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association","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=8.58,12.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the university for inviting me,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=12.4,14.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and thanking you all for being here this evening.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=14.79,17.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm very pleased to be here to be able to share with you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=17.77,21.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I guess I'll start my talk with the small commercial","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=21.53,24.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because in the bank in the Inter-American Development Bank,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=25.76,29.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our department,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=29.75,31.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is the social and economic development department,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=31.56,36.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we produce every year a report on the events","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=36.18,40.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the region in the previous year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=40.53,42.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is widely used in Latin American universities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=42.82,46.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a reference book.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=46.0,47.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the last year we decided that the impact of the crisis","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=47.55,52.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the region in the 80s had been so great so vast,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=52.02,56.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it would probably be a very good 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analysis","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=61.11,65.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/19","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the countries in the region, in the decade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=65.54,68.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/20","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we produced our very latest report.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=68.75,71.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/21","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It happens to be one of the first places","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=71.32,73.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/22","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I come to talk of that report,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=73.16,75.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/23","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is the economic and social progress report","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=75.07,77.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/24","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Latin America,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=77.25,78.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/25","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which I'm delighted to leave a few copies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=78.43,81.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/26","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the libraries in the university for your consultation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=81.16,84.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This report looks at the decade in Latin America","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=84.73,88.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at what was the origin of the crisis","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=88.03,90.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/29","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and what are the perspectives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=90.83,92.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/30","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the region in the coming years?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=92.69,95.593"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Every year we choose a topic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=96.917,98.997"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/32","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to produce a special chapter on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=98.997,101.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/33","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is irrelevant for the region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=101.88,104.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/34","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and this year the special 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history,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=176.39,177.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/59","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have common culture but we have many differences.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=177.87,180.573"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/60","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that is 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certain,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=185.56,187.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/63","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"very specific country differences,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=187.15,191.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/64","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which are always very 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Venezuela","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=209.39,213.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"account for a very very large percent of GDP","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=213.15,216.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and of the debt of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=216.84,218.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if you include the three next largest countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=218.35,220.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which are Chile, Columbia, and Peru,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=220.83,223.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then we're talking about over 85% of GDP","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=223.99,227.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and over 90% of the 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part","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=232.08,234.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of that total with big differences among them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=236.19,239.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that it is important to 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countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=247.49,250.753"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the other 18 smaller countries,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=250.753,253.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or 15 smaller countries of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=253.25,255.393"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"With that then I think I'd like to start","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=256.78,259.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by giving a little bit of background","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=259.2,261.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of this decade of the 80s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=261.87,263.623"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we must begin by remembering that Latin 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70s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=277.88,280.926"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were decades of very high growth for the region,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=280.926,284.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"very successful decades for the region;","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=284.71,287.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when there was no sight of a debt problem or a crisis","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=287.47,291.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the perspectives were very 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Model,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=306.43,309.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which in that period was being very successful.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=309.87,313.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Import Substitution Model in its initial 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isolating","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=540.583,544.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/187","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the Latin American economies from the world economies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=545.937,549.003"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So 1970s came to an end","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=550.76,554.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with as I say large currency overvaluations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=554.75,557.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/190","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in most of the Latin American countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=557.68,559.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the 70s began with a certain change","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=559.53,563.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the international 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shocks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=578.35,580.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore there was a certain amount of recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=580.38,583.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in one markets and a certain amount of 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resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=604.39,606.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and slower growth in the developed countries,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=606.57,610.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which obviously had an impact on the rate of growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=610.35,613.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at which the less developed economies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=613.61,616.567"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"could sell their 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crisis,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=632.76,636.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was the fall in commodity prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=636.08,638.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that hit the Latin American 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1986.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=657.96,662.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if one compares that to the drop of commodity prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=663.78,667.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there was in the Great Depression, from 1929 to 1932,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=667.24,671.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at that point, the drop was only 30%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=671.17,673.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that in fact, the decrease in the prices of commodities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=673.81,677.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which were the main source for foreign exchange","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=677.68,680.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the Latin American economies was very, very high 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hit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=686.67,689.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but because even if it exported more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=689.4,691.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it got less amount of resources for those 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80s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=750.53,752.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think is important.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=752.25,754.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we compare the 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hyperinflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1078.44,1081.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, all of this is associated then with the debt crisis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1081.69,1086.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what is the crisis?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1086.82,1088.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why did it happen?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1088.11,1089.113"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let's go back to the decade of the 70s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1090.53,1095.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/369","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when there was no debt problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1095.02,1096.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/370","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The total amount of debt in the 70s was $28 billion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1098.912,1103.003"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/371","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Nobody thought there was a debt problem...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1104.1,1106.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There wasn't a debt problem in the region that was not...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1106.34,1109.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was no pessimistic picture of that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1109.3,1111.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The transfer of resources to the region was positive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1111.68,1114.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it wasn't very large and it was used","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1114.75,1118.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to enhance and to help the and to...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1118.34,1123.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I forgot the word anyway,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1126.45,1127.283"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to help me the savings rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1127.283,1129.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the investment rate of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1129.41,1131.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But all of a sudden in less than a decade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1131.22,1134.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the figure of $28 billion jumped to $352 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1134.08,1139.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1139.54,1141.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The decade peaked, it reached it's highest point","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1141.06,1143.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the debt, I'm sorry.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1143.93,1146.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Reached it's the highest point in 1987","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1146.07,1148.803"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when it reached $385 billion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1148.803,1151.233"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But as you can see,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1152.86,1154.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to grow from $28 billion to near $400 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1154.07,1158.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in less than 10 years, something must have happened,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1158.9,1162.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there has to be an explanation for that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1162.41,1164.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/391","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What happened?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1164.82,1166.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/392","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me first begin by saying that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1166.24,1168.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/393","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over 80% of this debt is in the seven larger countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1168.62,1173.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/394","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1174.15,1174.983"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/395","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, about 74, 73, 74% of debt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1174.983,1179.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is in the four larger countries;","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1179.54,1181.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Argentina, Brazil, Mexico, Venezuela,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1181.14,1183.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then if you are Chile, Columbia and Peru","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1183.0,1185.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you add another 12%,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1185.28,1186.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that over 85% is in these seven countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1186.7,1190.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the rest in other words,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1190.08,1191.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about 13 to 14% is in the rest of the smaller countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1191.84,1195.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1195.8,1196.633"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that the debt is very heavily concentrated","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1196.633,1199.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in these seven larger countries of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1199.03,1203.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, if one looks at the end","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1203.13,1205.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the decade of the 70s, 1978- 79,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1205.27,1208.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the rate at which debt was growing in in those years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1208.74,1213.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is absolutely phenomenal, it was growing at 22% per year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1213.1,1217.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The amount of indebtedness","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1217.31,1218.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that these countries were undergoing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1218.39,1220.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when one looks back and wonders,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1220.2,1221.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"why nobody saw that this was bound to produce a problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1221.64,1224.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the fact is it was growing at those rates.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1224.69,1227.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Even after it was evident that there was a debt problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1227.68,1232.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even up until 1983 the debt was growing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1232.42,1236.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at those enormous very high rates.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1236.21,1238.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's only after the Mexico declares that it is unable","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1238.73,1242.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to service its debt that the debt reduces,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1242.6,1245.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"basically because commercial banks withdraw.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1245.92,1249.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because commercial banks want to reduce the exposure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1249.38,1252.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the region, Latin America is considered a high risk","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1252.49,1255.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and even countries that did not have a debt problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1255.84,1258.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were considered to be in the wrong neighborhood,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1258.9,1261.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore, the flow of resources to those countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1261.12,1264.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was stopped almost immediately.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1264.66,1267.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If one looks at a few figures, I think it's important to see","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1267.45,1270.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that interest payments as a proportion of GDP","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1270.63,1274.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"went in the region's GDP from 1% to nearly 2%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1274.15,1278.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of GDP of the region interest as the interest payments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1278.7,1282.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that the balance of the debt went in those few years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1282.86,1286.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from 24% of GDP to 27% of GDP,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1286.67,1291.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is a very large growth indeed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1291.12,1294.053"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, why? What happened?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1295.13,1297.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think, to understand why countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1297.01,1299.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"got involved in so much debt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1299.97,1301.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one has to look at it from both sides.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1301.5,1303.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"From the side of the suppliers of that credit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1303.34,1305.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and from the side of the demands of the credit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1305.97,1308.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which were the Latin American countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1308.13,1310.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"From the point of view of the suppliers of that credit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1310.22,1312.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one has to look at what happened","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1312.92,1314.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the 70s with the oil shocks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1314.23,1316.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Would be increase of prices of oil","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1316.92,1318.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there were a group of countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1318.9,1320.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that amassed great volumes of financial resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1320.36,1325.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which they were not able to place entirely,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1325.21,1327.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"either in the countries that were producing them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1327.49,1329.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they didn't have enough growth in those economies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1329.92,1332.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to absorb all that saving and all that investment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1332.14,1334.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or they were unable to place them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1334.9,1337.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the more developed countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1337.06,1338.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because as we had mentioned before","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1338.81,1340.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those countries were also experiencing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1340.8,1343.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a certain amount of recession and inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1343.23,1345.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So all of a sudden you find a region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1345.75,1347.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it has been growing for two decades","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1347.97,1349.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at high rates of growth,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1349.79,1351.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where there's no picture of any problem of debt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1351.4,1354.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where growth seems to be doing very well,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1354.81,1358.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where the prices of commodities are right.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1358.33,1360.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So it looks like a good 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resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1364.73,1367.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which those countries that were hard to place,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1367.12,1369.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they had them in the international market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1369.43,1371.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So from the point of view of the countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1371.61,1373.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that lent the money, there was a very bad evaluation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1373.61,1376.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the risk of where they were placing that money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1376.3,1378.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"From the point of view of the countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1378.94,1380.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that were asking for it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1380.25,1381.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"also very bad evaluation of growing the level of debt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1381.18,1385.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in those proportions and that speed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1385.43,1387.883"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the process which happens,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1388.94,1391.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I think one has to look at is that;","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1391.52,1393.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"remember what we had said that the decade of the 70s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1393.48,1396.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the region was growing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1397.71,1399.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was experiencing a very fast growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1399.24,1403.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of foreign exchange availabilities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1403.34,1405.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the terms of trade of its exports","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1405.66,1407.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were high and were growing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1407.83,1409.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And those exports produced enough on the chase","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1409.65,1414.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to bring in imports in the region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1414.08,1415.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and all of a sudden this thing 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liquidity,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1788.74,1792.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the picture was quite clear,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1792.77,1793.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was not a problem of liquidity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1793.93,1795.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it was a problem of solvency.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1795.34,1797.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the region was just not growing fast 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growth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1802.57,1804.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What has to be done the regions, this is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1804.72,1807.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/620","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think I would venture to say 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indicators","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1817.418,1820.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's no doubt about that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1820.36,1822.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was something that was not lost in the decade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1822.09,1825.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that was the analysis hopefully of what happened","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1825.12,1830.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the capacity to change the structural problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1830.76,1834.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to do the adjustments to change these problems,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1834.5,1836.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that in the 1990s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1836.67,1838.763"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we won't have another lost decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1840.19,1842.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then slowly one by one hesitantly at first,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1842.52,1846.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but then more vigorously so that by the end of the decade,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1846.36,1850.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one saw a very large momentum,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1850.39,1852.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the large and small economies of the region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1852.73,1855.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"began doing the adjustment process.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1855.35,1857.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I must stop a little bit and say that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1857.46,1860.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"these adjustment process which are paving the 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indeed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1867.88,1870.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The social cost of these adjustments has been enormous.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1870.75,1873.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll give you some figures of some of the 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costly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1887.63,1889.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the poor groups of the region suffer more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1889.74,1892.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and are more vulnerable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1892.68,1894.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Costly as they may be there's only one thing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1894.21,1896.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is more 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countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1900.65,1903.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have gone in one by one to assume this cost","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1903.11,1906.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to try to establish the pattern of growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1906.69,1909.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"back into their economies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1909.42,1913.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think there's a very fundamental 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promotion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1961.82,1964.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was first heavily debated in the regions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1964.63,1966.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the 50s and the 60s as we all 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reforms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1970.99,1974.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which are taking place right now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1974.96,1977.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are essentially very different.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1977.52,1979.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They are very pragmatic reforms that have not taken place","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1979.57,1984.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a result of a generalized theoretical debate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1984.06,1988.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1988.65,1989.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think that is probably one of the reasons why","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1989.66,1993.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the words of the director","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1993.87,1996.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the monetary fund Mr. (indistinct),","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1996.47,1998.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he describes the decade of the 80s on the one hand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=1998.96,2003.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a lost decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2004.018,2005.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes, but on the other hand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2005.29,2006.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a decade of the silent revolution,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2006.46,2008.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because silently without much theoretical debate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2008.67,2011.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the countries, most of the countries in the region,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2011.65,2013.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one by one, and as I said,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2013.86,2015.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"gaining a momentum towards the end of the decade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2015.5,2018.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/691","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have embraced these reforms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2018.97,2020.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/692","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what are these reforms;","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2020.46,2022.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm talking basically of the reforms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2022.03,2024.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to reestablish macro-economic stability in the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2024.5,2028.297"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think one thing must be pointed out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2028.297,2030.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"These reforms are very essential and a prerequisite","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2030.77,2035.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/697","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for growth, but they do not mean growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2035.16,2037.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/698","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in and of themselves.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2037.83,2039.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They are necessary preconditions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2039.61,2041.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but countries that have done this reforms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2041.74,2044.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/701","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just by virtue of the fact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2044.59,2046.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/702","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they have embraced these reforms, it is not enough.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2046.93,2049.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"These reforms are necessary to establish those conditions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2049.76,2052.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but investment has to grow","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2052.93,2054.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the process has to be a re-attracting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2054.49,2056.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a positive flow of in-force of of resources to the region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2056.92,2060.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/707","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the growth of savings and investment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2060.73,2062.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because it is that that would produce growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2062.93,2065.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/709","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not the reforms by themselves.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2065.05,2067.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/710","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But basically the reforms have been in,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2067.1,2069.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/711","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I would say five or six very important areas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2069.6,2073.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/712","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the first place, inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2073.06,2074.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's an absolute necessity to curb inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2074.86,2078.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because in the first place,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2078.22,2081.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/715","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a tax for people it is the most regressive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2081.08,2086.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/716","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and hardest of the taxes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2086.0,2087.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's everyone, but it is the poorest hardest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2087.56,2091.162"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And hyperinflations have been experienced","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2091.162,2094.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/719","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by many of the poorer countries in the region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2094.91,2097.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/720","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and all the larger and richer countries in the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2097.19,2099.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they are probably the sole most important reason","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2099.75,2104.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the drop in real wages and real incomes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2104.14,2106.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/723","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the peoples of the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2106.91,2108.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/724","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So there is an absolute necessity to curb inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2108.56,2112.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/725","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then the necessity to curb inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2112.29,2114.823"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/726","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the most important element that has to be faced","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2115.76,2118.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the absolute necessity likewise","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2118.5,2120.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to curb public deficit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2120.85,2123.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/729","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's no way that inflation will go down","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2123.06,2126.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/730","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if public deficit, in other words,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2126.32,2128.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if spending more than what is available continues.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2128.34,2131.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And therefore cutting public 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1976.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2518.93,2522.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/857","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In other words, there were 12 years of drawback","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2522.28,2524.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/858","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in real per capita income of the region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2524.66,2527.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/859","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of the lost decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2527.18,2528.653"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/860","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For nine of the 25 countries in the region","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2529.5,2532.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/861","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the situation was even much more acute","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2532.34,2534.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/862","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the real per capita income was not at levels of 1976","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2534.64,2538.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/863","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but at levels of 1970,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2538.77,2541.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/864","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in other words, 20 years drawback","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2541.0,2542.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/865","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the levels of real income of its population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2542.95,2546.833"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/866","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's very difficult to measure poverty,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2548.78,2550.793"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/867","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's very difficult to get a consensus","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2553.427,2554.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/868","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on how to measure it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2554.98,2556.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/869","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But if we don't go into the debate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2556.47,2558.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/870","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on whether the measurement is correct or not,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2558.52,2561.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/871","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but we use the same methodology","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2561.04,2562.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/872","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to measure over two points in time,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2562.65,2564.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/873","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we must be capturing something.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2564.4,2566.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/874","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if we do that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2566.16,2567.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/875","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by any way which we measure poverty","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2567.24,2569.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/876","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in 1980 it was considered that there were 112 million people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2569.79,2574.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/877","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in extreme poverty in the region, in 1980,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2574.62,2577.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/878","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which were accounted for about 35% of households.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2577.53,2581.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/879","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In 1986, only six years later that figure of 112 million","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2581.37,2586.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/880","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"had increased to 164 million of people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2586.8,2590.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/881","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are under conditions of extreme poverty,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2590.22,2592.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/882","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the figure in terms of households","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2592.9,2595.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/883","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"had moved from 35 to 38 percentage of households","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2595.07,2599.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/884","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the regions affected by extreme poverty.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2599.11,2601.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/885","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the cost of adjustment is enormous,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2601.91,2605.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/886","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the cost of adjustment is paid by everyone,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2605.26,2607.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/887","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but very dramatically so by the most vulnerable groups","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2607.82,2610.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/888","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2610.9,2611.883"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/889","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I think the region has understood","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2612.75,2616.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/890","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there's only one thing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2616.08,2617.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/891","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is more costly than adjustment, and that is disorder.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2617.35,2620.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/892","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because that disorder is associated with hyperinflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2620.84,2624.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/893","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and with instability and with more capital flight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2624.29,2627.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/894","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in the long run, it is even more costly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2627.09,2629.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/895","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than the short-term cost of the adjustment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2629.68,2633.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/896","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=2633.96,2634.793"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27243/annotation/897","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/027/243/original/AV203958_Latin_America_in_the_1980s_a.vtt?1622140770","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/027/243/original/AV203958_Latin_America_in_the_1980s_a.vtt?1622140770"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27244","type":"AnnotationPage","label":{"en":["AV203958_Latin_America_in_the_1980s_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558/transcript/27244/annotation/898","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Thank you very much. I would like to start by thanking the student association and the university for inviting me, and thanking you all for being here this evening. I'm very pleased to be here to be able to share with you. I guess I'll start my talk with the small commercial because in the bank in the Inter-American Development Bank, in our department, which is the social and economic development department, we produce every year a report on the events of the region in the previous year, which is widely used in Latin American universities as a reference book. But the last year we decided that the impact of the crisis in the region in the 80s had been so great so vast, that it would probably be a very good reference for people interested in the region to be able to have a collection of an analysis of the countries in the region, in the decade and we produced our very latest report. It happens to be one of the first places I come to talk of that report, which is the economic and social progress report in Latin America, which I'm delighted to leave a few copies in the libraries in the university for your consultation. This report looks at the decade in Latin America at what was the origin of the crisis and what are the perspectives for the region in the coming years? Every year we choose a topic to produce a special chapter on which is irrelevant for the region and this year the special chapter is on working women in Latin America. And as I developed my talk I'll try to explain why we decided that that was a very important topic to look at in the middle of describing, what is the situation of the Latin America and what was the result of the crisis in the past decade. With that what I'll try to do now is give you a regional overview of the 80s and some of the perspectives for the 90s and try to explain why the decade that we have just finished has been called the lost decade and what that means for us in Latin America, and what are its implications for the future. I think I have to begin this talk by calling to your attention that when we speak of Latin America, we're speaking of a very vast region with very different countries. We have many elements in common. We have language in common. Most of the countries speak the same language and one of the largest countries speak Portuguese with which we have a very easy understanding. We have a common history, we have common culture but we have many differences. And that is important because when we're drawing on conclusions for the region, we're overlooking certain, very specific country differences, which are always very important but which I will not be able to bring out in the talk. That's the first point. The second point, there's not only differences in the economic situation of the countries, but there's enormous differences in size. Four of the major countries in Latin America, Argentina, Brazil, Mexico and Venezuela account for a very very large percent of GDP and of the debt of the region. And if you include the three next largest countries which are Chile, Columbia, and Peru, then we're talking about over 85% of GDP and over 90% of the debt. And that leaves almost 20 other countries with debt percent the remaining part of that total with big differences among them. So that it is important to see that when we talk of tendencies, we're usually talking about the great impact of the larger economies in the region, and differences have occurred in the smaller countries and the other 18 smaller countries, or 15 smaller countries of the region. With that then I think I'd like to start by giving a little bit of background of this decade of the 80s. I think we must begin by remembering that Latin America entered the decade of the 80s after two decades of very high and unprecedented growth for the region. The decades of the 60s and the decades of the 70s were decades of very high growth for the region, very successful decades for the region; when there was no sight of a debt problem or a crisis and the perspectives were very optimistic. The reasons why the region had gone through two decades of high growth were many. In the first place, the region was undergoing the early stages of an Import Substitution Model, which in that period was being very successful. The Import Substitution Model in its initial phases was very successful for the region, created an industrial basis, created all of investment, captured all of investment and created it all of employment. Today we see that the model had problems later on which we'll go into in some detail later, but at the time the model was working fine and the perspectives for the region were very good. There was a high level of investment, not only of national investment to capture the national markets that were growing, but also a foreign investment in the region. And it was capturing a good percentage of international financial resources. The terms of trade of the exports that the region had, the products that we just exported mostly commodities and many agriculture goods at the time, the terms of trade during those decades were rather favorable for the region so that the balance of payments situation of the region was good. And furthermore there was a positive inflow of resources from the commercial banks of the region to the country in a manner that helped compliment the national savings and investments. But one of the other things that I think is important to hold in mind is that in the 70s nobody thought of the crisis of the debt. There was no debt problem. The level of indebtedness of the 70s was very, very small indeed, it's only in the decade of the 80s in figures, when we talk specifically about the debt problem it grew very quickly in the last years of the decades of the 70s and the first years of the decades of the 80s. In the 60s and 70s there was no sight of this problem. Nevertheless, in spite of the fact that the region seemed to be growing through very favorable stages of development, at the end of the 70s one could have seen had one look carefully enough that the region was beginning to experience a series of problems which were later on to cause severe problems for the region. One of the most important problems that the region was was facing was a loss of competitivity of its products because of heavy currency overvaluations common in most of the countries of the region. One of the reasons for those currency evaluations was precisely the fact that the region was undergoing an Import Substitution Model and therefore it was considered important not to increase the cost of imports, and therefore the price of foreign exchange was to a certain extent administered and not left to float with at market prices, because in the end the increasing the cost of the rate of exchange would have increased the cost of imports and at that time the region was trying to build up its base, its industrial base, and therefore did not want to overtax the imports particularly of capital goods. But that as we will see later on had a very very dramatic effect afterwards on the possibility of the region of producing goods that were competitive with the outside world. One of the things that happened in the two decades was that the Import Substitution Model that as I mentioned, was being very successful. One of the implications of that was that, because the initial markets that this model was feeding were growing at the time fast enough for those models, the region set up a series of protectionist barriers in the region to try to capture those markets for the region and to try to avoid penetration of those markets from abroad, which in a certain sense isolated or began isolating the Latin American economies from the world economies. So 1970s came to an end with as I say large currency overvaluations in most of the Latin American countries. And the 70s began with a certain change in the international environment for the Latin American economies. Before I go into the debt problem which arose in the 80s, one has to bear in mind that the 80s in developed countries were facing the aftermath of the oil shocks, and therefore there was a certain amount of recession in one markets and a certain amount of inflation brought about by the increase in the prices of oil. Because of this recession and because of a shortage of a certain amount of financing in the capital markets for the developed countries because of these difficulties, one experiences at the beginning, higher rates of interest in countries competing for those resources and slower growth in the developed countries, which obviously had an impact on the rate of growth at which the less developed economies could sell their products, their commodities to the developed economies and therefore a slow down of the rate of growth. Another thing that is very important to hold in mind that was external to the debt crisis, was the fall in commodity prices that hit the Latin American region in the first half of the decade of the 80s. That fall in the prices of commodities for the region was the largest fall since the Great Depression. In fact, one looks at the index of commodity prices relative to that of industrial manufacturing products, there was a 40% drop in that index between 1980 to 1986. And if one compares that to the drop of commodity prices that there was in the Great Depression, from 1929 to 1932, at that point, the drop was only 30%. So that in fact, the decrease in the prices of commodities which were the main source for foreign exchange for the Latin American economies was very, very high indeed. In the second part, Latin America not only was hit but because even if it exported more it got less amount of resources for those exports but it also had a fall in the market share of the commodities that it placed in the world economy. And that fall in the market share was caused basically for two reasons. In the first place, because of an overproduction on a lot of these by the Latin American countries, and in the second place, because a lot of the developed countries started producing the commodities which before had been sold by the less developed countries and therefore there was a drop in the share that the less developed countries got. All this led to a decline in the average rate of growth of Latin American exports, particularly the non-industrial ones in the 80s compared to the decade of the 70s and of the 60s. Now, the rate of growth before we go into with a certain amount of detail to the debt problem, then an overview of what happened with the rate of growth in the 80s, I think is important. If we compare the 80s with the 70s and the 60s, as I said the rate of the average annual rate of growth in the 70s was around 6% for Latin America and the rate of growth of the 60s, somewhat higher than that. Whereas the rate of growth of the 80s was approximately 1% per year. So as you can see the drop was very, very large for the 80s. Nevertheless, I think it's important to distinguish three different periods in the decades of the 80s, if the average rate for the decade is that it wasn't like that during all the period of the decade, there was an initial period of recession from 1981 to 1983 that was brought about basically because of the debt crisis exploded, and because there was also in that call, the debt shock in Latin America and because of world recession at the time. The fact of the matter is that between 1981 and 1983 for Latin America, a very substantial change happened. It had been a region which had a positive transfer of net resources up until that moment and all of a sudden in a matter of three years, the situation changed entirely and the region began experimented a net transfer resources, a negative net transfer of resources to the rest of the world, by a very large magnitude. In fact, in that period, the net transfer of resources was about 8% of GDP of the region in a matter of two to three years. So you can see that as an enormous impact on domestic savings and a draw of resources from the region that affected the rate of domestic savings in the region by about 2% but that had a very dramatic impact on investment by about 10% in the region in those initial years. The initial reaction to that net transfer of resources and to the external debt shock by most of the economies of Latin America, was to try to build up it's export and to change it's export base; to move away from commodities which had index of prices were so unfavorable and to try to move over into the export of manufacturers and in fact, the region succeeded in doing so. If one takes the period from 1983-84 to 1986, one sees in many of the economies of the region a slight recovery. Because there was an increase in exports and most particularly an increase in non-agriculture exports. In other words, an increase in manufactured exports. To give you an idea of the magnitude of that, the share of manufacturing exports in total Latin America exports in the 60s was less than 12%, and in those years of the first decades, the middle of the decade of the 80s, the share rose to 30%. Granted that the base is very small, but anyway it was an important increase in the share of nonagricultural exports that the regional earn. But unfortunately after 86 from 87 onward, there was again a slowdown in the growth of the region and a very sharp decrease in manufacturer of many of the things that had been brought up, due in many respects to supply problems of the region that would heavily associated with the debt crisis. So that by the end of 1986 and onwards it was perfectly clear that the region had an insufficiency of domestic savings to simultaneously finance the negative net transfer of resources that the region was experiences to the rest of the world and gross domestic savings. In other words, it wasn't possible for the region to continue producing enough resources to do both things, to repay the debt and to grow. And then one begins to experience very closely associated with the problems that arose and that we will go into immediately after this, associated with the external debt shock, an inflationary upsurge in many of the countries of the region. In other words, inflation started creeping and not only to two digit levels, but in many of the countries as we all know to hyperinflation. And country started attempting stabilization programs, we saw many experiences in the larger countries of the region, in Argentina, in Brazil, in Mexico, attempts which many of them, the first attempt failed. And many of them failed basically because countries were unable to put a stop to the fiscal deficit that they were incurring in, fiscal deficit that were being incurred by the governments because the government had taken over, had crowded out the private sector, and was not only the largest employer of the region, but too had taken over many of the activities and was at the same time trying to repay the debt, and therefore the attempts to stabilize in the initial phases did not cut the fiscal deficit and all the attempts sooner or later wounded up in more inflation and higher rates and escalating of hyperinflation. Now, all of this is associated then with the debt crisis. Now, what is the crisis? Why did it happen? Let's go back to the decade of the 70s when there was no debt problem. The total amount of debt in the 70s was $28 billion. Nobody thought there was a debt problem... There wasn't a debt problem in the region that was not... There was no pessimistic picture of that. The transfer of resources to the region was positive but it wasn't very large and it was used to enhance and to help the and to... I forgot the word anyway, to help me the savings rate and the investment rate of the region. But all of a sudden in less than a decade the figure of $28 billion jumped to $352 billion in a decade. The decade peaked, it reached it's highest point the debt, I'm sorry. Reached it's the highest point in 1987 when it reached $385 billion. But as you can see, to grow from $28 billion to near $400 billion in less than 10 years, something must have happened, there has to be an explanation for that. What happened? Let me first begin by saying that, over 80% of this debt is in the seven larger countries of the region. In other words, about 74, 73, 74% of debt is in the four larger countries; Argentina, Brazil, Mexico, Venezuela, and then if you are Chile, Columbia and Peru you add another 12%, so that over 85% is in these seven countries. And the rest in other words, about 13 to 14% is in the rest of the smaller countries of the region. So that the debt is very heavily concentrated in these seven larger countries of the region. Now, if one looks at the end of the decade of the 70s, 1978- 79, the rate at which debt was growing in in those years is absolutely phenomenal, it was growing at 22% per year. The amount of indebtedness that these countries were undergoing, when one looks back and wonders, why nobody saw that this was bound to produce a problem, but the fact is it was growing at those rates. Even after it was evident that there was a debt problem, even up until 1983 the debt was growing at those enormous very high rates. And it's only after the Mexico declares that it is unable to service its debt that the debt reduces, basically because commercial banks withdraw. Because commercial banks want to reduce the exposure in the region, Latin America is considered a high risk and even countries that did not have a debt problem were considered to be in the wrong neighborhood, and therefore, the flow of resources to those countries was stopped almost immediately. If one looks at a few figures, I think it's important to see that interest payments as a proportion of GDP went in the region's GDP from 1% to nearly 2% of GDP of the region interest as the interest payments, and that the balance of the debt went in those few years from 24% of GDP to 27% of GDP, which is a very large growth indeed. Now, why? What happened? I think, to understand why countries got involved in so much debt one has to look at it from both sides. From the side of the suppliers of that credit and from the side of the demands of the credit which were the Latin American countries. From the point of view of the suppliers of that credit one has to look at what happened in the 70s with the oil shocks. Would be increase of prices of oil there were a group of countries that amassed great volumes of financial resources which they were not able to place entirely, either in the countries that were producing them because they didn't have enough growth in those economies to absorb all that saving and all that investment, or they were unable to place them in the more developed countries. Because as we had mentioned before those countries were also experiencing a certain amount of recession and inflation. So all of a sudden you find a region that it has been growing for two decades at high rates of growth, where there's no picture of any problem of debt, where growth seems to be doing very well, where the prices of commodities are right. So it looks like a good risk. So therefore that region is the target for the flow of financial resources which those countries that were hard to place, because they had them in the international market. So from the point of view of the countries that lent the money, there was a very bad evaluation of the risk of where they were placing that money. From the point of view of the countries that were asking for it also very bad evaluation of growing the level of debt in those proportions and that speed. But the process which happens, and I think one has to look at is that; remember what we had said that the decade of the 70s, the region was growing. It was experiencing a very fast growth of foreign exchange availabilities because the terms of trade of its exports were high and were growing. And those exports produced enough on the chase to bring in imports in the region and all of a sudden this thing changes, all of a sudden the terms of trade of the region drop and therefore the amount of resources that the region gets is cut down very severely. And second place, not only the prices for which these countries are getting for their goods are reduced but the market share of those exports is reduced, so that the amount of resources that the region is getting from outside is reduced very dramatically. And in order to keep the momentum of the rate of growth that was going governments begin to borrow, and begin to borrow always thinking that these are going to be able to be repaid. If that is coupled with the fact that by that time the Import Substitution Model was encountering drawbacks and bottlenecks to continue growing precisely because of the protected environment in which it had been operating, and the internal markets for a large number of reasons one important one of which is the fact that income distribution is very skewed in the region and therefore markets don't grow at the rate that they have to grow, the markets begin slowing down the rate of absorption of the import substitution that these countries are producing. And therefore the rate of growth begins to slow down as well. So in order to be able to repay, something which is considered a temporary financial situation and not a structural inability to pay governments begin to borrow resources which are ready available on the market. The second thing that begins happening in these first years or in this last years of the decade and first years of the decade of the 80s is an enormous mass of capital flight that occurs in the region. Private sectors of the region begin to realize that the rate of return of their investment in the region is going down, that the risk of instability micro-economic disorder is going up. And therefore they begin obtaining access to these resources that were being brought into the countries as debt and taking private resources out, and by any level of estimates that you find in any source the amount of money that left the region, of private money that left the region because the region was not sound for investment was enormous. Which only fill to the problem because then private domestic savings went down and governments then required more debt to be able to just to start servicing the debt which they had undertaken in the first three years of the decade. So all this just is a vicious circle. There's a continuous crowding out of the private sector, and then something in the region that sometimes it's not mentioned very clearly but that was just as important and just as dramatic as the external debt crisis, the region experiences a very very dramatic internal debt crisis. Because governments then are caught in this vicious circle where they require more money just to service the debt and to be able to try to produce the minimum amount of expenditures that they're required to keep growth going. And therefore they begin crowding out the private sector and the financial sectors in the financial markets. So that interest rates increase, the government is trying to capture this money and therefore the money that has not left the region because of capital flight, instead of being invested in productive sectors is put into speculative sectors, short-term lends of the private sector to the governments for very high and higher every time interest rate in order to finance fiscal deficit. So then 1982 rolls around Mexico declares that it is unable to service its debt and at this precise moment the commercial banks withdraw in the proportions that we mentioned before, and then this vicious circle all of a sudden one of the elements of that mundane the circle moving which was the net inflow of resources is sharply caught crisis. And then once sees that the regions start to experiment the following effects. Just to give you an idea of the amount of withdrawal of commercial banks from the region, once the debt crisis is declared, the external debt crisis is declared from 1985 to 1988 in just three years American commercial banks lower their exposure in the region by 30%. So obviously this is a very choking effect for the growth in the region. And to give you another example of the magnitude of the net transfer of resources that is occurring in this moment, since 1982 to the present and probably for a good number of years yet, the region is making negative transfers abroad in magnitudes that are much higher than the positive transfers that the region experimented before the debt crisis took place. In 1989, for example only, the negative net transfer of resources from the region abroad was $25 billion, which obviously in a region that doesn't have a high rate of savings and therefore it doesn't have a high rate of investment. If you were withdrawing from the region $25 billion in one year, obviously that is having a tremendous impact on growth. This gave rise to the picture which we're now all familiar with, multi annual rescheduling of the debts, governments trying to stabilize their economy, plans that are aborted that could not go on basically because fiscal deficits were not reduced and slowly the debate over whether the debt problem in Latin America was one of solvency of wonderful liquidity, the picture was quite clear, It was not a problem of liquidity it was a problem of solvency. And the region was just not growing fast enough and something had to be done to support the region to regain as pattern of growth. What has to be done the regions, this is, I think I would venture to say that if indeed the decade was a lost decade for the region and many of the economic indicators there's no doubt about that. There was something that was not lost in the decade and that was the analysis hopefully of what happened and the capacity to change the structural problems to do the adjustments to change these problems, so that in the 1990s, we won't have another lost decade. Then slowly one by one hesitantly at first, but then more vigorously so that by the end of the decade, one saw a very large momentum, the large and small economies of the region began doing the adjustment process. Now, I must stop a little bit and say that these adjustment process which are paving the way for resuming and re-assumption of growth have been very, very, very painful indeed. The social cost of these adjustments has been enormous. I'll give you some figures of some of the costs in terms of poverty and rate of growth of per capita income. But I think the region has realized that costly as they may be, and they are very very costly, and the poor groups of the region suffer more and are more vulnerable. Costly as they may be there's only one thing which is more costly, and that is continuing with this adjustment. So that costly as they may be the countries have gone in one by one to assume this cost and to try to establish the pattern of growth back into their economies. I think there's a very fundamental difference between the path that the region is following right now with these generalized adjustment processes and practically most of the economies of the region. And when the economies in the 50s and 60s also in a generalized fashion undertook and embrace the Import Substitution Model. In that period there was first an enormous conceptual debate in the region about the role of Latin America, about the role the development model that a region such as Latin American region should have. It was a region that had land, that had resources, that had labor and therefore the whole concept realization of the Import Substitution Model as an initial phase of the development model, which was later to develop into export promotion was first heavily debated in the regions in the 50s and the 60s as we all know by Latin American scholars. The magnitude and the nature of the reforms which are taking place right now are essentially very different. They are very pragmatic reforms that have not taken place as a result of a generalized theoretical debate of the region. And I think that is probably one of the reasons why in the words of the director of the monetary fund Mr. , he describes the decade of the 80s on the one hand as a lost decade. Yes, but on the other hand as a decade of the silent revolution, because silently without much theoretical debate the countries, most of the countries in the region, one by one, and as I said, gaining a momentum towards the end of the decade have embraced these reforms. Now, what are these reforms; I'm talking basically of the reforms to reestablish macro-economic stability in the region. And I think one thing must be pointed out. These reforms are very essential and a prerequisite for growth, but they do not mean growth in and of themselves. They are necessary preconditions but countries that have done this reforms just by virtue of the fact that they have embraced these reforms, it is not enough. These reforms are necessary to establish those conditions but investment has to grow and the process has to be a re-attracting a positive flow of in-force of of resources to the region and the growth of savings and investment because it is that that would produce growth not the reforms by themselves. But basically the reforms have been in, I would say five or six very important areas. In the first place, inflation. There's an absolute necessity to curb inflation. Because in the first place, as a tax for people it is the most regressive and hardest of the taxes. It's everyone, but it is the poorest hardest. And hyperinflations have been experienced by many of the poorer countries in the region and all the larger and richer countries in the region. And they are probably the sole most important reason for the drop in real wages and real incomes of the peoples of the region. So there is an absolute necessity to curb inflation and then the necessity to curb inflation, the most important element that has to be faced is the absolute necessity likewise to curb public deficit. There's no way that inflation will go down if public deficit, in other words, if spending more than what is available continues. And therefore cutting public deficit is associated in the region with the two elements on the one hand making tax in certain countries which are very low tax burdens, increasing the tax burdens in order to enable governments to obtain more resources for the sort of activities that governments must continue to carry out. In other cases, it means changing the nature of taxes. Before these reforms have been taking place, a great deal of the taxes in the region were placed on export goods. In other words, when a country had one or two or three important export commodities, a tax was levied on that export commodity for a region that has to promote exports, obviously taxing the export is not the most efficient way of promoting them. So that taxes have moved over very importantly from taxing exports to other forms of taxation and the most important of which probably has been for the region, the value added tax, that has been implemented in practically all the countries of the region. And the other elements which the countries have to aim at stabilizing or increasing our savings, most particularly private savings, which as I said were very greatly affected by the micro-economic situation at the region, which fed capital flight. Now, unfortunately, the relationship of capital flight to the conditions of the economy are very asymmetric. When private capital sees that the conditions and the rate of return of investment is not good, capital is highly mobile and very quickly left the region, for capitals to return to the region there has to be a great deal of confidence that the reforms are there to stay and therefore it has not been that easy once the reforms are there for capital to flow back, for domestic capital to flow back into the region. And one sees also at the end of the decade, an assessment of the role of the state and the private sector, it is very common to find in the statements made by policymakers in the region towards the end of the decade. The term privatization they use very broadly, the term market determination of prices instead of state determination of prices and the role of the state. I want to make a brief stop here when we talk about the role of the states because sometimes when one is talking about a reassessment of the role of the state and of the private sector in Latin America, very mechanically it is immediately thought that that means less state mechanics. And that is not necessarily the case. It definitely means less fiscal deficit, but it probably means reassessment of where the state should be in many cases. Because in many of the Latin American economies, the state had gone in and crowded out the private sector in activities which are by nature much more of the private sector and market oriented but the state had forgone many of the activities which are much more the nature of the public sector and which are giving social and basic infrastructures and services, which as we all know in many of the countries of the region are not over invested in but very heavily under invested in with a clear impact for the poorest sectors of the population. In any event, with all this going on one sees two steps of the awareness of the international community of the problems of the debt in Latin America. The first one in 1985 with the Baker Plan, basically by 1985 the international community had also seen that if the debt problem was ever going to be resolved, it had to be with adjustment of the economies. And so the Baker Plan basically wishes to establish a flow of resources back into the region provided that there is adjustment and adjustment monitored and verified by the IMF and the World Bank in the economies of the region. But very quickly that is seen that that's not enough, it is not only is not enough just to have a flow of resources to the region, but there's a certain amount of debt reduction which is required. And then one sees that coming up in the Brady Plan and many of the countries have been able already to have a certain amount of debt reduction which have been obviously favorable for their institutions. I would like to say then that the silent revolution that has been mentioned, what it shows us right now I think and I'd like perhaps to finish with that, is several things. One, debt in the region is still at very, very high levels, but it has stopped growing in the way that it was growing. And as exports begin to increase their rate of growth again, the proportion of debt servicing to the availability of resources brought about by export is beginning to curb, which gives some room for not only adjustment but for growth, ultimately adjustment is there not for the sake of adjustment, but for the sake of growth. And therefore very important that this adjustment produces these export resources that can be funneled into growth, because the region cannot continuously rely on tightening the belt and particularly making vast sectors of the populations undergo very costly reforms if growth is not foreseen. I'd like to give you some figures that try to capture the social costs of these adjustments for the region. One very important indicator is for instance the real per capita income. In 1989, the Latin America real per capita income was the same as it had been in 1976. In other words, there were 12 years of drawback in real per capita income of the region because of the lost decade. For nine of the 25 countries in the region the situation was even much more acute because the real per capita income was not at levels of 1976 but at levels of 1970, in other words, 20 years drawback in the levels of real income of its population. It's very difficult to measure poverty, it's very difficult to get a consensus on how to measure it. But if we don't go into the debate on whether the measurement is correct or not, but we use the same methodology to measure over two points in time, we must be capturing something. And if we do that, and by any way which we measure poverty in 1980 it was considered that there were 112 million people in extreme poverty in the region, in 1980, which were accounted for about 35% of households. In 1986, only six years later that figure of 112 million had increased to 164 million of people are under conditions of extreme poverty, and the figure in terms of households had moved from 35 to 38 percentage of households in the regions affected by extreme poverty. So the cost of adjustment is enormous, and the cost of adjustment is paid by everyone, but very dramatically so by the most vulnerable groups of population. But I think the region has understood that there's only one thing that is more costly than adjustment, and that is disorder. Because that disorder is associated with hyperinflation and with instability and with more capital flight and in the long run, it is even more costly than the short-term cost of the adjustment. But...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115558#t=0.0,2640.336"}]}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559","type":"Canvas","label":{"en":["Media File 2 of 2 - 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[Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/1","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e The way that don't affect the poor sectors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=5.12,7.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/2","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the population, or try to affect the least possible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=7.98,12.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the least possible manner,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=12.03,13.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the poorer sectors of the population.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=13.77,16.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because we think that is so important","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=16.87,18.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the report that I mentioned in, the special chapter","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=18.88,22.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that report is on working women in the region.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=22.79,26.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's not there only because we think the subject","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=26.29,30.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of working women is important,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=30.21,31.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we happen to think it is important,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=31.45,33.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it's there because it has a very direct link","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=33.24,36.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to what we're trying to say about the social sectors.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=36.87,39.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is been researched and it is widely held","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=40.6,45.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that incomes that accrued to working women","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=50.331,52.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have a much higher impact on the wellbeing of families","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=54.05,58.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than incomes that accrued to men.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=58.4,61.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/17","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Incomes that are accrued to women more directly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=61.38,63.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/18","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"go into childcare, into travel nutrition, into education,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=63.65,68.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/19","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into social investment in a much more whole manner","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=68.24,72.973"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/20","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than the incomes that go to 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technology.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=267.11,268.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So in both of the spheres,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=268.88,270.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in which these 40 million working women work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=270.96,274.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they have very low productivity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=274.04,275.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"These women will be over 50 million by the year 2000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=275.83,279.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and these women are very much in the center","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=279.59,282.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the most vulnerable groups of the 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cuts,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=305.64,310.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those cuts are made keeping the eye in mind","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=310.11,312.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that what has to be maintained","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=312.58,315.024"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is primarily those services that reach lower income groups.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=315.024,319.663"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd like to finish by saying that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=320.82,323.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"although the picture that one has seen right now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=323.23,325.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is certainly not a very happy one,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=325.46,328.053"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the decade of the eighties,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=329.0,331.983"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"right now, at this point of time in the nineties,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=333.23,337.913"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have a very different position","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=338.81,340.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to what we were observing say a year ago.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=340.38,343.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A year ago, the decade of the eighties seen a lost decade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=343.77,348.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and many people were very 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decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=352.29,353.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There didn't seem to be a turning point.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=353.92,356.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But right now with the 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countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=360.99,363.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have begun to effectively control","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=363.66,366.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the very disorganized macroeconomic scenarios","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=366.45,369.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they had,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=369.28,370.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there seems to be a very positive turning 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quoted","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=389.29,391.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as being overtly optimistic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=391.87,393.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is the International Monetary 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Washington","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=399.04,400.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the people of the research division of the fund.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=400.89,404.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They went through an exercise they had carried 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continued","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=419.97,422.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the nineties and the ninety one,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=423.94,425.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"after the year 1992,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=425.52,428.033"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the region could be growing at rates over 4 or 5% a year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=429.52,434.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in other words, resuming the growth of the eighties.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=434.02,437.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now this is just a simulation model,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=437.01,438.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's estimates, it's figures,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=438.79,440.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the point that we're trying to make is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=440.22,442.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if the models persist,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=442.78,444.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if there's a continuous policy reform scenario,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=444.46,447.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it seems as if we have indeed reached the turning point","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=447.31,450.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the region, and we can end this regional overview","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=450.21,455.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a slightly more optimistic tone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=455.23,457.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than what has been the thrust","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=457.27,459.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of everything else I've told you, thank you very much.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=459.19,461.859"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience claps)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=461.859,464.609"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e We are very happy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=469.099,471.048"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(murmurs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=471.048,473.215"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27245/annotation/158","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/027/245/original/AV203958_Latin_America_in_the_1980s_b.vtt?1622140775","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/027/245/original/AV203958_Latin_America_in_the_1980s_b.vtt?1622140775"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27246","type":"AnnotationPage","label":{"en":["AV203958_Latin_America_in_the_1980s_b.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559/transcript/27246/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- The way that don't affect the poor sectors of the population, or try to affect the least possible in the least possible manner, the poorer sectors of the population. Because we think that is so important in the report that I mentioned in, the special chapter in that report is on working women in the region. And it's not there only because we think the subject of working women is important, we happen to think it is important, but it's there because it has a very direct link to what we're trying to say about the social sectors. It is been researched and it is widely held that incomes that accrued to working women have a much higher impact on the wellbeing of families than incomes that accrued to men. Incomes that are accrued to women more directly go into childcare, into travel nutrition, into education, into social investment in a much more whole manner than the incomes that go to men. We have right now in the region 40 million women workers. what is a women worker is also a concept that is very highly debated. Many people believe that the way conventional statistics measure working women hides a very large percentage of women who do household work which is very important work for society, but which is not valued at market prices. We didn't go into that debate, we took standard measurement of women and would standard measurement of women we find that in the Latin American region there are 40 million women, which is an awful lot of women working. And these women are trapped in two very low productivity spheres, because most of the working women, most of the poor working women in the region and I must stress that, of the poor working women in the region, which happened to be most of the working women in the region are also women who do household work. And these women are trapped in two very slow productivity spheres and hence they have very low incomes because of their low productivity work. The household work is a very low productivity because they happen to do it with very low access to water, to sewage systems, to electricity, to fuel, to transport, to daycare centers, to education, to health. And therefore they have to work very long hours to be able to give their families some sort of probably bad quality services within the house. And they're trapped there for very long hours. It is the same women that have to go out into the workforce and find a type of work that produces income to bring back to the income of their families and in a very large proportion of families not to support or to compliment, but because it is the only income, because women headed households in the regions have been increasing in the last number of years. But when they go out to find work in the workplace, that work is conditioned by the very low productivity of work they do in the household, because they have to spend very long hours in doing so. And when they go out in the workplace, why do women work, poor women in Latin America work, They work, in the urban sectors, in the informal sectors, and in the lowest paid sectors of the informal sectors or in the domestic service sectors, both very low productivity sectors in many cases. They have very low productivity because they don't have access to factors of production. Women in these workplaces have low access to capital, low access to credit, low access to technology, low access to, on the work on the job training. And when they're in the rural sectors of Latin America, they tend to be concentrated in small scale farming. Incidentally, small scale farming in Latin America produces over 40% of the domestic food stuff that are consumed in the region, and about half of that is done by women, but also in the agriculture sectors and even more so than in the urban sectors, women don't have access to factors of production. They don't have access to land, they don't have access to credit, they don't have access to capital, they don't have access to technology. So in both of the spheres, in which these 40 million working women work, they have very low productivity. These women will be over 50 million by the year 2000 and these women are very much in the center of the most vulnerable groups of the region. And therefore if we want these adjustment processes to not hit the most vulnerable groups of the region, which include children, old age, people and women, we felt that it was very important to signal out that when these adjustment process take place, and they must take place, if we want to reestablish preconditions for growth. It is most important that in the public sector deficit cuts, those cuts are made keeping the eye in mind that what has to be maintained is primarily those services that reach lower income groups. I'd like to finish by saying that, although the picture that one has seen right now is certainly not a very happy one, for the decade of the eighties, right now, at this point of time in the nineties, we have a very different position to what we were observing say a year ago. A year ago, the decade of the eighties seen a lost decade and many people were very frightened that the decades of the nineties also was going to be a lost decade. There didn't seem to be a turning point. But right now with the momentum that the adjustment processes have gained in the region with the fact that many of the countries have begun to effectively control the very disorganized macroeconomic scenarios that they had, there seems to be a very positive turning point for the region for the decades of the nineties. And we say this not only with the optimistic voice of the Latin American bank, regional bank, but we can say it very optimistically, we heard it said very optimistically, with an institution that is not generally quoted as being overtly optimistic which is the International Monetary Fund. In fact several weeks ago, in the press conference held in Washington by the people of the research division of the fund. They went through an exercise they had carried out with projections and simulating models and they pointed out that if the Latin American region continued the course it was on right now, if the adjustment process is continued for the nineties and the ninety one, after the year 1992, the region could be growing at rates over 4 or 5% a year, in other words, resuming the growth of the eighties. Now this is just a simulation model, it's estimates, it's figures, but the point that we're trying to make is, if the models persist, if there's a continuous policy reform scenario, it seems as if we have indeed reached the turning point for the region, and we can end this regional overview with a slightly more optimistic tone than what has been the thrust of everything else I've told you, thank you very much.\r\n\r\n- We are very happy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/42932/file/115559#t=0.0,475.416"}]}]}]}