The Money Doctor in the Andes: U.S. Advisors, Investors, and Economic Reform in Latin America from World War I to the Great Depression

353 Pages·1989·25.6 MB·English

by  Paul W. Drake

tIIa Monay Doctor in tha Anda.

ftlE MONEY DOCTOR IN THE ANDES
fta lammarar MillloDI, 1121-1111
PaulW. Draka
Duke University Press Durham and London 1989
© 1989 Duke University Press
All rights reserved
Printed in the United States of America
on acid-free paper
00
Library of Congress Cataloging-in-Publication Data
Drake, Paul W., 1944-
The money doctor in the Andes: U.S. advisers, investors, and
econotnic reform during the Kemmerer tnissions, 1923-1933 / by Paul W.
Drake.
p. cm.
Bibliography: p.
Includes index.
ISBN 0-8223-0880-0
I. Finance-Andes Region-History-20th century. 2. Kemmerer,
Edwin Walter, 1875-1945. I. Title.
HG185·A5D73 1989
332.1'Q98-dcI9 88-18045 elP
DI,
Far wl18, Su ..

Tables lX
Preface Xl
Acknowledgments xu
1 Money Doctoring and the Diplomacy of the Dollar
in Latin America: World War I to the Great Depression 1
2 Colombia's Dance of the Millions, 1923-1933 30
3 Eclipse of the Chilean Papeleros, 1925-1932 76
4 Revolution and Regionalism in Ecuador, 1925-1933 125
5 Exporting Tin, Gold, and Laws from Bolivia, 1927-1932 175
6 Dictators, Debts, and Depression in Peru, 1930-1933 212
7 Foreign Advisers and the Politics of Debt and Reform in
Latin America 249
Notes 271
Index 326

,.ULlI
I.I Latin American Trade with the United States and the United Kingdom,
1913-1929 12
I.2 United States Investments in Latin America, 1914-1930 13
I.3 United States Indirect Investments in Latin America, 1930 15
2.1 Central Bank Reserves and Monetary Circulation 46
2.2 Central Bank Credits to the Government 47
2.3 Exchange Rate of Colombian Peso in Terms of Current Dollars 48
2.4 Government Budget Projections and Results 52
2.5 Central Government Ordinary Budgets 53
2.6 South American Foreign Debts Owed in December 1928 58
3.1 Chilean Total Trade with Its Three Leading Partners, 1913-1929 77
3.2 Nitrates and Copper as Percentages of the Total Value of Chilean Exports,
1920-1937 78
3.3 Chilean Money and Exchange, 1890-1932 82
3.4 Accumulation of Value of Foreign Investments in Chile, 1925-1932 110
3.5 Capital Investments in Chile, 1928 II I
3.6 Chilean Exports, Imports, and Customs Receipts, 1920-1933 113
3.7 Index of Chilean Industrial Production, 1927-1936 116
3.8 Chilean Public Foreign Debt, 1932 118
3.9 Major U.S. Direct Investments in Chile, 1932 119
4.1 Ecuadorean Trade, 1914-1934 126
4.2 Ecuadorean Total Trade with Its Four Leading Partners, 1913-1926 128
4.3 Ecuadorean Exchange and Prices, 1914-1935 133
4.4 Ecuadorean Government Revenues and Expenditures, 1920-1931 134
4.5 Ordinary Government Revenues from Customs Receipts,
1919-1934 161