years between independence and the Reform. His life has naturally been subjected to close scrutiny by both his contemporaries and more recent historians but his genius for political manouevre and equivocation have left many episodes in his career obscure and subject to doubt. Perhaps nowhere is this more the case than in his first presidency from 1833-1834 and in particular in his relations with his vice-president Gomez Farias' administration. This article seeks to examine his activities and ambitions in these years, and to suggest reasons, which hitherto have been overlooked or at least not given sufficient attention by his biographers, why he chose to betray and destroy the liberals' first attempt at reform.

Labor Acquisition and Social Conflict on the Colombian Frontier, 1850–1936

1984 ◽  
Vol 16 (1) ◽  
pp. 27-49 ◽  
Author(s):  
Catherine LeGrand
Keyword(s):  
Nineteenth Century ◽  
Latin America ◽  
Agricultural Production ◽  
World Economy ◽  
Raw Materials ◽  
Mineral Resources ◽  
Significant Shift ◽  
Foreign Markets ◽  
Latin Americans ◽  
The World

Exporters of raw materials under Iberian rule, the nations of Latin America continued to perform a similar role in the world economy after Independence. In the nineteenth century, however, a significant shift occurred in the kind of materials exported. Whereas in colonial times the great wealth of Latin America lay in her mineral resources, particularly silver and gold, aster 1850 agricultural production for foreign markets took on larger importance. The export of foodstuffs was not a new phenomenon, but in the nineteenth century the growth in consumer demand in the industrializing nations and the developing revolution in. transport much enhanced the incentives for Latin Americans who would produce coffee, wheat, cattle, or bananas for overseas markets.

scholarly journals Pentecostalism in the Modern World

Axis Mundi ◽  
2017 ◽  
Vol 4 ◽  
pp. 24
Author(s):  
Adam Stewart
Keyword(s):  
Nineteenth Century ◽  
Latin America ◽  
Working Poor ◽  
Modern World ◽  
Early Nineteenth Century ◽  
Ways Of Life

Some scholars claim that in the new century Pentecostalism will adapt to modernity thereby continuing its growth across many cultures and societies. By comparing the appeal of Pentecostalism in its original manifestation during the early nineteenth century in America with the appeal of its most vibrant contemporary expression in Latin America, one can ask whether Pentecostalism has widened its appeal to include a Postindustrial audience. It is concluded that Pentecostalism will not adapt to modernity, because it remains a movement against modernity. Pentecostalism’s appeal lies in its ability to provide a theodicy utilized by those who oppose the infringement of modern ideology upon their own ways of life, namely the working poor and conservative traditionalists.  

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