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1、LatinAmerica’sTransnationalCapitalistsandtheDebt:AClass-AnalysisPerspectiveJamesPetrasandHowardBrillINTRODUCTIONThelargeexternaldebtofLatinAmericancountriescontinuestoposeseriousproblemsforboththedebtorcountriesandtheinternationalfinancialsystemasawhole.Ontheonehand,debtrepaymentisanunremittin
2、gburdenonLatinAmericancountries,sappingtheireconomiesofvitallocalinvestmentnecessaryforgrowth.Ontheotherhand,thepossibilityofdebtsuspensionsthreatenstodisrupttheentireinternationalfinancialsystem.FortheUnitedStates,thepaymentofLatinAmericandebtincreasestheUStradedeficitbothbydirectlysubstituti
3、ngfortheimportationofmanufacturedgoodsandindirectlybyslowinggrowthindebtorcountries.Yetdespitetheextentandseriousnessoftheproblemlittlediscernibleprogresshasbeenmadetowardsitsresolution.Debtorsandlendersfacethreeroads:Firstly,tocontinueonthepresentpathofpayingandnotgrowing-apathwhichisrecogniz
4、edasbeingultimatelyunsustainable.Secondly,todeviseschemeswhichinsomemannerallowgrowthbydelayingorslowingrepayment(e.g.theBakerproposals).Butthissecondroadisstrewnwithmanypoliticalobstacles.Itrequiresalargenumberoflenderstoagreetoaplanwhichwillimposecostsunevenly.Also,forthedebtorcountriesthese
5、schemesdefinegrowthintermsoftheneedsoflendersratherthantowardsagoalofself-directedgrowth.Theyappeartomerelyinstitutionalizeaformoftransnationalexploitation.Thirdly,fordebtorcountriestoengageinunilateralorconcertedsuspensionsofdebtpayment.AmoratoriumwouldslicetheGordianknotofdebtpaymentwithones
6、troke.SomeLatinAmericanandAfricancountrieshavemademovesinthisdirection.Brazil’sdeclarationofaunilateralDevelopmentandChange(SAGE,London,NewburyPark,BeverlyHillsandNewDelhi),Vol.19(1988),179-201.180JamesPetrasandHowardBrilldebtmoratoriumisthemostdramaticexample.Peru’s10percentcapondebtservicing
7、hashadpositiveeffects:an8percenteconomicgrowthratewithincome,employmentandindustryexpandingatnearhistorichighlevels.Perustillobtainsshort-termcredits,ithasnothaditsexternalmarketsclosed,norhasithaditsassetsseized.Ontheotherhand,medium-a