Impact of the Great Depression on Chile and Peru - 1399 Words

In the opening pages of her novel To Kill a Mockingbird, Harper Lee wrote these words: â€Å"There was no hurry, for there was nowhere to go, nothing to buy and no money to buy it with†¦but it was a time of vague optimism for some of the people: Maycomb County had recently been told that it had nothing to fear but fear itself.† Lee alludes to the seemingly inadequate reassurance that United States President Franklin D. Roosevelt provided during his inauguration speech at the onset of the Great Depression, while also describing the melancholy and hopelessness that many citizens felt. This sentiment, however, was not just confined to the United States—the impact of the Wall Street Crash of 1929 had also reverberated throughout Latin America, and†¦show more content†¦The government also advocated the development of domestic industry in order to protect Chile from future external economic shocks. Thus, Chile, like many other Latin American nations at the time, adopted a policy of import-substitution industrialization. Its aim was to â€Å"encourage the creation of homegrown industries to replace Latin American dependence on foreign manufactured goods† (Berliner) which was done in part by establishing quotas, licenses, and higher tariffs on imports and a strict exchange rate in Chile. Prior to the Great Depression, Chile had prospered amidst the workings of free-market and mercantilist polices. The Great Depression, however, disrupted this, as it brought about the necessity of government intervention in the economy. Indeed, government intervention even stretched so far as to transform Chile into a nation insulated by protectionist policies. Furthermore, the Great Depression had undoubtedly brought about a political crisis in Chile with the ousting of Ibà ¡Ãƒ ±ez del Campo in 1931, who himself had partaken in a military coup d’à ©tat to achieve presidency in the first place. It has even been posited that the nationalization of copper that had begun during the presidency of Ibà ¡Ãƒ ±ez del Campo and which was completed during the presidency of Salvador Allende in the early 1970s built the foundation for a future international economic boycott, which furtherShow MoreRelatedDunkin Donuts : Successful And Biggest Global Barista827 Words   |  4 Pages Dunkin Donuts is one of today’s best and biggest global coffeehouses. Bill Rosenberg had a rough childhood. His parents lost their store during the Great Depression, which led Bill Rosenberg to drop out of middle school and get a job. Investing $5,000 after War War II he started his own company of catering trucks delivering various foods including coffee and donuts to factory workers. 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