... positive outcome for a member of the social elite may not be a positive outcome for the general public. In greater depth I will focus on poverty and inequality, in order for me to find out to what extent the overriding statement is true. The debt crisis The NEM was implemented as a retort to the debt crisis. The debt crisis occurred and Latin America had to sort itself out quickly, in order to avert a total economic collapse. They needed to adopt different tactics to save and make money and use alternative methods. The 1974 oil shock was something of a precursor to the 1982 debt crisis. Exporters of oil laid down their monies in the commercial banks of developed nations, but in 1974 when oil prices rocketed causing a recession in many of these countries, the demand on credit noticeably decreased. "Left with excessive liquidity, bankers eagerly lent to the ...

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