Word: bolivia
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Inflation has dealt a harder blow to South America than to any other region in the world. Of the 86 nations in the U.N.'s global cost-of-living index, Bolivia is in first place. Chile is second, Brazil and Argentina rank high. "A fire burning down our house," Bolivia's President Hernan Siles Zuazo calls inflation. "We will be lucky...
Nationalization's Price. Bolivia's far-reaching revolution of 1952 gave land to virtually enslaved Indians and nationalized the mines of the rich tin barons who dominated the country. But land reform drastically cut farm output, and nationalization of the tin companies boomeranged as production slipped from 33,664 tons in 1951 to 27,435 in 1956. With fewer goods than before to pay for these social advances, Bolivia in a single year more than tripled the amount of paper money in circulation...
...result has been a jolting setback in the struggle toward a better life. By and large, the workers and middle classes of Argentina, Chile, Bolivia and Brazil live worse than they did ten years ago. And of all the nations of the world, they are among the least able to afford economic setbacks. Reason: their populations increase 2 14% annually, twice the world average; they must run twice as fast just to stand still...
...fund gave temporary first aid to the slumping reserves of countries "with rather ambitious development programs" (Argentina, Denmark, France, India, Japan, The Netherlands). It eased seasonal trade deficits in countries with only one major export crop (Cuba, Honduras, Nicaragua, El Salvador). It backed programs in Latin America (Chile, Colombia, Bolivia, Paraguay, Peru) to simplify systems of multiple exchange rates that threaten trade stability by favoring some foreign customers at the expense of others...
...million oil refinery near Athens, is interested in setting up a steel plant to tap Greece's rich ore deposits. Kruppmen are at work on yet another steel plant in Pakistan. Other projects, from bridges to whole new industrial areas, are being pushed in Spain, Thailand, Bolivia, South Africa, Indonesia...