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Latin American Exports
Amount of Latin American exports was reduced by 5% below average. -
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Fall in Trade
Between 1928 and 1932 the unit value of exports fell by more than 50 percent in most of the countries, the only countries with a modest fall in unit values were Venezuela and Honduras. -
Great Depression Starts
The Great Depression begins and then spreads to Latin America, also fascism spreads.The U.S. stock market crashes and causes many problems in Latin America. -
Argentina's Oligarchy Government
Argentina was controlled by an oligarchy, a government where a select group of people exercises control. -
Brazil's Shift to Industry
Though Brazil recorded an important export recovery towards the end of the 1930s, its economy began to shift in favor of industry. -
Brazil's New Leader
In 1930, a rebellion brought the president of one of Brazil's provinces to national power Getúlio Vargas. Vargas crushed a revolt against him that broke out in Sao Paulo, and he allied himself with an anti-Semitic fascist, Plinio Salgado. -
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ISI
Import substitution policies ( ISI) were adopted by most nations in Latin America. ISI is a trade and economic policy which supports buying goods made in the country instead of goods made by other countries. ISI is based on the idea that a country should attempt to reduce its foreign dependency through the local production of industrialized products. -
End of the Gold Standard
The abandonment of gold standard rules, which was a commitment by participating countries to fix the prices of their currencies in terms of a set amount of gold. The reduced foreign demand for Latin American goods caused gold to flow out of Latin America faster than it came in, so they ended it to help their economy. -
Chaos in Peru
In elections in Peru in 1931, a Leftist group, led by a group called APRA, out-polled General Cerro, but the counting was done under Cerro's force. Cerro remained in power, but the APRA led an uprising. The APRA executed some 60 army officers, and the army killed at least 1,000 of the APRA and their sympathizers. -
No More Radical Party in Argentina
General Augustin P. Justo, was elected president. With the Radical Party thoroughly defeated, Justo pursued moderate policies and reforms and brought a return of honest elections. -
Chile's Failed Coup
In June, 1932, a military coup established what was called a socialist republic. Chile's Communist Party and trade unions rejected the coup because it was associated with the military, and Chile's conservatives were also against it. -
No More Congress In Brazil
In 1933, President Vargas disbanded Congress, declared martial law and warned the nation against a threat from Communists. -
Peru's new Leader
In 1933 Cerro was assassinated, and to prevent turmoil, the Constituent Assembly made a former president, General Manuel Oscar Benavides, the new president. -
Good Neighbor Policy
Franklin Delano Roosevelt announced the Good Neighbor Policy to reject the use of U.S. military force in Latin America on principles. -
Countries default on foreign loans
By 1934, only Argentina, Honduras, Haiti and the Dominican Republic had not defaulted. With its dept already paid off Venezuela did not need to default. Only five countries out of twenty did not default. -
The Great Depression Effect
The Great Depression had one good effect on Latin America, the industrial revolution would bring industrial developement, that would bring greater economic independence. -
Brazil trades with Germany
Brazil established good trading relations with Germany, and by 1937 Brazil was buying twice as much from Germany as it was from Great Britain.
