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By Rudiger Thornbush

Preface

The impact of the Persian Gulf crisis on the nations of Latin America cannot be underestimated. The rise in oil prices brought fears of increased inflation and demands for more ·government spending at a time when most of the region's nations are trying to maintain sound fiscal policies. The oil exporting countries must face the opposite problem of justifying austerity programs in the face of windfall oil profits. Given the complexity of these issues, the Latin American Program of the Woodrow Wilson Center invited Dr. Rudiger Dornbush, noted Professor of Economics at the Massachusetts Institute of Technology, to lead a luncheon discussion on structural adjustment in Latin America. The luncheon proved to be an enlightening analysis of the difficulties facing the continent, and a fascinating debate on the best approach to take in dealing with them.

The event was held on Tuesday, November 13, 1990, as part of the "Economic Issues Series," the Program's occasional forum for debate on current economic issues in the region. Professor Dornbush's presentation was followed by a general discussion involving participants in the event. The following is an edited transcript of the presentation and the ensuing discussion.

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Latin America Program

The Wilson Center’s prestigious Latin America Program provides non-partisan expertise to a broad community of decision makers in the United States and Latin America on critical policy issues facing the Hemisphere. The Program provides insightful and actionable research for policymakers, private sector leaders, journalists, and public intellectuals in the United States and Latin America. To bridge the gap between scholarship and policy action, it fosters new inquiry, sponsors high-level public and private meetings among multiple stakeholders, and explores policy options to improve outcomes for citizens throughout the Americas. Drawing on the Wilson Center’s strength as the nation’s key non-partisan policy forum, the Program serves as a trusted source of analysis and a vital point of contact between the worlds of scholarship and action.  Read more