Impact of Industrial Revolution On Latin America

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Impact of Industrial Revolution On Latin America
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ROUND I 1830-1850
George Canning, British Prime Minister The deed
is done, the nail is driven, Spanish America is
free and if we do not mismanage our affairs
sadly, she is English.
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Post independence Latin America 1. mining and
agriculture
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2. internal regional conflicts
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3. large public debt to pay for war, owed to
mostly British banks
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Cheap English textiles and other manufactured
goods flooded the market. English bankers and
merchants dominated commerce. Latin American raw
materials were traded for British finished
goods. Latin American artisans could not compete.
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1850-1880 British continued to profit from
trade and from loans the young L.A.countries
could not repay. France and US also get in on
the profits. Britain would not tolerate efforts
to protect industries. Free trade became the
mantra, especially because it benefited Britain.
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More problems for Latin America that prevented
economic growth 1. Foreign products were
cheaper 2. Governments got revenue from tariffs,
and therefore could not protect
national industry
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More problems for Latin America that prevented
economic growth (cont.) 3. Wealthy could
benefit at cost of poor 4. Sliver of wealthy,
few middle class, and 90 poor 5. No
opportunity to move up -focus on mining and
agriculture