Douglas W. Richmond

ABSTRACT

Latin America has struggled recently with debt payments as it managed to rid itself of the governments that often caused them. The threats of default and the rolling over of loans, however, are events that occurred almost a hundred years earlier. The oligarchies that solved the financial problems at the turn of the nineteenth century have received far less credit than they deserve. Particularly in Argentina, Carlos Pellegrini revived the financial and economic situation by means of innovations that enabled Argentina to enjoy prosperity and confidence until the Great Depression struck. Oligarchies in other Latin American republics achieved similar success by means of reforms that paralleled Pellegrini’s.

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