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Throughout their history, the countries of Central America have attempted several forms of political and economic integration. After declaring independence in the 19th century, the region lacked its earlier cohesion vis-à-vis Spanish colonial governance. The former provinces aligned themselves in favor of either centralizing regional power in a federal republic or establishing complete political autonomy through the formation of new nation-states. Forces in favor of the latter eventually prevailed. An attempt at economic integration began in the mid-20th century. It was actively backed by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and eventually led to the creation of the Central American Common Market (CACM). Despite favorable economic conditions in the Post-World War II period, a number of complications undermined integration efforts: war, political crises, and interests that ran contrary to those of the United States. Integration was postponed until the end of the 1980s, after the Esquipulas II Accord reestablished peace in the region. After the countries of Central America signed the Guatemala Protocol in 1993, economic integration was promoted under the banner of free trade. This was done by regional economic groups with the goal of reconnecting the region to global commerce under the most advantageous circumstances possible.

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Silver was the lifeblood of Spain’s early modern transatlantic empire. Transatlantic silver transfers affected the nature of shipping, credit, and trade in the Iberian Atlantic and, eventually, across the entire globe. Large-scale silver mining in Mexico and Perú began in the mid-16th century. To sustain trade and bullion transportation across the Atlantic, the Castilian Crown developed a convoy system known as the Carrera de Indias. This system of armed fleets that sailed between authorized ports on a regular schedule began in the 1560s and peaked between 1580 and 1620. During this period, Spanish silver peso coins of eight reales (known in English as pieces of eight) became a de facto international monetary standard because of their high proportion of high-purity metal. Silver circulated in the American colonies before departing for Spain, whether through trade or inter-colonial transfers. Bullion and coins also moved through channels beyond the Castilian monarchy’s control, most notably through unregistered remittances and unauthorized trade with other European interlopers. During the Habsburg era, the Castilian monarchy’s obligations to foreign bankers, particularly the Genoese, increased. By the 1650s, the convoy system’s efficacy, as well as the profitability of several mines, had significantly diminished. Although mining production slowly recovered during the second half of the century, silver smuggling out of Spanish American ports further reduced the volume of bullion remittances going through authorized channels. After 1720, the combined effect of administrative reforms, increased production in American mines, and the resurgence of Spanish power under the Bourbons revitalized transatlantic bullion transfers. The last peak in silver transfers from the New World to the Old began in 1780 and lasted until 1808, when the beginning of independence movements across the Spanish Americas dissolved the world’s largest monetary union. Estimates of the total volume of metal remittances and their effects on the global economy have been subject of historical debates for almost a century.

Article

On August 13, 1521, the Spanish conquistadors and their native allies seized Tenochtitlan, the capital of the Aztec empire. The Spaniards succeeded because they had forged alliances with the Tlaxcalans and other indigenous self-governing communities (altepetl) to fight the Aztecs. After the conquest these communities continued their traditions, and the Spaniards largely replaced Aztec leadership with their own. In addition, the friars and the secular church converted the natives to an extent, and together with the crown they foiled the conquistadors’ attempts to become liege lords with jurisdiction. The process culminated in the New Laws of 1542, which curbed the encomienda, a grant to Spaniards that comprised several Indian towns paying tribute. A society of social bodies evolved, composed of municipal councils, lay brotherhoods of churches, and others, complete with their own laws and jurisdictions. Then a series of silver strikes beginning at Zacatecas in 1546 drew settlers into the Bajío north of the former Aztec and Tarascan empires. The local natives resisted initially, and when peace came, they and the settlers created a dynamic early capitalist economy that invigorated other regions. The frontier expanded when animal herds moved further north beyond the mines, and the zone of Spanish influence grew to the south as well. In 1540 Spanish conquistadors and their indigenous allies began occupying the northwestern Yucatan Peninsula, and they took Tiho/Mérida in 1542. The Yucatan, the Bajío, and the other regions that composed colonial Mexico successively integrated into a global commercial network spanning Europe, Africa, and Asia. The crown and the merchant guild (consulado) in Seville sought to capture the burgeoning Atlantic commerce within the fleet shuttling between Seville/Cadiz and Veracruz and restrict the silver flowing from Acapulco to Asia via the Philippines. Yet market forces defied most of the rules they put in place. Merchants from Asia settled in Manila; Peruvians docked in Acapulco; and the Dutch, French, and English competed with fleet merchants or operated contraband trade from the Caribbean islands to New Spain. In the 18th century, the crown loosened trade regulations within the empire and continue curbing the autonomies of social bodies. A series of investigations (visitas) shook New Spain, and more compliant viceroys and officials appeared, while the friars lost over one hundred parishes (doctrinas) during the mid-century. The king expelled the Jesuits in 1767; registered ships sailing individually replaced the fleet in 1778; and in 1786 José de Gálvez introduced the intendants in New Spain. As the empire transitioned toward a territorial state, Napoleon imprisoned the Spanish king (1808). In 1810 Miguel Hidalgo and a popular following unleashed the War of Independence. As the conflict unfolded, the legitimacy of the old order crumbled, and the empire dissolved in 1821.

Article

The United Nations Economic Commission for Latin America (ECLA in English and CEPAL in Spanish and Portuguese) was more than an economic development institution. Established in 1948, at the height of post-World War II internationalism, CEPAL was one of the first three regional commissions alongside those of Europe and Asia charged with addressing problems of postwar economic reconstruction. But, in the hands of a group of mostly Argentinean, Brazilian, and Chilean economists, CEPAL swiftly became the institutional fulcrum of a regional intellectual project that put Latin America at the center of discussions about international development and global capitalism. That Latin America’s place in the periphery of the global economy as a producer of primary products and raw materials in exchange for manufactured goods from the world’s industrial centers, combined with the long-term decline in the international terms of that trade, constituted an obstacle for economic development, was the foundational tenet of that project. Through regional economic surveys and in-depth country studies, international forums and training courses, international cooperation initiatives, and national structural reforms, cepalinos located themselves at the nexus of a transnational network of diplomats and policymakers, economists and sociologists, and made the notion of center–periphery and the intellectual repertoire it inspired the central economic paradigm of the region in the postwar era. Eclipsed in the 1970s by critiques from the New Left and dependency theorists, on the one hand, and by the authoritarian right and neoliberal proponents, on the other hand, the cepalino project remains Latin America’s most important contribution to debates about capitalism and globalization, while the institution, after it reinvented itself at the turn of the century, still constitutes a point of reference and a privileged repository of information about the region.